Greece is preparing legislation that would impose a 10% tax on personal cryptocurrency capital gains, allowing the first €500 of annual profit to be tax-free. The proposal is still in draft form, and many specifics have yet to be clarified.
Proposed tax structure
The bill targets gains earned by individuals from crypto assets. Under the draft, a flat 10% rate would apply once a person's net profit exceeds €500 in a given year. The exemption amount and rate are presented as starting points and may be altered during the consultation process.
Uncertainties around taxable events
The draft does not yet spell out how gains are calculated, which transactions trigger tax liability, or how losses can be deducted. These mechanics are crucial for active traders, as they determine the timing and amount of tax due. Until the legislation is finalized, any assumptions about cost basis treatment or event triggers remain speculative.
EU reporting obligations
Separate from the tax rate, the European Union's DAC8 framework will require crypto service providers to gather transaction data on EU users beginning 1 January 2026. The first cross-border exchange data for 2026 must be submitted by 30 September 2027. While DAC8 focuses on information sharing rather than tax harmonisation, it adds a compliance layer that Greek participants will also need to address.
Legislative timeline and next steps
The draft is slated for a public consultation period before potentially reaching the Hellenic Parliament as early as November. Submission to Parliament does not guarantee an immediate vote, nor does it lock in the current figures. Lawmakers may revise the rate, exemption threshold, or other provisions before enactment.
Why it matters
If adopted, Greece's approach could position the country as having a comparatively low crypto tax burden within the region, potentially attracting investors seeking favorable after-tax returns. However, the lack of detail on transaction definitions and loss offsets creates uncertainty for traders who must plan for compliance. Additionally, the upcoming EU reporting requirements will increase transparency, affecting how Greek crypto users manage their activity and record-keeping.
