Greece Moves Towards Adopting a Tax Framework for Digital Assets and Cryptocurrencies

Greece is taking significant steps towards adopting a tax framework for digital assets and cryptocurrencies, despite these assets not yet being officially recognized by the government.

According to reports, this move aims to regulate the emerging sector and ensure its contribution to the national economy.

The Greek newspaper Kathimerini revealed the formation of a special committee tasked with studying digital assets and cryptocurrencies and providing recommendations on their regulation and taxation. The committee is expected to present its findings to the Ministry of National Economy and Finance by September 2024.

Reports indicate that the committee will propose a capital gains tax on profits from trading digital assets and cryptocurrencies, at a rate of 15%. By January 2025, it is expected that digital currencies will be included in the tax system, aiming to treat these profits similarly to those from the sale of securities.

Kathimerini pointed out that the lack of regulatory legislation for digital currencies in Greece has allowed some investors to exploit legal loopholes to avoid paying taxes. The newspaper noted that these investors are often individuals without regular jobs or income but with substantial real estate holdings.

Greece’s steps towards regulating and taxing cryptocurrencies represent a positive shift towards integrating these assets into the formal financial system, enhancing transparency and accountability. Despite some existing challenges, these measures pave the way for a more stable and regulated future for the digital currency sector in Greece.