For the first time, the Greek government is attempting to integrate a clear tax framework into the cryptocurrency market. Specifically, the Greek government is proceeding with drafting legislation that will provide for the imposition of a 15% tax on capital gains from cryptocurrencies, according to a Reuters report.
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According to information cited by the agency, the Ministry of Finance is developing a draft law that is expected to be submitted to Parliament within the next few months. The initiative aims to incorporate cryptocurrencies into the country’s tax code, covering a field that to date remains largely unregulated.
The tax will not be imposed on private cryptocurrency mining
As government sources reported, the new framework will provide for a tax-free threshold for the first 500 euros of profits from cryptocurrency transactions. Beyond this amount, capital gains will be taxed at a rate of 15%.
At the same time, it is clarified that the tax will not be imposed on cryptocurrency mining by individuals. However, taxation will apply to companies operating in this specific sector that are registered as businesses.
Greece currently lacks a comprehensive taxation system for digital assets, while at the European level there is no unified approach. Tax rates for cryptocurrencies vary significantly among member states, ranging from 8% in Cyprus to as much as 30% in France.
Government officials point out that it remains difficult to map the true size of the Greek cryptocurrency market, as the majority of investors conduct transactions through platforms based outside Greece. For this reason, there is still no clear estimate of the revenue that implementing the new tax could bring to the state.
