Greek parliament approves 10% tax on cryptocurrency gains

Greek Parliament Passes 10% Tax on Cryptocurrency Gains and Sets Transparency Rules

Greece Approves New Cryptocurrency Taxation Bill

Overview of the Legislation

ATHENS, Nov 5 (Reuters) - Greece's parliament approved on Thursday a bill that imposes a 10% capital gains tax on cryptocurrencies, the first comprehensive legal framework for taxing crypto assets in Greece. 

Exemptions and Thresholds

Cryptocurrency capital gains of up to €500 ($563) per year will be exempt from the new tax, the bill says. 

Implementation and Transparency Rules

"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.

Context Within the European Union

Lack of Unified Taxation System

European Union countries do not have a unified taxation system for the sector. 

Comparison of Tax Rates Across Europe

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

Market Impact and Revenue Projections

Challenges in Estimating Revenue

The state revenue from the new tax could not be projected, the official said, as the vast majority of investors use platforms abroad, making the size of Greece's cryptocurrency market hard to measure. 

Exchange Rate Reference

($1 = 0.8880 euros)

(Reporting by Lefteris Papadimas; Editing by Xevi Fontdegloria)