Key Takeaways
- • Dutch crypto investors may sell their holdings if crypto is carved out of the government's new capital gains wealth tax, industry groups warn, as crypto remains under the paper-profits levy on unrealised gains until at least 2030 under current proposals.
- • Under the Dutch plan, shares, bonds and options move to a capital gains tax paid upon sale by 2028, while crypto, gold and foreign currencies continue to pay an annual levy on unrealised gains; crypto-linked exchange-traded products fall under the new regime.
- • The Netherlands' NVC, whose members represent over 95% of assets under management in the nation's crypto sector, says a sell-off "is very likely to happen."
- • Industry groups and Holland Gold argue the distinction is legally questionable under property rights and anti-discrimination principles, echoing the 2021 Supreme Court ruling against the previous tax on assumed returns.
- • The Council of State is expected to issue its opinion at the end of October, the House of Representatives votes on Nov 12, and the Senate must approve before year-end; the switch will initially generate €3bn less per year than the earlier paper-profits proposal.
Summary
Dutch crypto investors will likely sell their holdings if the asset class is excluded from the government's shift to a new investor-friendly wealth tax, according to industry groups cited by Bloomberg. Under current government proposals, investors in crypto, gold and foreign currencies will continue to pay an annual levy on unrealised gains until at least 2030, while crypto-linked exchange-traded products would fall under the new capital gains regime.
Jan Scheele, board member of the Blockchain Netherlands Foundation, said many major members are "very afraid" of the carve-out and noted that crypto can be quickly withdrawn from an exchange and moved elsewhere. Mauro Halve, chairman of the NVC, the Dutch trade association of regulated crypto service providers, said the sell-off "is very likely to happen," since most crypto holders do not want to be taxed on unrealised gains from a volatile asset. NVC members, including Bitvavo, Moonpay and Coinmerce, represent over 95% of assets under management in the nation's crypto sector.
The broader reform would move the Netherlands from a tax on paper profits to a capital gains tax paid upon sale for shares, bonds and options by 2028, bringing the country in line with most other European countries. A previous change to wealth taxes created a legal framework allowing rapid introduction of capital gains tax for about 90% of financial assets, but not for crypto or gold. According to Tax Secretary Eelco Eerenberg, that framework is needed to meet the 2028 timeline. A Finance Ministry spokesperson said the temporary distinction is justified as an interim step. Eerenberg acknowledged that the group not yet subject to capital gains tax "is getting smaller and smaller, but it's not zero."
Critics argue the approach carries legal risk. Both the NVC and Paul Buitink, managing director of Holland Gold, one of the country's largest precious metal retailers, described the distinction as unfair, with Buitink calling it "unfair and legally questionable." Both industry groups say treating economically similar investments differently could raise issues under the property rights and anti-discrimination principles that led the Supreme Court to rule against the previous tax on assumed returns in 2021. Both submitted objections to the Council of State, the government's highest legal advisory body, which is expected to issue its opinion at the end of October and could prompt the cabinet to revise the proposal. The House of Representatives is scheduled to vote on Nov 12, with the Senate to follow before year-end.
The capital gains switch for 90% of financial assets will initially generate €3bn less per year than an earlier proposal of an annual paper-profits tax on shares and bonds, and a reduction in crypto holdings could widen that gap in the medium term. Dutch companies, institutions and households held €1.2bn in crypto securities by October 2025, according to the Dutch central bank.
Jan Scheele, board member of the Blockchain Netherlands Foundation, said many major members are "very afraid" of the carve-out and noted that crypto can be quickly withdrawn from an exchange and moved elsewhere. Mauro Halve, chairman of the NVC, the Dutch trade association of regulated crypto service providers, said the sell-off "is very likely to happen," since most crypto holders do not want to be taxed on unrealised gains from a volatile asset. NVC members, including Bitvavo, Moonpay and Coinmerce, represent over 95% of assets under management in the nation's crypto sector.
The broader reform would move the Netherlands from a tax on paper profits to a capital gains tax paid upon sale for shares, bonds and options by 2028, bringing the country in line with most other European countries. A previous change to wealth taxes created a legal framework allowing rapid introduction of capital gains tax for about 90% of financial assets, but not for crypto or gold. According to Tax Secretary Eelco Eerenberg, that framework is needed to meet the 2028 timeline. A Finance Ministry spokesperson said the temporary distinction is justified as an interim step. Eerenberg acknowledged that the group not yet subject to capital gains tax "is getting smaller and smaller, but it's not zero."
Critics argue the approach carries legal risk. Both the NVC and Paul Buitink, managing director of Holland Gold, one of the country's largest precious metal retailers, described the distinction as unfair, with Buitink calling it "unfair and legally questionable." Both industry groups say treating economically similar investments differently could raise issues under the property rights and anti-discrimination principles that led the Supreme Court to rule against the previous tax on assumed returns in 2021. Both submitted objections to the Council of State, the government's highest legal advisory body, which is expected to issue its opinion at the end of October and could prompt the cabinet to revise the proposal. The House of Representatives is scheduled to vote on Nov 12, with the Senate to follow before year-end.
The capital gains switch for 90% of financial assets will initially generate €3bn less per year than an earlier proposal of an annual paper-profits tax on shares and bonds, and a reduction in crypto holdings could widen that gap in the medium term. Dutch companies, institutions and households held €1.2bn in crypto securities by October 2025, according to the Dutch central bank.
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