Capital Gains Tax on Crypto in Belgium: 10% Tax Regime Explained (from 2026)
- Aeacus Lawyers
- Jul 7, 2025
- 14 min read
Updated: May 13
Quick answer As from 1 January 2026, Belgium introduces a 10% capital gains tax on realized gains from financial assets, including all crypto-assets. The first €10,000 per year is exempt. Historical gains accrued before 31 December 2025 remain fully tax exempt. The calculation follows the FIFO method, while the existing 33% tax on speculative transactions continues to apply alongside the new regime. |
Key concepts at a glance
Concept | Explanation |
Reference date | 31 December 2025, the value on that date will serve as the fiscal acquisition value for previously acquired assets. |
FIFO | First In, First Out — the first acquired crypto-assets are deemed to be sold first for tax purposes. |
Exemption | €10,000 per year (indexed as from tax year 2027); up to a maximum of €15,000 in case of carry-forward. |
Speculative management | Remains taxable at 33%; assessment based on factual elements such as trading frequency, leverage, and automation. |
Transfer for consideration | Any disposal where compensation is received: sale, swap, or use as a means of payment. |
I. 10% Capital Gains Tax on Realised Crypto Gains
During the night of 2 to 3 April 2026, Parliament approved the general capital gains tax. This marks the end of a legislative saga that began in December 2025 with the draft program law. The law introduces a 10% tax on future realized capital gains on financial assets, including crypto-assets. Capital gains accrued before the entry into force of the new regime remain explicitly exempt.
The new regime applies to capital gains realized upon a transfer for consideration of financial assets. Two conditions must be cumulatively fulfilled: the asset must qualify as a financial asset, and the capital gain must be realized through a transfer for consideration.
Condition 1: Crypto-assets as Financial Assets
In the bill, the concept of “financial assets” is interpreted broadly. It encompasses four categories, namely financial instruments, certain insurance contracts, crypto-assets, and investment gold.
Crypto-assets are explicitly classified as financial assets under the proposed tax framework. For this purpose, the definition set out in Regulation (EU) 2023/1114 (MiCA) is used. A crypto-asset is defined as a digital representation of a value or a right that can be transferred and stored electronically using distributed ledger technology or similar technology.
Categories of Crypto-assets under MiCA
MiCA distinguishes four categories:
Electronic money tokens (EMTs): stablecoins linked to an official currency, such as the euro or the US dollar.
Asset-referenced tokens (ARTs): crypto-assets linked to assets or rights other than an official currency.
Utility tokens: tokens intended solely to provide access to goods or services supplied by the issuer.
Residual category: traditional cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), which do not grant rights to an underlying asset and do not aim to maintain a stable value.
The definition applied is particularly broad. Not only traditional cryptocurrencies, but also stablecoins that are not pegged to the euro — such as USDT or USDC — in principle fall within its scope. As a result, a positive exchange rate evolution upon the sale or conversion of such stablecoins may give rise to a taxable capital gain. The stabilization mechanism of these tokens, aimed at tracking the US dollar, does not alter this assessment as long as there is no direct peg to the euro.
Security tokens and financial instruments
Crypto-assets qualifying as financial instruments within the meaning of MiFID fall outside the scope of the MiCA Regulation, but this does not automatically exclude them from the capital gains tax regime. So-called security tokens — which grant their holder rights comparable to shares or bonds — may qualify as securities within the meaning of the Act of 2 August 2002. In that case, they likewise fall within the scope of the capital gains tax. In this assessment, economic reality always prevails over legal form.
NFTs and the capital gains tax
The legislator deliberately chose to broaden the European MiCA reference framework by also bringing certain non-fungible tokens within the scope of the capital gains tax. This does not concern NFTs that merely represent a digital collectible, but rather tokens that are in practice used or traded for economic purposes.
As soon as an NFT is freely transferable and can be traded on a specialized marketplace such as OpenSea, it acquires an investment character for tax purposes. Practical tradability constitutes the decisive criterion. NFTs offered on an open and liquid marketplace, for which a market price is established, are deemed to fulfil an investment function. This applies not only to well-known NFT collections, but also to artists who associate physical artworks with an NFT that is traded separately. Once the NFT circulates independently on a secondary market and represents a tradable value distinct from the physical artwork, its qualification as an investment asset becomes unavoidable.
Condition II: Transfer for Consideration of Crypto (Taxable Realisation)
There is only a taxable capital gain when a crypto-asset is realized — meaning upon a transfer in which the transferor receives consideration.
Swapping or exchanging crypto
Any disposal of crypto-assets is regarded as a transfer for consideration — not only a sale against euros or dollars, but also a swap from one crypto-asset into another. Converting BTC or ETH into a stablecoin is likewise taxable. This is consistent with the definition of an “exchange transaction” within the meaning of Directive (EU) 2023/2226 (DAC8), which covers both crypto-to-fiat exchanges and exchanges between crypto-assets.
Using crypto as a means of payment
The use of crypto-assets to purchase goods or services also constitutes a taxable realization event. For taxpayers using a crypto payment card (Revolut, Crypto.com, Nexo, Bybit Card, Coinbase Card, Bitrefill Card), each payment is treated for tax purposes as a realization of the underlying crypto-assets. The capital gains tax may therefore apply to the realized gain.
Transfers between own wallets
When crypto-assets are transferred between wallets belonging to the same taxpayer, there is no transfer for consideration. A transfer from a cold storage wallet (Ledger, Ngrave, Trezor) to an exchange with a view to a later sale does not constitute a taxable realization event. The taxable realization only occurs at the moment of the effective sale or exchange on the trading platform.
II. Relationship with the existing 33% tax on speculative crypto income
II. Relationship with the existing 33% tax on speculative crypto income
The new capital gains tax is introduced as a lex specialis in relation to the existing regime for miscellaneous income. This means that the current 33% tax on speculative capital gains or transactions falling outside the normal management of private assets remains fully applicable. The 33% regime is therefore not abolished.
The new regime merely provides for a separate treatment of capital gains on financial assets realized within the framework of the normal management of private wealth and outside any professional activity. The same capital gain can never simultaneously fall under both the 10% regime and the 33% regime — double taxation is excluded.
In assessing whether crypto transactions constitute abnormal or speculative management, a set of factual elements is taken into account, including: the proportion of movable assets invested in crypto, the use of borrowed funds to acquire crypto-assets, the use of automated processes or trading bots, and the number of transactions carried out.
Parliamentary clarification: “abnormal management” remains exceptional
Minister of Finance Jan Jambon clarified before the Parliamentary Finance Committee (27 January 2026) that the tax administration bears the burden of proof when requalifying gains to the 33% regime. According to the Minister, that burden is “substantial” and requires that several criteria be fulfilled simultaneously. Only exceptional situations should qualify as abnormal management.
The standard 10% rate remains the default position. The qualification as speculative or abnormal management continues to be a factual assessment on a case-by-case basis. Further administrative guidance will be required to make the distinction workable in practice.
III. Annual exemption of EUR 10,000
The new regime provides for an annual exemption of €10,000 (indexed amount for tax year 2027) on the taxable base. Under certain conditions, an additional €1,000 per year may be carried forward to subsequent years, subject to an absolute cap of €15,000.
This exemption applies exclusively to capital gains falling within the new capital gains regime, i.e. gains realized within the framework of the normal management of private wealth. Speculative, abnormal, or professional capital gains do not qualify for the exemption.
IV. Acquisition value, taxable base, and exemption of historical capital gains
For the determination of the taxable capital gain, only the value expressed in euro at the time of acquisition and at the time of disposal is relevant. The decisive factor is the difference between the acquisition value expressed in euro and the transfer value realized in euro.
The taxpayer must substantiate the acquisition value by means of reliable supporting evidence. In the absence of such proof, the tax authorities may determine the taxable capital gain on the basis of the entire realized sale price — irrespective of the actual profit achieved. Comprehensive and verifiable documentation is therefore essential.
The reference date of 31 December 2025
For financial assets acquired before 1 January 2026, the value on 31 December 2025 serves as the fiscal acquisition value (the so-called “reference date” or “snapshot moment”). Capital gains accrued before that date remain outside the scope of the capital gains tax. Only the increase in value realized after 31 December 2025 is taken into account.
If the original acquisition value exceeds the value on 31 December 2025, the taxpayer may rely on that higher value until 31 December 2030, provided sufficient evidence is available.
Determining the value on 31 December 2025
For crypto-assets without an official stock exchange listing, historical price data from reliable market data platforms may be used. Commonly used sources include CoinMarketCap, CoinGecko and CryptoCompare (daily prices per crypto-asset), as well as TradingView for historical pricing data relating to a specific trading platform and trading pair (e.g. BTC/EUR).
It is advisable to explicitly document the source used, the relevant trading pair, and the consulted date, so that the applied valuation can subsequently be reconstructed.
FIFO method
The legislator explicitly adopts the FIFO method (first in, first out) for determining the acquisition value. Article 102 ITC92 provides that where a taxpayer holds several identical financial assets acquired successively, the asset acquired first is deemed to be transferred first.
In practice, the FIFO method will generally be applied globally at the level of the investor as an individual, rather than separately per wallet or exchange account. A wallet-by-wallet approach would result in an unworkable administrative burden.
Practical Example: FIFO Combined with the 31 December 2025 Snapshot
Example: Bitcoin (FIFO + reference date) Acquisitions:
Sale in 2028: 1.5 BTC @ €200,000 = total sale price of €300,000 FIFO allocation of acquisition value
Total acquisition value: €154,600 Realized capital gain: €300,000 − €154,600 = €145,400 Tax due (10%): €14,540, or €13,540 if the annual exemption of €10,000 is still available. |
For most investors, it is virtually impossible to perform the calculations entirely manually. Software such as Koinly, CoinTracking or Summ (CryptoTaxCalculator) is, in many cases, indispensable for preparing an accurate tax return.
Limitation to the Belgian tax period
To limit the scope of taxation to Belgium, only the portion of the capital gain realized during the period of Belgian tax residency is taken into account. For taxpayers who become Belgian tax residents at a later stage, the value at the moment of immigration serves as the acquisition value.
Set-off of capital losses
Realized capital losses may be offset against capital gains realized on the same category of financial assets by the same taxpayer during the same taxable period. Losses on crypto-assets may therefore only be offset against gains on other crypto-assets realized in the same year — not against gains on shares or investment funds. Carry-forward of losses to subsequent years is not permitted.
Costs and non-deductible expenses
The parliamentary preparatory works explicitly state that the realized capital gain itself constitutes the net taxable base. No costs or taxes may be deducted, irrespective of their nature. This includes trading fees, gas fees, bridge fees, costs related to forced liquidations, stock exchange transaction tax, securities account tax, and paid gift or inheritance taxes.
In practice, this non-deductibility may have particularly harsh consequences. In the event of theft, hacking, bankruptcy of a trading platform, or irreversible loss due to a technical or human error, the total loss remains fiscally irrelevant. This may result in an investor being taxed on a capital gain that has in the meantime entirely disappeared. From a legal perspective, this raises questions regarding the proportionality of the regime and its compatibility with property rights and the principle of equality.
V. Entry into Force
The new capital gains tax is intended to enter into force retroactively as from 1 January 2026. At the time of writing of this article, in early 2026, the law has not yet been definitively adopted, apart from the submitted bill. Nevertheless, both the coalition agreement and the bill clearly demonstrate the legislator’s intention to apply the new regime retroactively from that date.
Capital gains accrued prior to 1 January 2026 remain fully exempt. For financial assets acquired before that date, the value on 31 December 2025 generally applies as the tax acquisition price (the snapshot date). The taxpayer may, however, until 31 December 2030, demonstrate that the actual acquisition value was higher, in which case that higher value may be taken into account.
Further rules regarding valuation and evidentiary requirements will be elaborated in the final legislative text and any implementing measures.
V. Entry into force
The new capital gains tax enters into force retroactively as from 1 January 2026. Capital gains accrued before that date remain fully exempt. Until 31 December 2030, taxpayers may demonstrate that the actual acquisition value exceeds the value on 31 December 2025.
VI. Mining and other crypto income: status quo?
For other forms of crypto income — such as mining, harvesting, liquidity pools and yield farming — the current legislative texts provide no additional clarification. These types of income fall outside the scope of the new capital gains tax regime. The existing tax framework therefore remains applicable: depending on the specific circumstances, such income may qualify as movable income, miscellaneous income or professional income.
VII. Conclusion
The law confirms that the existing 33% tax on speculative or abnormal transactions remains fully in force. The distinction between the normal management of private wealth and speculative or professional activity therefore remains crucial in determining the applicable tax regime.
The legislator explicitly adopts the FIFO method, allows only limited loss set-off, and maintains strict evidentiary requirements. The introduction of the capital gains tax will inevitably require taxpayers to provide broader insight into their crypto transactions and portfolio when filing their tax return. Combined with international data exchange mechanisms (DAC8) and data mining, this increases the likelihood of tax audits.
Careful preparation, accurate record-keeping and a prior assessment of the applicable tax qualification are therefore essential both before and after the entry into force of this new regime.
In short
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FAQ – Capital gains tax on crypto in Belgium
What does the new capital gains tax on crypto involve?
The federal legislator plans to introduce a general solidarity contribution of 10% on realised capital gains on financial assets, expressly including crypto-assets. The tax applies only to gains realised after the entry into force of the new regime and only insofar as they arise from transactions carried out within the normal management of private wealth. Historical gains remain explicitly exempt through the snapshot valuation as at 31 December 2025.
When does the capital gains tax on crypto apply?
According to the coalition agreement and the bill that has been filed, the intention is for the capital gains tax to apply retroactively as from 1 January 2026. At the time of writing, the law has not yet been definitively adopted. Nevertheless, the preparatory documents clearly show the legislator’s intention to apply the new regime to gains realised as from that date.
Are capital gains on crypto built up before 2026 taxed?
No. Capital gains built up before 1 January 2026 remain fully exempt. For crypto-assets acquired before that date, the value as at 31 December 2025 is used as the tax acquisition value. Only the gain realised after that snapshot date can be taken into account for the purposes of the capital gains tax.
What is considered a taxable realisation of crypto?
A taxable realisation occurs whenever a crypto-asset is transferred for consideration. This includes not only the sale of crypto for euros or other fiat currencies, but also the exchange or swap of crypto-assets between themselves. Converting crypto into stablecoins or using crypto as a means of payment for goods or services is likewise treated as a taxable realisation.
Is swapping crypto taxable?
Yes. The bill explicitly confirms that any disposal of crypto-assets constitutes a transfer for consideration. This means that each crypto-to-crypto swap, regardless of whether fiat currency is involved, qualifies as a taxable realisation in principle subject to the capital gains tax.
Is using crypto as a means of payment taxable?
Yes. Using crypto-assets to pay for goods or services is treated as a taxable realisation. This is particularly relevant for taxpayers who use crypto payment cards. Each payment made with such a card entails a disposal of the underlying crypto-assets and may give rise to a taxable capital gain.
Are transfers between a taxpayer’s own wallets taxable?
No. Transfers of crypto-assets between different wallets held by the same taxpayer do not constitute transfers for consideration and therefore do not give rise to a taxable realisation. Taxation only arises when the crypto-assets are effectively sold or exchanged.
Does the capital gains tax also apply to NFTs?
NFTs fall outside the scope of the MiCA Regulation as such, but they may nevertheless fall within the scope of the capital gains tax if they are used in practice for investment or payment purposes. NFTs that merely represent digital art or collectibles without an investment function generally remain outside the scope. The decisive factor is the NFT’s actual function in practice, not its label or marketing.
How does the new regime relate to the existing 33% tax on speculative crypto income?
The 10% capital gains tax is introduced as a lex specialis in relation to the existing regime for miscellaneous income. The 33% tax on speculative or abnormal transactions therefore remains fully applicable. Crypto gains that are classified as speculative or that fall outside the normal management of private wealth remain taxable at 33%.
Can the same crypto gain be taxed twice?
No. The bill explicitly excludes double taxation. A gain qualifying as a capital gain on a financial asset cannot simultaneously be taxed as miscellaneous income or professional income. Only one tax regime can apply to a given gain.
Is there an exemption threshold under the new regime?
Yes. The new capital gains regime provides for an annual exemption of EUR 10,000 of the taxable base, indexed for assessment year 2027. Subject to certain conditions, unused exemption capacity may be carried forward, up to a maximum of EUR 15,000 (indexed). This exemption applies exclusively to gains falling within the scope of the new regime.
How is the acquisition value of crypto determined?
For crypto-assets acquired before 1 January 2026, the value as at 31 December 2025 applies as the tax acquisition value. For crypto acquired thereafter, the actual purchase price applies. The legislator expressly opts for the FIFO method when determining the acquisition value where identical crypto-assets were acquired at different times.
Can crypto losses be deducted or offset?
Realised losses may be offset only against realised gains within the same taxable period and within the same category of financial assets. Losses on crypto-assets can therefore be offset solely against gains on other crypto-assets realised in the same year. Carry-forward of losses to subsequent years is not permitted.
Does anything change for mining, staking or DeFi income?
The current draft texts do not introduce specific new rules for mining, staking, liquidity pools or other DeFi income. As a result, the existing tax framework remains applicable. Depending on the circumstances, such income may qualify as investment income, miscellaneous income or professional income.
Will this new tax regime lead to more tax audits?
In practice, the introduction of the capital gains tax will likely increase reporting obligations and provide the tax authorities with broader insight into crypto transactions. Combined with international data exchange and data mining, this is expected to result in an increased number of tax audits and information requests. Proper documentation and careful tax reporting will therefore be essential.
About Aeacus Lawyers
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