Greece plans 10% cryptocurrency capital gains tax

Greece Plans 10% Capital Gains Tax on Cryptocurrencies—Draft Bill Published

Overview of Greece's Proposed Cryptocurrency Tax Legislation

Introduction to the Draft Bill

ATHENS, Oct 8 (Reuters) - Greece is preparing legislation to impose a 10% capital gains tax on cryptocurrencies, according to a draft bill published for public consultation late on Thursday.

Current Legal and Tax Framework

There is no comprehensive legal framework for taxing cryptocurrencies in Greece, and European Union countries do not have a unified taxation system for the sector.

Key Provisions of the Draft Bill

The draft bill says that cryptocurrency capital gains of up to €500 ($559.95) per year will be exempt from the new tax. The bill is due to be submitted to parliament in November. 

Comparison with Other European Countries

Taxation of cryptocurrencies among European countries varies from 8% to 30% and is usually imposed on capital gains.

Market Impact and Revenue Projections

Challenges in Estimating Market Size

Greek officials have said that it is very difficult to estimate the size of Greece's cryptocurrency market because the vast majority of investors use platforms outside the country. For the moment there isn't a specific projection for state revenue from the new tax.

Exchange Rate Reference

($1 = 0.8929 euros)

Reporting Credits

(Reporting by Lefteris PapadimasEditing by David Goodman)