Greece to Impose Crypto Tax From 2025
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Loading... - Michelle Collins
- 09 Aug 2024
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The Greek government is poised to introduce a comprehensive tax framework for cryptocurrencies and digital assets, set to take effect in 2025. Currently, these assets exist in a regulatory grey area, with no formal recognition or taxation guidelines. However, a special committee is expected to deliver its recommendations to the Ministry of National Economy and Finance by September.
The committee’s proposal seeks to bring cryptocurrencies under the tax umbrella by January 2025, with a particular focus on taxing profits from crypto and digital asset trades. These profits would be classified as capital gains, subject to a 15% tax rate, similar to the sale of securities. The forthcoming report will address three primary aspects: the precise definition and documentation of all cryptocurrencies, the establishment of a clear taxation method, and the creation of an effective monitoring mechanism.
Due to the lack of specific regulations in Greece, many crypto investors have capitalized on this legislative gap, often avoiding the declaration of their earnings. According to Ekathimerini, such investors are typically individuals with little to no declared income, yet they possess substantial real estate assets. The paper also noted that crypto activity has surged, particularly among individuals in their 30s.
Greece’s crypto landscape is rapidly evolving, with significant growth in both user engagement and events centered around digital finance, especially in Athens. Last December, Cointelegraph attended ATHDAOx, a prominent multi-day event in the capital. The event saw attendance quadruple compared to its inaugural year, highlighting the burgeoning interest in decentralized finance and cryptocurrency within the country.
The local crypto community is actively working to expand both its presence and the scale of in-person events. This growth is further underscored by recent developments in April when the Greek stock exchange entered into a collaboration with the Sui blockchain. This partnership introduced an innovative fundraising mechanism through the Sui ecosystem, with a representative from Sui praising the Greek stock exchange’s Electronic Book Building system for positioning Greece "at the forefront of innovation" in the global exchange landscape, as mentioned in an interview with Cointelegraph.
