Greece Passes 10% Crypto Tax, Below Draft Rate

On Thursday, the Greek parliament passed legislation establishing a 10% capital gains tax on cryptocurrencies, marking the nation's first comprehensive legal structure for taxing these digital assets.

According to the bill, cryptocurrency capital gains up to €500 ($563) annually are exempt from the new tax. For Greek bitcoin holders, this threshold serves as a modest buffer rather than a specific exemption for larger holdings.

"Further implementation directives will be published in the coming weeks, which will also define transparency and audit rules," a senior finance ministry official told Reuters.

An earlier draft released in October proposed a 15% rate. The version approved by lawmakers is five percentage points lower, while retaining the €500 annual exemption that was included in the initial proposal.

What the levy covers for bitcoin holders

The tax will take effect on Jan. 1, 2027, according to Greek coverage of the finance ministry bill. It applies to the net gain, defined as the difference between the acquisition price and the transfer price, rather than the total sale proceeds. Trading fees and other transaction-related costs can be included in this calculation.

A taxable event is not restricted to selling for euros. Using cryptocurrency to purchase goods or services, or contributing it to cover or increase company capital, can also trigger a gain under the new rules. This is significant for anyone in Greece who pays a merchant directly in bitcoin instead of converting it first.

Merely holding bitcoin while its euro value increases does not automatically create a tax liability. Crypto-to-crypto swaps, such as exchanging bitcoin for another token, are treated as non-taxable events in the explanatory material accompanying the bill, aligning with the approach France uses to avoid taxing every exchange between coins.

Net annual gains of €500 or less are exempt. Greek analyses of the text indicate that once net gains exceed this ceiling, the 10% rate applies to the entire net gain for the year, not just the amount above €500. Losses exceeding €500 in a tax year can be carried forward for up to five years and offset only against future crypto capital gains.

Purchases of crypto assets are also being integrated into Greece’s existing "source of funds" checks from 2027, meaning buyers may need to demonstrate that the euros used to acquire bitcoin or other tokens originated from declared income or other lawful capital. This rule does not introduce a separate purchase tax but expands the audit trail regarding how coins were funded.

An EU patchwork, not a single rate

European Union countries do not have a unified tax system for this sector. Rates on cryptocurrency gains typically range from about 8% to 30% across member states and are usually applied to capital gains, the finance ministry official said. Greece’s 10% rate is on the lower end of this spectrum, falling below France’s often-cited 30% treatment and above Cyprus’s 8%.

This patchwork is evolving elsewhere in the bloc. The Netherlands is moving toward a realized capital gains tax from 2028, while Germany and Portugal still exempt crypto held for more than a year. Since January, the EU’s DAC8 reporting rules have mandated that crypto platforms send user and transaction data to national tax authorities—a mechanism Greece has already incorporated into domestic law.

The official stated that state revenue from the new levy could not be projected because most investors use foreign platforms, making it difficult to measure the size of Greece’s cryptocurrency market.

For bitcoin holders trading on foreign exchanges, this gap presents the practical challenge. The rate is now codified in law; whether Athens can enforce the 10% rate on paper by obtaining cost-basis data from offshore platforms is the question that upcoming directives must resolve.