New Rules Start January 2027
Greece has approved a new tax regime for cryptocurrency, imposing a 10% capital gains tax and a 15% levy on decentralized finance (DeFi) income. The Hellenic Parliament passed the measures as part of a broader legislative package focused on loan oversight and financial market regulation. The new crypto tax framework is scheduled to come into effect on January 1, 2027, giving investors and platforms over two years to prepare for the changes.
Under the new law, any profits made from selling cryptocurrencies after this date will be subject to the 10% tax, while income from staking, lending, or providing liquidity to DeFi protocols will fall under the higher 15% rate. These rates are among the most concrete figures in Europe’s evolving approach to digital assets.
Small Investors Get Tax Exemption
Not every investor will feel the impact equally. Individuals whose annual net crypto gains do not exceed €500 (about $560) are exempt from the 10% capital gains tax. For those with higher profits, only amounts above this threshold will be taxed at the full rate. This exemption aims to shield smaller retail participants from additional reporting burdens and costs.
The exemption for annual net gains of €500 or less will apply from January 1, 2027, when the law takes effect.
Losses over €500 can also be carried forward for up to five years and offset against future crypto gains—an important detail for active traders facing volatile markets.
See Also
Investors Face Deadline for Past Gains
The law introduces a one-year window for investors to voluntarily declare any previously unreported crypto gains without incurring late-filing penalties or interest charges. Those who take advantage of this amnesty must pay any owed tax within 60 days of filing their declaration. This provision is designed to encourage compliance ahead of the official start date in 2027.
However, there is a tension between the clarity of these deadlines and some lingering ambiguities in enforcement. For example, while the law specifies that using crypto to purchase goods or services may trigger capital gains tax obligations, it remains uncertain how authorities will verify such transactions—especially given crypto's pseudonymous nature.
Crypto-to-Crypto Swaps Still Murky
One area where uncertainty persists is the treatment of swaps between different cryptocurrencies. While Greece’s government has stated that exchanging one crypto asset for another will not generate taxable gains under the new rules, some language in the legislation refers broadly to disposals “for consideration.” This leaves room for interpretation regarding token-to-token trades.
As reported by cointelegraph.com, questions remain about whether all forms of crypto-to-crypto swaps will be excluded from taxation or if certain transactions could still fall under taxable events depending on future regulatory guidance.
This nuance could prove significant for active traders who frequently rebalance portfolios or participate in decentralized exchanges.
DeFi Stakers Brace for 15% Bite
The legislation singles out DeFi activities such as staking and liquidity provision with a separate 15% tax rate—5 percentage points higher than standard capital gains. This applies whether users are earning yield through lending platforms or by locking tokens in decentralized protocols. Notably, all such income will be classified as interest income for tax purposes beginning in 2027.
The headline rates provide clarity for many investors, yet the context is messier: while small holders benefit from exemptions and loss carryforwards, those involved in DeFi face higher rates and more complex reporting requirements.
The Big Picture
- •Greece will impose a 10% tax on crypto gains and 15% on DeFi income starting January 1, 2027.
- •Investors with annual net crypto gains of €500 or less are exempt from the 10% tax; losses over €500 can be carried forward five years.
- •There is a 12-month window to declare previously unreported crypto gains without penalties, provided taxes are paid within 60 days of filing.
What may drive the next phase
If investors use the 12-month window to voluntarily declare previously unreported crypto gains and pay the resulting tax within 60 days of filing, this could immediately increase reported crypto income in Greece; however, the precise treatment of crypto-to-crypto swaps remains unclear under the new rules scheduled to take effect on January 1, 2027.