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Greece moves to close crypto tax gap with new 15% proposal
Greece is drafting legislation that would introduce a 15% capital gains tax on cryptocurrency profits, a move officials say will formally bring digital assets into the country’s tax code. Under the plan, the first €500 of annual crypto gains would be exempt, while capital gains beyond that threshold would be taxed at the flat 15% rate. The bill is expected to be submitted to parliament in the coming months.
What the proposal covers — and what it doesn’t
According to finance ministry sources, the proposal targets profits from trading and other investment activity in cryptocurrencies. Individual miners would not be included under the capital gains rules, but mining conducted through registered companies would remain taxable under corporate or business tax frameworks. That distinction aims to separate hobbyist or small-scale mining from commercial operations — a critical detail for investors and miners reviewing compliance obligations.
Why Greece is acting now
Officials say the new tax measure responds to a regulatory gap: Greece currently lacks dedicated rules for digital asset taxation, making it difficult for tax authorities to capture revenue and provide legal certainty to investors. Lawmakers hope the 15% capital gains tax will clarify reporting standards, reduce undeclared crypto income, and bring Greece in line with other jurisdictions that are formalizing crypto tax regimes.
International context: other countries taking different approaches
Greece’s move follows a broader global trend of governments seeking ways to tax cryptocurrency activity. Across Europe, crypto taxation varies widely — from around 8% in Cyprus to as much as 30% in France — with most countries focusing on capital gains rather than individual transactions. Meanwhile, other jurisdictions are experimenting with different models to expand compliance and increase revenue from digital assets.
Israel’s voluntary disclosure program
For example, the Israel Tax Authority launched a voluntary crypto reporting program in August 2025, hoping to recover up to $1 billion in unpaid taxes. Early reports indicate participation has been modest: disclosures have so far covered approximately $50 million in assets from 58 taxpayers. The program allows eligible investors whose holdings did not exceed roughly $522,000 as of December 2024 to correct past filings and avoid criminal prosecution if they disclose and pay liabilities by Aug. 31, 2026.
Illinois eyes transaction-based crypto tax
In the United States, Illinois lawmakers have proposed a different kind of levy. A fiscal year 2027 budget bill passed by the Illinois General Assembly would impose a 0.2% tax on cryptocurrency transactions facilitated by digital asset brokers — a measure estimated to raise about $60 million annually. The proposal, called the Digital Asset Privilege Tax Act, would also require brokers to register with the state and includes criminal penalties for non-compliance. Industry groups have warned the measure could harm the state’s digital asset ecosystem and argued no other U.S. state currently imposes a comparable transaction tax.
Challenges for tax authorities and investors
Estimating the size of Greece’s domestic crypto market remains difficult because many investors trade on platforms located overseas, complicating enforcement and revenue forecasting. Authorities have not yet published concrete revenue estimates tied to the proposed 15% tax. Tracking cross-border crypto flows and attributing taxable events to domestic taxpayers continue to be key challenges for governments worldwide as they build out crypto tax regimes.
What investors should consider
If Greece enacts the 15% capital gains tax, investors and traders with exposure to cryptocurrencies should review reporting obligations and keep detailed transaction records. Tax treatment of staking rewards, decentralized finance (DeFi) activity, and other blockchain-based income can vary, so taxpayers should seek guidance tailored to their circumstances. Companies engaged in mining or running larger-scale operations should also reassess their corporate tax planning to account for potential changes.
Greece’s proposal adds to a patchwork of approaches shaping global crypto taxation — from capital gains levies to transaction-based taxes and voluntary disclosure programs — highlighting that governments continue to experiment while attempting to close compliance gaps in the fast-evolving digital asset sector.
Source: crypto
Comments
coinpilot
Wait 15% flat but first €500 free? sounds fair but enforcement across exchanges seems impossible, are they gonna track wallets abroad?
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