Greece to hit cryptocurrencies: new taxes as early as 2025

Currently, profits from cryptocurrencies are not taxed or recognized by the Greek government – but that won't last long. The regulator is set to introduce new taxes on the industry early next year.

July 15 Greek daily newspaper Ekathimerini reportedthat by September the special committee will submit its findings on cryptocurrencies and digital assets to the Ministry of National Economy and Finance.

Cryptocurrency solutions

A solution to combat cryptocurrencies will be proposed, and cryptocurrencies are supposed to be included in the tax system by January 2025. The document states that profits from trading cryptocurrencies and digital assets will be taxed as capital gains from the sale of securities at a rate of 15%. The committee's findings will be divided into three categories: the definition and accounting of all cryptocurrencies, the taxation method, and the monitoring process.

Due to the lack of legislation in Greece, profits from cryptocurrencies are currently “exploited” by investors, and “very few” declare profits from cryptocurrency transactions.

Ekathimerini concludes that these investors are “mostly unemployed or taxpayers with no income but significant real estate holdings.” Accountants and tax experts in Greece have noted an increase in crypto activity, especially among people in their 30s.

Greek Crypto Scene

The crypto scene in Greece is beginning to reflect the growth of user activity in the country. Athens, the country's capital, is seeing an increase in crypto-related events and meetups.

In December, the ATHDAOx event, now held over several days for the second year in a row, attracted four times more participants than in its first year. The event's leader said the local decentralized finance and cryptocurrency community is working to “scale” both the community itself and its in-person events in Greece.

In April, the Greek Stock Exchange and Sui blockchain announced a potential collaboration. This collaboration resulted in the deployment of a new mechanism for raising funds through the Sui ecosystem. A Sui spokesperson statedthat the Greek stock exchange's electronic tender journal (ETL) system puts it “at the forefront of innovation among exchanges around the world”.

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