Greece

{
  "analysis_text": "As of late 2025, Greece has established a mature and fully regulated environment for cryptocurrency activities, driven largely by the implementation of the European Union\u0027s Markets in Crypto-Assets Regulation (MiCA). The primary regulatory body is the Hellenic Capital Market Commission (HCMC), which oversees the licensing and conduct of Crypto-Asset Service Providers (CASPs). The Bank of Greece plays a complementary role, supervising issuers of asset-referenced tokens and e-money tokens to ensure financial stability. This dual-regulator approach provides legal certainty for both retail investors and institutional players.\n\nThe legal foundation rests on Law 5193/2025, enacted in April 2025, which integrated MiCA into the national legal order. This law replaced the previous \u0027registration-only\u0027 regime established by Law 4734/2020 (AMLD5 transposition) with a comprehensive licensing framework. Under HCMC Decision 8/1059 (July 2025), service providers must undergo a rigorous authorization process, demonstrating adequate capital, governance structures, and IT security. A transitional period allows entities previously registered under the AML law to continue operations until December 30, 2025, provided they have applied for a full CASP license.\n\nFor retail investors, the landscape is clear but strictly monitored. Trading and holding cryptocurrencies are legal, but users are required to use licensed platforms\u2014either those authorized directly by the HCMC or those passported from other EU jurisdictions. The anonymity previously associated with crypto has been effectively removed through stringent KYC/AML checks enforced at the platform level. The HCMC maintains a public register of authorized providers, and regulators have the power to block IP addresses of non-compliant offshore exchanges targeting Greek residents.\n\nTaxation has also been formalized. Effective January 1, 2025, Greece introduced a specific tax regime for crypto assets. Individual investors are subject to a flat 15% capital gains tax on profits realized from the sale or exchange of cryptocurrencies. This resolves years of ambiguity where crypto gains were often treated under general income provisions. Professional traders and mining operations, however, are taxed as business entities with a corporate tax rate of 22%, or progressive income tax rates for individuals classified as professional traders.",
  "confidence_level": "High",
  "executive_summary": "Cryptocurrency trading is legal and comprehensively regulated in Greece under a dual framework of national AML laws and the EU\u0027s Markets in Crypto-Assets Regulation (MiCA). The Hellenic Capital Market Commission (HCMC) serves as the primary regulator, maintaining a mandatory registry for Virtual Asset Service Providers (VASPs) and overseeing the transition to full CASP licensing. As of 2025, retail investors are subject to a specific 15% capital gains tax on crypto profits, and service providers must adhere to strict AML/KYC and capital requirements.",
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  ],
  "status": "Allowed-Regulated",
  "structured_data": {
    "confidence_level": "High",
    "detailed_analysis": "As of late 2025, Greece has established a mature and fully regulated environment for cryptocurrency activities, driven largely by the implementation of the European Union\u0027s Markets in Crypto-Assets Regulation (MiCA). The primary regulatory body is the Hellenic Capital Market Commission (HCMC), which oversees the licensing and conduct of Crypto-Asset Service Providers (CASPs). The Bank of Greece plays a complementary role, supervising issuers of asset-referenced tokens and e-money tokens to ensure financial stability. This dual-regulator approach provides legal certainty for both retail investors and institutional players.\n\nThe legal foundation rests on Law 5193/2025, enacted in April 2025, which integrated MiCA into the national legal order. This law replaced the previous \u0027registration-only\u0027 regime established by Law 4734/2020 (AMLD5 transposition) with a comprehensive licensing framework. Under HCMC Decision 8/1059 (July 2025), service providers must undergo a rigorous authorization process, demonstrating adequate capital, governance structures, and IT security. A transitional period allows entities previously registered under the AML law to continue operations until December 30, 2025, provided they have applied for a full CASP license.\n\nFor retail investors, the landscape is clear but strictly monitored. Trading and holding cryptocurrencies are legal, but users are required to use licensed platforms\u2014either those authorized directly by the HCMC or those passported from other EU jurisdictions. The anonymity previously associated with crypto has been effectively removed through stringent KYC/AML checks enforced at the platform level. The HCMC maintains a public register of authorized providers, and regulators have the power to block IP addresses of non-compliant offshore exchanges targeting Greek residents.\n\nTaxation has also been formalized. Effective January 1, 2025, Greece introduced a specific tax regime for crypto assets. Individual investors are subject to a flat 15% capital gains tax on profits realized from the sale or exchange of cryptocurrencies. This resolves years of ambiguity where crypto gains were often treated under general income provisions. Professional traders and mining operations, however, are taxed as business entities with a corporate tax rate of 22%, or progressive income tax rates for individuals classified as professional traders.",
    "executive_summary": "Cryptocurrency trading is legal and comprehensively regulated in Greece under a dual framework of national AML laws and the EU\u0027s Markets in Crypto-Assets Regulation (MiCA). The Hellenic Capital Market Commission (HCMC) serves as the primary regulator, maintaining a mandatory registry for Virtual Asset Service Providers (VASPs) and overseeing the transition to full CASP licensing. As of 2025, retail investors are subject to a specific 15% capital gains tax on crypto profits, and service providers must adhere to strict AML/KYC and capital requirements.",
    "important_considerations": [
      "Taxation: A flat 15% tax applies to capital gains from crypto for individuals starting January 1, 2025.",
      "Transitional Period: Entities registered under the old AML regime have until December 30, 2025, to obtain full MiCA authorization.",
      "Mining Treatment: Mining profits are generally treated as business income and taxed at progressive rates (up to 44%) or the corporate rate (22%).",
      "EU Passporting: CASPs licensed in other EU member states can operate in Greece via the passporting regime."
    ],
    "key_regulatory_pillars": [
      "Primary Regulator: Hellenic Capital Market Commission (HCMC) for CASP licensing and AML supervision",
      "Prudential Regulator: Bank of Greece (BoG) for asset-referenced tokens (ARTs) and e-money tokens",
      "Mandatory Registration: VASP Registry (pre-MiCA) transitioning to CASP License (MiCA)",
      "Taxation: Flat 15% Capital Gains Tax on individual crypto profits (effective Jan 1, 2025)",
      "Compliance: Strict AML/KYC obligations under Law 4734/2020 and Law 5193/2025"
    ],
    "landmark_legislation": [
      {
        "date_enacted": "2025-04-11",
        "identifier": "Law 5193/2025",
        "name": "Law 5193/2025 (MiCA Implementation Law)",
        "summary": "Adapts Greek national legislation to the EU Markets in Crypto-Assets Regulation (MiCA). Designates the HCMC and Bank of Greece as competent authorities and establishes penalties for unauthorized crypto services.",
        "url": "https://www.hcmc.gr"
      },
      {
        "date_enacted": "2025-07-30",
        "identifier": "Decision 8/1059/30.7.2025",
        "name": "HCMC Decision 8/1059/2025",
        "summary": "Establishes the specific procedural rules and documentation requirements for Crypto-Asset Service Providers (CASPs) to obtain authorization from the HCMC.",
        "url": "https://www.hcmc.gr/en_US/web/portal/crypto-assets"
      },
      {
        "date_enacted": "2020-10-08",
        "identifier": "Law 4734/2020",
        "name": "Law 4734/2020 (AML Law Amendment)",
        "summary": "Transposed the EU 5th Anti-Money Laundering Directive (AMLD5) into Greek law, creating the initial mandatory registry for crypto exchange and wallet providers.",
        "url": "https://www.kodiko.gr/nomologia/document_navigation/666579"
      }
    ],
    "notes_and_comments": "The analysis date is December 12, 2025. By this time, the transition to MiCA is in its final stages (deadline Dec 30, 2025). The regulatory status has shifted from a simple AML registration (Gray/Allowed-Unregulated mix) to a fully licensed regime (Allowed-Regulated).",
    "primary_sources": [
      {
        "date": "2025-12-12",
        "key_quote": "Providers licensed by the Hellenic Capital Market Commission... Providers from another Member State passported into Greece.",
        "source_type": "regulator",
        "title": "HCMC Crypto-Asset Service Providers Register",
        "url": "https://www.hcmc.gr/en_US/web/portal/crypto-assets"
      },
      {
        "date": "2025-09-29",
        "key_quote": "Entities intending to operate as Crypto-Asset Service Providers... should notify their intention to the Bank of Greece.",
        "source_type": "official_government",
        "title": "Bank of Greece - Everything you should know about cryptocurrencies",
        "url": "https://www.bankofgreece.gr/en/the-bank/communication/everything-you-should-know-about-cryptocurrencies"
      },
      {
        "date": "2020-10-08",
        "key_quote": "Incorporates in Greek legislation the Directive (EU) 2018/843... Hellenic Capital Market Commission has been named as the competent authority.",
        "source_type": "law_text",
        "title": "Law 4734/2020 (Government Gazette A/196/8.10.2020)",
        "url": "https://www.hcmc.gr/en_US/web/portal/nomothesia-nomoi"
      }
    ],
    "remaining_uncertainties": [
      "Specific enforcement actions against non-EU exchanges that have not geoblocked Greek users.",
      "Detailed cost-basis accounting guidelines for complex DeFi transactions under the new tax law."
    ],
    "secondary_sources": [
      {
        "date": "2025-09-25",
        "key_quote": "On 30 July 2025, the Board of Directors of the Hellenic Capital Market Commission... issued its Decision No. 8/1059 pursuant to Article 101(a) of Law 5193/2025.",
        "source_type": "analysis",
        "title": "EY Law Alert: MiCA Regulation \u0026 Authorisation Procedure",
        "url": "https://www.ey.com/en_gr/law/law-alert-mica-regulation-authorisation-procedure"
      },
      {
        "date": "2024-11-08",
        "key_quote": "Greece has a flat Capital Gains Tax rate of 15% which you\u0027ll pay on any capital gains from crypto from 2025.",
        "source_type": "analysis",
        "title": "Koinly Greece Crypto Tax Guide 2025",
        "url": "https://koinly.io/guides/crypto-tax-greece"
      }
    ],
    "status": "Allowed-Regulated"
  }
}