Greece drafts 10% capital gains tax on crypto with €500 annual exemption

What the draft bill says

The headline number is 10%. Reuters based its report on a draft bill published for public consultation, and under that draft, gains of up to 500 euros ($560) a year would be exempt. That's the core of what the report laid out: a 10% rate, a 500-euro annual exemption and a November date for the bill to go to parliament.

None of this is law yet.

The text is a consultation draft (which is the stage where a government publishes proposed terms before formally sending them to lawmakers), so the details on the table today are the ones in that document.

How big is the market it'd tax?

It's hard to say. Reuters reported that the size of Greece's crypto market is difficult to estimate because most investors use platforms outside the country. Greek officials also haven't made any projections of expected revenue from the tax, according to the report, which means the bill doesn't come with a public estimate of what it would bring in.

Low by EU standards

CoinDesk noted that the 10% levy would be among the lower rates imposed by European Union countries. Germany, France and Italy are setting or planning to set capital gains rates above 25%, according to CoinDesk, which puts Greece's draft rate at less than half of those levels.

The broader backdrop is a policy shift across countries. Governments are developing crypto tax treatments that replicate those of traditional assets like stocks, CoinDesk reported, and Greece's bill is the latest draft to put a specific rate and exemption on paper.

For Greek crypto holders, the next date on the calendar is November, when the bill is set to be submitted to parliament.