Suryaa Business Desk: The Greek government has taken a significant step regarding the digital assets sector. The Greek parliament has approved a new bill that officially imposes a 10 percent capital gains tax on cryptocurrency profits. With this move, Greece has joined the list of countries that have established a comprehensive and official legal framework for the crypto market.
Under the new law, a 10 percent tax will apply to crypto profits earned by individuals. To provide relief to small investors, the government has exempted crypto capital gains of up to 500 euros per year from this tax. In addition to trading profits, returns generated through crypto lending, liquidity provisioning, and staking are now classified as interest and fall under the same 10 percent tax mandate.
While crypto taxation rates across various European countries range from 8 percent to 30 percent, financial experts describe the 10 percent rate set by the Greek government as moderate. However, officials from the Ministry of Finance stated that it is difficult to accurately estimate the revenue this new tax policy will generate for the government, as many investors currently utilize foreign platforms. Regardless, this measure taken by Greece to bring transparency to digital currency transactions has become a subject of significant discussion in the European market.