Greece moves to plug crypto tax gap with proposed 15% capital-gains levy
Greece is preparing a 15% capital gains tax on cryptocurrency profits as officials push to formally fold digital assets into the country’s tax code. The Finance Ministry is drafting legislation that would treat crypto gains like other taxable investment income — a measure expected to reach parliament in the coming months, according to two government sources.
Key points of the proposal
- A 15% tax on profits from cryptocurrency investments.
- The first €500 (about $580) of crypto gains would be tax-exempt.
- The levy would apply to capital gains from trading and investing, but not to individuals mining cryptocurrencies. Mining conducted through registered companies would remain taxable.
- The draft law aims to give investors and tax authorities clearer rules, but Greek officials say revenue forecasts are difficult because many residents trade on foreign platforms.
Greece joins a widening field of countries formalizing crypto taxation
Across Europe, approaches vary widely: Cyprus taxes gains at roughly 8% while France can charge as much as 30%, with most jurisdictions taxing capital gains rather than every transaction. Greece’s move reflects a broader effort by governments to capture revenue from digital-asset activity while grappling with compliance and cross-border tracking challenges.
Recent international context
- Israel: A voluntary crypto disclosure program launched in August 2025 has underperformed. Authorities hoped to recover up to $1 billion from undeclared crypto profits but have so far received disclosures covering about $50 million in crypto assets. Just 58 taxpayers used the program, which shields eligible investors from criminal prosecution if they correct past filings and pay outstanding taxes. Disclosures and payments must be completed by Aug. 31, 2026, and eligibility is limited to holders whose crypto did not exceed roughly $522,000 as of December 2024.
- Illinois, USA: Lawmakers advanced a different model in the fiscal 2027 budget bill — a 0.2% “Digital Asset Privilege Tax” on crypto transactions facilitated by digital-asset brokers. State documents estimate roughly $60 million in annual revenue. The proposal would require brokers to register with the state and includes criminal penalties for unregistered operations (potentially Class 3 felony charges after Jan. 1). Industry groups including the Digital Chamber and the Illinois Blockchain Association argue the tax could harm the state’s digital-asset sector and note no other U.S. state currently imposes an equivalent transaction tax.
Why it matters
Greece’s proposal illustrates a global trend: governments are moving from informal guidance to concrete tax rules for crypto, aiming to close enforcement gaps. But policymakers still face major practical hurdles — especially tracking trades executed on exchanges outside their jurisdiction — which makes revenue forecasting and compliance enforcement tricky.
The proposed Greek law is still in draft form and will need parliamentary approval before taking effect.
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