Fifteen years after they were first released, bitcoin and every other cryptocurrency (of the 10,000+ that exist today) will be officially considered an investment product, like stocks, so they will be taxed with a capital gains tax, probably of 15%. After the hunt for black money, cash, undeclared real estate rentals, etc., the Ministry of National Economy and Finance is starting a battle with the underground or shadow para-banking systems, which flourish on the Internet and hide behind cryptocurrencies.
What changes?
While every citizen is burdened with taxes on all kinds of transactions (houses, shares, interest, mutual funds, etc.), cryptocurrencies remain so far invulnerable, they evade VAT as a means of transaction and money transfer, but also from any taxation as an investment – or possibly a gamble. At the Ministry of National Economy and Finance, a 16-member Working Group was set up and will start working in the next few days, which will meet 1-2 times a month – or more – specifically on the issue of cryptocurrencies in order to close the “hole” in their taxation.
The first changes are expected to be seen in 2025. On the discussion table is, among other things, the possibility of taxing cryptocurrencies and their profits as a portfolio investment and a 15% tax like stocks.
However, everything is reviewed from scratch and the decisions may ultimately affect transactions made this year or previous years, as long as the difference in value during the holding time, i.e. between acquisition and sale, will be compared.
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The production and “mining” of cryptocurrencies (mining), databases or other mechanisms created (blockchain), the possession and use of cryptocurrencies, electronic “wallets” and other forms of electronic money, even on the dark web will also be targeted.
And all this with expertise from the American IRS, with which the Independent Public Revenue Authority has partnered specifically for these audits. Already, however, in opening accounts for an unjustified increase in property, AADE auditors often detect remittances of thousands of euros. In order to justify them, cite conversions of bitcoins or other cryptocurrencies into euros and other foreign currencies.