Greece Approves 10% Crypto Gains Tax, 15% Levy on Staking and DeFi Income - Cryptonews.net
Greece has approved a new cryptocurrency tax law set to take effect on January 1, 2027, imposing a 10% tax on annual net crypto gains exceeding €500 and a 15% levy on staking and DeFi income.
Gains below this threshold are exempt, but once surpassed, the entire taxable gain becomes subject to the levy rather than only the portion above the threshold. The tax applies to profits from selling cryptocurrencies for traditional currency, as well as using digital assets to purchase goods and services.
Contributing cryptocurrencies to a company's capital also constitutes a taxable transfer under Article 48 of the legislation. Investors who incur annual net cryptocurrency losses exceeding €500 can carry those losses forward for five years to offset future crypto capital gains.
Staking and DeFi Taxed
The legislation establishes a separate tax treatment for cryptocurrency income generated through staking, lending, and DeFi activities. Article 47 classifies returns from crypto lending, liquidity provision, yield farming, and participation in blockchain transaction validation as interest income, subject to Greece's 15% tax rate.
Further implementation directives will be published in the coming weeks, which will also define transparency and audit rules.
Voluntary Disclosure Period
The law gives crypto investors a 12-month opportunity to voluntarily disclose gains and qualifying crypto income earned before the new rules take effect. Taxpayers who participate can avoid late-filing penalties and interest, provided they pay the taxes owed within 60 days of filing their declarations.
The legislation also clarifies the treatment of cryptocurrency holdings received through inheritance, gifts, and parental transfers, establishing valuation rules based on prices from recognized trading platforms. However, uncertainty remains over whether exchanging one cryptocurrency for another will trigger capital gains taxes.
While Greece's Finance Ministry has indicated that crypto-to-crypto swaps will not be taxable, the Greek parliament's Scientific Service warned that the legislation's wording could potentially encompass such transactions. The government cannot reliably estimate how much revenue the new taxes will generate because most Greek cryptocurrency investors use foreign trading platforms.
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