Greece to Tax Cryptocurrencies as Investments Under New Regulatory Framework

08:34 7/11/2024 - Πηγή: iEfimerida

Greece is taking a major step towards regulating the cryptocurrency market by introducing a new framework for taxation and consumer protection.

Kostis Hatzidakis, the Minister of National Economy and Finance, announced the initiative at an event organized by the Numismatic Museum, emphasizing the need for clear rules

and oversight in this rapidly evolving sector.

Mr. Hatzidakis acknowledged that cryptocurrencies are "here to stay" and stressed the importance of creating a transparent regulatory environment that fosters their safe growth while protecting consumers. The new framework, developed in collaboration with the Bank of Greece, will focus on regulating and monitoring cryptocurrencies, implementing fair taxation policies, and preventing illegal activities.

Significantly, Greece will treat cryptocurrencies as an investment class for tax purposes, aligning with international best practices. 

The country will also incorporate the EU's Markets in Crypto-Assets (MiCA) regulation, which mandates that EU member states establish market rules and consumer protections for crypto-assets by December 2024.

Furthermore, Greece has committed to adopting the OECD's Crypto-Asset Reporting Framework (CARF), which expands automatic exchange of financial information to include cryptocurrencies. This framework will be implemented across EU member states by 2027.

Mr. Hatzidakis also discussed the broader trend towards digital payments, predicting a future where cash, cards, and digital currencies coexist. 

He expressed concern about the EU's slow progress in developing a digital euro, urging Europe to take a more proactive stance in the face of global competition.

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