Background
In early 2024, the Hellenic Parliament passed a law that establishes a dedicated tax regime for cryptocurrency transactions. The new rule imposes a 10% capital-gains tax on profits realized from the sale or exchange of digital assets.
Key Provisions
The legislation defines capital gains as the difference between the acquisition cost and the disposal price of a crypto asset. The 10% rate applies only to gains that exceed the annual exemption threshold.
Exemptions and Thresholds
- Annual gains up to €500 are fully exempt.
- Only gains above that amount are subject to the 10% tax.
- Losses can be offset against future gains, reducing the taxable amount.
How It Affects Investors
For most retail holders, the exemption covers a large portion of typical trading activity. However, active traders who realize gains above €500 each year will need to keep accurate records and file a tax return.
Comparison to the Draft Rate
The draft proposal originally set the rate at 15%. By lowering it to 10%, Greece has aligned the final law with other European jurisdictions that use a flat 10% crypto tax.
Compliance Tips
- Maintain detailed trade logs including dates, amounts, and counterparties.
- Use reputable exchanges that provide tax-reporting tools.
- Consult a tax professional familiar with crypto regulations.
Broader Implications
Greece's move signals a broader trend toward clear crypto taxation across Europe. A predictable framework encourages market participation while ensuring the state can collect revenue from digital asset activity.