Greece passes 10% crypto gains tax from 2027, leaves token swaps unclear

Greece’s parliament approved a 10% tax on cryptocurrency gains on November 5, 2026, creating the country’s first comprehensive framework for taxing digital assets from January 1, 2027. Investors will pay the levy on annual net gains above €500 (about $560) and a separate 15% on staking, lending and DeFi income, but it is still unclear whether crypto-to-crypto swaps will be taxed.

Crypto gains tax introduces €500 annual threshold

Under the legislation, individuals will pay 10% on annual net cryptocurrency gains exceeding €500, approximately $560. Gains below the threshold are exempt.

The threshold does not operate as a deduction. Once annual net gains exceed €500, the entire taxable amount becomes subject to the levy, rather than only the portion above the limit. That distinction affects how investors calculate their obligations under the crypto gains tax.

Taxable transactions extend beyond selling digital assets for traditional currency. Using cryptocurrency to purchase goods or services also falls within the framework, while Article 48 treats contributions of cryptocurrency to a company’s capital as taxable transfers.

Investors will also receive relief for qualifying losses. Annual net cryptocurrency losses exceeding €500 can be carried forward for five years and used to offset future cryptocurrency capital gains.

The provision allows losses in one year to reduce taxable gains in subsequent years, subject to the conditions established by the legislation.

Staking and DeFi earnings face separate 15% levy

The 10% crypto gains tax will operate alongside a separate 15% tax on income generated through cryptocurrency activities.

Article 47 classifies returns from crypto lending, liquidity provision, yield farming and participation in blockchain transaction validation as interest income. These earnings will therefore fall under Greece’s 15% rate, distinguishing them from profits generated by disposing of digital assets.

Payments received in cryptocurrency will also require a euro valuation. Their taxable value will be calculated using the asset’s euro-denominated price at the time of the transaction.

That valuation rule gives investors a reference point for reporting earnings received as tokens rather than cash. The framework consequently separates the source of a return from the form in which it is paid.

The legislation also clarifies the treatment of cryptocurrency received through inheritance, gifts and parental transfers. Valuations will be based on prices from recognised trading platforms. Separately, cryptocurrency sales will be exempt from Greece’s digital transaction tax.

Investors receive 12-month voluntary disclosure window

Alongside the crypto gains tax, lawmakers approved a 12-month opportunity for investors to disclose previously unreported gains and qualifying cryptocurrency income earned before the new rules take effect.

Participants can avoid late-filing penalties and interest, provided they pay the taxes owed within 60 days of submitting their declarations.

The measure offers relief from penalties and interest rather than an exemption from the underlying tax. Investors using the disclosure window must still settle their liabilities within the specified payment period.

The arrangement gives taxpayers a route to address earlier unreported earnings as Greece moves towards a more defined system of cryptocurrency taxation. Its payment deadline is therefore a significant condition for anyone seeking to benefit from the relief.

Crypto gains tax leaves token swaps unresolved

One important question remains unanswered: whether exchanging one cryptocurrency for another will trigger a taxable gain.

Greece’s Finance Ministry has indicated that crypto-to-crypto swaps will not be taxable. However, parliament’s Scientific Service warned that the legislation’s wording could encompass those transactions, leaving uncertainty over the scope of the crypto gains tax.

“Further implementation directives will be published in the coming weeks, which will also define transparency and audit rules,” a senior Finance Ministry official told Reuters.

The promised guidance is expected to clarify how the framework will operate, including the reporting and oversight requirements accompanying the crypto gains tax.

The same official said the government could not reliably estimate expected revenue. Most Greek cryptocurrency investors use foreign trading platforms, making the size of the domestic market difficult to measure.

Greece’s decision also reflects the differences that persist across Europe. Although the European Union has moved towards a more unified framework for regulating digital assets, individual member states retain responsibility for their tax policies.

According to Reuters, European cryptocurrency tax rates range from approximately 8% to 30%, with most jurisdictions concentrating on capital gains.

For Greek investors, the immediate task is to understand the distinction between taxable disposal profits and income from staking, lending or DeFi. The January start date is established, but further guidance will determine how the crypto gains tax applies to transactions whose treatment remains unclear.