Greece plans to impose a 10% tax on cryptocurrency capital gains, with an exemption for annual earnings of less than 500 euros.

According to Reuters, Greece is preparing to introduce legislation imposing a 10% tax on cryptocurrency capital gains. The relevant draft bill was released Thursday evening local time and has entered the public consultation phase. The bill is expected to be submitted to parliament for review in November. Under the draft, personal annual cryptocurrency capital gains of up to €500 (approximately $559.95) will be exempt from the new tax. Greece currently lacks a comprehensive tax legal framework for cryptocurrencies, and EU member states have no unified crypto taxation system. European countries currently vary significantly in their crypto taxation methods and rates, with capital gains taxes ranging from 8% to 30%—typically levied on gains from the sale of crypto assets. Greek officials noted that it is difficult to accurately estimate the size of the country’s cryptocurrency market, as the vast majority of investors use overseas platforms. The government has also not provided specific forecasts on the fiscal revenue the new tax will generate.