Greece has become the latest country to levy a capital gains tax on sales of cryptocurrencies such as Bitcoin (BTC).
Greece’s government is preparing to impose a 10% capital gains tax on crypto, having released a draft bill that is now open for a public consultation period.
The legislation proposes a 10% tax on all crypto gains above 500 Euros ($560 U.S.) per year. Any gains below 500 Euros would be exempt from the new tax.
The government legislation is expected to be submitted to Greece’s parliament in November and passed into law by year’s end.
The Greek government has said that the country’s cryptocurrency market is difficult to gauge as most investors use exchanges and platforms outside the country.
The government has also not made any projections about the revenue it expects to generate from the new capital gains tax.
However, the 10% levy in Greece is among the lower rates imposed across the European Union (EU).
Germany, France and Italy have each implemented capital gains of 25% on crypto sales.
Countries around the world are increasingly treating gains on crypto the same as other assets such as stocks, reflecting the growing popularity of digital assets among investors.
In Canada, 50% of a person’s capital gains on crypto sales is included in their taxable income for the year.
Bitcoin is trading at $82,150 U.S. on Oct. 8.
