Seeking to bring order to the rapidly expanding cryptocurrency market, Greece has introduced a new licensing regime for firms offering crypto-related services. The framework, outlined in a ministerial decision published in the Government Gazette, marks the country’s first full application of the European Union’s Markets in Crypto-Assets (MiCA) regulation.
Under the rules, all crypto firms—including exchanges and digital wallet providers—will be required to obtain licenses from the Hellenic Capital Market Commission (HCMC) before offering services to Greek clients. The move, coordinated by the Finance Ministry and HCMC, reflects Greece’s effort to both align with EU law and address growing risks tied to investor protection, tax evasion, and financial crime.
Licensing Process and Requirements
The licensing procedure begins with a preliminary meeting at the HCMC. Applicants must then submit a comprehensive dossier that includes a detailed business plan, shareholder and management disclosures, and mechanisms for safeguarding customer funds.
If the submission is incomplete, it will be returned for revision. A final decision—approval or rejection—will be issued within 40 working days. Firms that obtain approval will not only be authorized to operate in Greece but will also benefit from what officials describe as a “European seal of credibility,” signaling to investors that the platform complies with EU regulatory standards.
Penalties for Non-Compliance
Platforms that fail to secure a license will be prohibited from targeting Greek clients. This requirement applies equally to international players, meaning that major exchanges such as Binance, which serves millions of users globally, must adapt to the new regulatory landscape in order to remain active in Greece.
Linking oversight to tax and anti-money laundering controls
The licensing framework is expected to be paired with stricter oversight aimed at tackling money laundering and tax evasion. Both the Anti-Money Laundering Authority and the Independent Authority for Public Revenue (IAPR) will have the power to monitor capital flows. In cases of suspicious activity, authorities may trigger asset tracing, source-of-funds audits, and even the freezing of digital assets.
On taxation, the government is preparing to unveil detailed measures later in the fall, following recommendations from a working group tasked with defining the framework.
The baseline scenario foresees a 15 percent tax on capital gains from crypto transactions, calculated as the difference between purchase and sale price.
These amounts will be recognized for tax reporting purposes, enabling them to cover imputed income thresholds. Corporate entities may face a higher tax rate.
Possible VAT and Mandatory Reporting
Officials are also considering applying the standard 24 percent value-added tax (VAT) to certain crypto-related services, though direct trading of digital assets is expected to remain VAT-exempt. A forthcoming legislative bill will further require taxpayers to declare their digital assets on the annual E1 income tax form.
The government’s final decision on crypto taxation and reporting obligations will be delivered to Prime Minister Kyriakos Mitsotakis. Formal announcements are expected during his keynote speech at the 89th Thessaloniki International Fair, which runs from September 6 to 14.
By implementing MiCA’s provisions alongside domestic tax and compliance measures, Greece aims to position itself as a regulated, transparent hub for digital finance within the European Union—while sending a clear message to international operators that the era of unregulated crypto in the country is coming to an end.
