What exactly are lawmakers proposing
The Greek government has prepared a draft law that provides for a 10% tax on capital gains from cryptocurrency transactions. The document has been put out for public consultation and is planned to be submitted to parliament in November. The text emphasises that this is a legislative proposal rather than an already enacted tax.
Profits from cryptocurrencies of up to 500 euros per year are proposed to be exempt from taxation. The remainder above that threshold would be subject to a 10% tax. Greek authorities have not yet published forecasts for how much revenue this could bring to the budget, which is also noted in the draft reports.
Comparison of current situation and proposed changes
The table below conveniently shows the main differences between the current state and the proposed changes. This format allows investors and taxpayers to quickly grasp the essence.
| Before | After |
|---|---|
| There is no tax defined in law yet | A 10% capital gains tax is proposed |
| No exemption threshold is established in law | Profits up to 500 euros per year are exempt from taxation |
| There is no official assessment of expected revenues | Authorities have not provided forecasts regarding budget revenues |
| It is difficult to assess the market size because trading platforms are registered abroad | The draft recognises the difficulty of assessing the market and does not provide precise figures at this stage |
| There is no timetable for legislative finalisation | The document is planned to be submitted to parliament in November |
Such a clear summary helps to understand how the legal framework would change if the draft is adopted. The table does not add new data but organises what is already stated in the draft and in reports.
Why it is difficult to assess the Greek crypto market
The draft emphasises that it is hard to determine the real scale of the market. According to Reuters, a significant portion of Greek investors use platforms registered outside Greece, so it is difficult to establish exact transaction volumes.
This complicates the calculation of potential revenues and makes the forecast of the budgetary effect imprecise. For that reason, authorities have not yet published any quantitative estimates of the proceeds from the introduction of the tax.
How ordinary people will feel it and what it means for the currency
The tax will apply to realised capital gains, so it matters for an individual when a sale of cryptocurrency results in a realised profit. If the profit from sales amounts to up to 500 euros per year, it will not be taxed. When income exceeds that threshold, the taxpayer will need to account for a 10% tax liability when declaring income or at the time of taxation under the future law.
In practical terms, this concerns transactions that convert crypto assets into fiat via cash exchanges, card payments and savings if an owner decides to convert crypto into fiat funds. The tax does not change the mechanics of exchanges or card payments, but it affects the amount that must be set aside to pay tax after a profit is realised.
Comparison of rates in the EU
The proposed rate of 10% is relatively low in a European context. In Germany, France and Italy the tax burden on capital gains from crypto assets is, or can be, above 25% depending on the regime and conditions.
European countries are gradually aligning crypto taxation with rules that apply to traditional investment assets such as shares, reflecting the growing role of cryptocurrencies in private investment portfolios.
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