Lower Than EU Neighbors' Tax Rates
Greece is preparing to introduce a 10% capital gains tax on cryptocurrency profits, setting its proposed rate well below those of several major European Union nations. While France has imposed a flat 30% tax on individual crypto gains since December 2018 and Ireland’s rate sits at 33%, Greece’s draft bill would establish one of the lowest levies in the region. Austria, by comparison, brought in a 27.5% crypto tax last year, and Italy and Germany are also targeting rates above 25%.
The Greek Ministry of National Economy and Finance released the draft bill for public consultation on October 7, aiming to finalize it for parliamentary submission in November. The lower rate represents a policy shift: as recently as June, officials had floated a 15% tax before settling on the current proposal. This move signals an attempt to balance revenue collection with competitiveness in the growing digital asset sector.
Austria’s 27.5% tax on crypto gains, introduced in March 2022, remains nearly triple the Greek proposal.
€500 Annual Gains Remain Untaxed
Under the terms of the draft legislation, individual investors will not owe any tax on their first €500 (roughly $560) of crypto capital gains each year.
This exemption is designed to shield smaller traders and hobbyists from new reporting requirements and potential tax burdens. For context, the bill stipulates that only gains above this threshold will be taxed at the flat 10% rate—potentially reducing administrative friction for both taxpayers and authorities. The exemption applies per tax year, offering ongoing relief rather than a one-time benefit.
Notably, while Greece currently lacks a comprehensive legal framework for taxing cryptocurrencies, this measure would formalize its approach and set clear expectations for retail participants.
See Also
Crypto Swaps Escape New Levy
One significant detail stands out: swapping one cryptocurrency for another will not trigger a taxable event under the proposed law. Only when digital assets are converted into fiat currency—like euros—or used in purchases will capital gains be calculated and taxed. This feature distinguishes Greece’s approach from somme other EU countries where crypto-to-crypto trades are often taxable.
For active traders who frequently move between different coins or tokens, mean fewer headaches at tax time.
The draft bill also clarifies how gains should be measured: profits are calculated as the difference between an asset’s acquisition price and its sale price, using an average cost method if coins were purchased in multiple batches. This standardized formula aims to simplify compliance but may still require careful recordkeeping by investors.
Flat 10% on Staking Returns
Beyond trading profits, Greece’s proposal extends taxation to returns from staking, lending, or providing liquidity—three common ways investors earn passive income from their digital assets. The bill sets a flat 10% tax on these earnings as well, treating them similarly to interest income under Greek law. This mirrors how some other EU nations have started taxing decentralized finance (DeFi) activities but at notably lower rates than Austria or France.
Importantly, individual crypto mining would not be taxed under this plan; only registered companies engaged in mining operations would be subject to taxation. This distinction may affect how Greek residents participate in blockchain networks.
Voluntary Declarations Face No Penalties
A transitional measure in the draft law allows individuals to declare previously realized crypto gains without facing penalties or back interest—provided they do so within 12 months after the law takes effect. This amnesty-like window offers taxpayers a chance to regularize past activity as Greece moves toward clearer regulation of digital assets.
However, it remains uncertain how many investors will take advantage of this opportunity. As reported by cointelegraph.com, most Greek crypto users rely on platforms based outside national borders, making it difficult for authorities to estimate either market size or potential tax revenues. Despite public consultation closing on October 22 and parliamentary debate set for early November, officials have not yet published projections about expected collections from this new regime.
What remains under scrutiny
If Greece’s parliament votes to approve the 10% crypto capital gains tax bill in the first week of November as scheduled, the immediate implication will be the establishment of a formal tax regime for crypto gains above 500 euros per year, ending the current absence of comprehensive crypto taxation in the country; if the bill fails to pass or is delayed, the status quo of no clear legal framework will persist.
