Greek Government Will Enforce Crypto Taxes From 2025

Key Takeaways Table 

Upcoming Changes 

According to local reports, the Greek government is preparing to implement a tax framework for cryptocurrencies and digital assets. This framework is expected to be in place by January 2025. Currently, there are no specific regulations, but the upcoming changes aim to address this gap. 

Timeline of Events 

• July 15, 2024: According to the Greek daily Ekathimerini, the Ministry of National Economy and Finance will receive the recommendations on cryptocurrencies from a special committee by September. 

• September 2024: The committee will present its findings and propose a solution for dealing with cryptocurrencies. 

• January 2025: Cryptocurrencies will be included in the taxation system, and profits from crypto trades will be taxed at a 15% rate, similar to capital gains from securities. 

Committee’s Focus 

Three categories will be used to group the committee’s findings: 

1. Defining and Recording Cryptocurrencies: Establishing clear definitions and methods for recording all types of cryptocurrencies. 
2. Method of Taxation: Determining how cryptocurrencies will be taxed, likely treating profits as capital gains. 
3. Monitoring Process: Developing a process for monitoring cryptocurrency transactions and ensuring compliance. 

Current Exploitation 

At present, due to the lack of legislation in Greece, profits from cryptocurrencies are often not declared. This is particularly true for investors who are unemployed or have no income but own significant real estate holdings. Accountants and tax experts have noticed a rise in crypto activity, especially among individuals around the age of 30. 

Greek Crypto Scene 

The cryptocurrency scene in Greece is growing, with increasing user activity and interest. Athens, the capital city, has seen more crypto-related events and meetups. 

• December 2023: ATHDAOx, an event that drew four times as many attendees as its first year. The local decentralized finance and crypto community is actively working to expand both the community and its events. 

• April 2024: The Greek stock exchange (ATHEX) and the Sui blockchain announced a collaboration, leading to the deployment of a new fundraising mechanism through the Sui ecosystem. 

Innovative Collaborations 

A representative from Sui noted that the Greek stock exchange’s Electronic Book Building (EBB) system places it at the forefront of innovation compared to exchanges worldwide. 

The Greek government is moving towards taxing cryptocurrency profits, aiming to implement the new rules by January 2025. This step marks a significant shift in how digital assets are regulated in Greece, reflecting the country’s growing interest in the crypto industry.