Profits from the sale of cryptocurrencies will be taxed at a flat rate of 15% under a new bill put forward by Greece’s Ministry of National Economy and Finance. The legislation also introduces a €500 annual tax-free threshold, ensuring that small-scale transactions remain exempt from taxation. For the first time, the new framework establishes clear and concrete rules for cryptocurrency taxation — an area that until now has operated without a well-defined regulatory structure.
New tax framework for cryptocurrency gains
The tax will apply exclusively to the profit generated when a digital asset is sold at a higher price than its purchase price. For example, if an investor buys Bitcoin and later sells it for a higher amount, the difference will be classified as a capital gain and taxed at 15%. Transaction-related costs — such as exchange fees — will be deductible when calculating the taxable gain, meaning the tax will be applied to the investor’s actual net profit.
Under the proposed legislation, however, swapping one cryptocurrency for another — such as converting Bitcoin to Ethereum — will not in itself trigger a taxable event. Tax liability will only arise when cryptocurrencies are converted into euros or another official fiat currency, or when they are used to purchase goods and services.
The new framework also introduces loss carry-forward provisions. If a cryptocurrency sale results in a net loss, that loss can be offset against future gains from similar transactions for a period of up to five tax years, offering investors greater financial flexibility.
Inheritances, gifts, and parental transfers involving cryptocurrency
For the first time, cryptocurrencies are explicitly included within the taxation regime governing inheritances, gifts, and parental asset transfers. In such cases, the acquisition value will be determined by the figure used when calculating the relevant tax or granting any applicable exemption — establishing a clear and consistent tax base for all future transfers of digital assets.
Equally significant is the formal recognition of cryptocurrency holdings as a legitimate source of funds for explaining the origin of capital and satisfying asset presumption requirements. This means that income derived from the lawful sale of cryptocurrencies can be used to finance property purchases, business investments, or other assets, without raising legal questions about the legitimacy of the funds’ origin.
Staking and crypto lending: when do they get taxed?
The bill includes specific provisions for individuals who acquire cryptocurrencies through staking, crypto lending, or similar mechanisms. In these cases, tax will not be levied at the point of acquisition, but only when the assets are subsequently sold. The acquisition cost will be deemed to be zero, unless the taxpayer can demonstrate a different, verifiable cost of acquisition. The bill will apply retroactively, with the new provisions set to take effect from January 1, 2025. This means that capital gains arising from cryptocurrency transactions from 2025 onwards must be declared in tax returns to be filed with the Greek tax authority in 2027.
