Greece Passes Landmark Crypto Legislation Imposing 10% Capital-Gains Tax and 15% DeFi Levy

The Hellenic Parliament has officially passed a sweeping legislative package that introduces a clear regulatory and tax framework for digital assets in Greece. Approved by lawmakers on Thursday, the new law establishes a 10% capital-gains tax on cryptocurrency profits, marking a definitive shift from preliminary proposals discussed by officials over the past several months into formal statute.

In addition to the capital-gains tax on traditional cryptocurrency trading, the newly approved measure implements a 15% tax on income generated through staking, crypto lending, and decentralized finance (DeFi) activities. These crypto-specific provisions are integrated within a broader legislative package spearheaded by the Finance Ministry. The overarching bill also addresses private debt servicing, broader financial market oversight, and government accounting practices, with the newly minted digital asset tax rules scheduled to officially take effect on January 1, 2027.

The legislative journey to this point has seen several iterations and adjustments by Greek policymakers. The newly passed bill follows a public consultation period that began in October, during which the government floated a proposed 10% capital-gains tax rate. That draft itself represented a downward revision from initial discussions held by Greek officials in June, which had contemplated a stiffer 15% levy on crypto capital gains. By settling on the 10% rate for general gains while carving out a separate 15% structure for yield-generating activities, the parliament has sought to balance revenue generation with the realities of an evolving financial sector.

Under the rules approved by lawmakers, individual retail investors who maintain annual net cryptocurrency gains of €500 (approximately $557) or less will be completely exempt from the tax. However, crossing that modest threshold triggers a broader application of the rule: once net gains exceed €500, the 10% tax applies to the entire amount of the gain rather than merely acting as a marginal tax applied strictly to the sum above the threshold.

To illustrate how the calculation operates in practice, an investor who secures €600 (approximately $669) in net gains over the course of the tax year would face a €60 (approximately $67) tax obligation under the new rate. This is calculated on the total gross sum rather than the €100 differential above the exemption limit. Generally speaking, the framework calculates individual gains by subtracting the original acquisition cost of the digital asset from the financial value received when that cryptocurrency is ultimately disposed of or converted.

The legislation acknowledges that taxable events extend well beyond simply converting digital assets back into fiat currency. While selling Bitcoin in exchange for euros represents a straightforward taxable disposal, the rules also dictate that spending cryptocurrency directly on goods and services counts as a disposal event. Consequently, individual investors and traders will be required to maintain meticulous transaction records to substantiate what they originally paid for their digital assets and what those holdings were worth at the exact time they were sold, traded, or spent.

Yield derived from staking, crypto lending, and providing liquidity to decentralized finance protocols is handled through a distinct regulatory lens under the new law. The Finance Ministry has confirmed that Greece will classify these specific returns as interest income rather than capital gains, subjecting them to the higher 15% tax rate.

To cushion the impact of the new capital-gains regime, the legislation includes provisions for managing investment losses. Qualifying cryptocurrency losses that exceed the €500 mark can be carried forward for up to five years, allowing taxpayers to offset those accumulated losses against future cryptocurrency gains. Furthermore, the bill introduces a temporary 12-month compliance window that grants investors the opportunity to voluntarily declare previously unreported cryptocurrency income. Those who take advantage of this window can do so without facing late-filing penalties or additional interest charges, provided they meet specific statutory conditions and settle their liabilities within 60 days of filing.

Crypto swaps remain a tax question

While the government in Athens has maintained that exchanging one cryptocurrency for another should not automatically trigger a capital-gains tax event, the specific wording approved by lawmakers may not achieve that exclusion as clearly as intended.

A formal legal review conducted by parliament’s Scientific Service flagged the broad language utilized within the bill, which covers disposals made "for consideration." According to the review, that phrasing could inadvertently encompass token-to-token trades, potentially creating ambiguity despite accompanying explanatory notes stating that such direct swaps ought not to create taxable gains.

The parliamentary reviewers recommended that lawmakers draft an explicit statutory exemption to resolve the ambiguity, alongside the implementation of clearer rules governing transactions involving stablecoins and electronic-money tokens. These technical details carry substantial weight for active traders who frequently rotate between various digital assets to manage risk or pursue market opportunities without necessarily cashing out to traditional fiat currency.

Beyond the legislative text itself, Greece is actively preparing the administrative infrastructure necessary to put the tax framework into practice. A senior official within the Finance Ministry told Reuters that official guidance addressing transaction transparency requirements and tax audit procedures will be published in the coming weeks.

To date, the Greek government has not released official projections estimating how much revenue the new tax regime is expected to raise. Officials have noted that the domestic crypto market remains exceptionally difficult to measure with precision, largely because a significant portion of Greek cryptocurrency investors utilize international trading platforms based outside the country’s immediate jurisdiction. As the countdown to the January 2027 implementation date begins, market participants, tax professionals, and regulators alike await the forthcoming administrative guidance to clarify the practical boundaries of the nation’s new digital asset economy.