Key Takeaways
- • The Netherlands plans to move most financial assets, including crypto-linked ETPs, from an annual levy on unrealized gains to a capital gains tax on sale, targeted for 2028, while direct crypto, gold and foreign-currency holdings stay on the unrealized-gains levy until at least 2030.
- • The shift initially raises about €3 billion (approximately $3.3 billion) less per year than the prior plan, according to the government proposal.
- • NVC, the Dutch trade association of regulated crypto service providers, says a sell-off of crypto is "very likely"; its members account for more than 95% of assets under management in the Dutch crypto industry.
- • Industry groups argue the split is legally vulnerable on the same property-rights grounds that led the Supreme Court to strike down the assumed-returns tax in 2021.
- • The Council of State is expected to issue its opinion at the end of October, the House votes on November 12, and the Senate must approve before year-end.
Summary
The Netherlands is advancing a broad rewrite of how it taxes investment wealth, but the government proposal leaves direct holdings of crypto, gold and foreign currencies on an annual levy on unrealized gains until at least 2030. Under the plan, shares, bonds, options and crypto-linked exchange-traded products would shift to a capital gains tax collected when an investor sells, with the switch targeted for 2028. The proposal covers about 90% of financial assets held by Dutch taxpayers, according to the government's figures.
Industry groups warn the carve-out could prompt investors to move assets abroad or sell. Mauro Halve, chairman of NVC, said "the sell-off is very likely to happen, since the majority of crypto-holders do not want to be taxed on unrealised capital gains from a volatile asset." Jan Scheele, a board member of the Blockchain Netherlands Foundation, said many major members are "very afraid" of the approach and noted that "the beauty of crypto is that you can very quickly withdraw it from an exchange and deposit it somewhere else." Paul Buitink, managing director of Holland Gold, called the distinction "unfair and legally questionable."
The Finance Ministry defends the temporary split as a justified interim step that brings a larger portion of assets under capital gains tax more quickly. Tax Secretary Eelco Eerenberg said that without the fast-track framework from an earlier wealth-tax change, there would not be enough time to move to capital gains tax in 2028. Crypto and gold fall outside that framework. The shift initially reduces revenue by about €3 billion (approximately $3.3 billion) a year relative to the prior plan, and a reduction in Dutch crypto holdings could widen that gap over the medium term. Dutch companies, institutions and households held €1.2 billion (approximately $1.3 billion) in crypto securities as of October 2025, according to the Dutch central bank.
The proposal is not final. The Council of State is expected to issue its opinion at the end of October, which could prompt revisions. NVC and Holland Gold have both filed objections. The House of Representatives is scheduled to vote on November 12, after which the Senate must approve the legislation before year-end. Both industry groups argue that taxing economically similar assets differently could face the same property-rights and anti-discrimination challenges that led the Supreme Court to strike down the assumed-returns tax in 2021, raising the risk of fresh litigation.
Industry groups warn the carve-out could prompt investors to move assets abroad or sell. Mauro Halve, chairman of NVC, said "the sell-off is very likely to happen, since the majority of crypto-holders do not want to be taxed on unrealised capital gains from a volatile asset." Jan Scheele, a board member of the Blockchain Netherlands Foundation, said many major members are "very afraid" of the approach and noted that "the beauty of crypto is that you can very quickly withdraw it from an exchange and deposit it somewhere else." Paul Buitink, managing director of Holland Gold, called the distinction "unfair and legally questionable."
The Finance Ministry defends the temporary split as a justified interim step that brings a larger portion of assets under capital gains tax more quickly. Tax Secretary Eelco Eerenberg said that without the fast-track framework from an earlier wealth-tax change, there would not be enough time to move to capital gains tax in 2028. Crypto and gold fall outside that framework. The shift initially reduces revenue by about €3 billion (approximately $3.3 billion) a year relative to the prior plan, and a reduction in Dutch crypto holdings could widen that gap over the medium term. Dutch companies, institutions and households held €1.2 billion (approximately $1.3 billion) in crypto securities as of October 2025, according to the Dutch central bank.
The proposal is not final. The Council of State is expected to issue its opinion at the end of October, which could prompt revisions. NVC and Holland Gold have both filed objections. The House of Representatives is scheduled to vote on November 12, after which the Senate must approve the legislation before year-end. Both industry groups argue that taxing economically similar assets differently could face the same property-rights and anti-discrimination challenges that led the Supreme Court to strike down the assumed-returns tax in 2021, raising the risk of fresh litigation.
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