Capital Gains Tax on Crypto in Belgium: 10% Tax Regime Explained (from 2026)

In the course of 2025 and 2026, the Belgian federal legislator has taken clear steps towards the introduction of a capital gains tax on financial assets, including crypto-assets. In December 2025, a draft programme law was submitted providing for a 10% levy on realised capital gains. At the time of writing (early 2026), however, this legislation has not yet been definitively adopted.

This article provides an overview of the envisaged framework for the taxation of capital gains on crypto-assets in Belgium, based on the legislative proposals and policy documents currently available. Where relevant, remaining uncertainties and points of attention are highlighted. Once the final legislative texts are published, this overview will be further updated.

I. 10% Capital Gains Tax on Realised Crypto Gains

The draft legislation provides for the introduction of a general solidarity contribution of 10% on future realised capital gains on financial assets, including crypto-assets. It is expressly stipulated that only capital gains accrued as from the entry into force of the contribution fall within the scope of the new regime. Historical capital gains therefore remain exempt.

These principles had already been announced in earlier policy documents and are confirmed in the bill submitted on 17 December 2025. The new regime applies to capital gains realised upon a transfer for consideration of financial assets. In principle, two conditions must be met for the capital gains tax to apply: the asset must qualify as a financial asset, and the gain must be realised upon 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

The MiCA Regulation distinguishes four categories of crypto-assets. A first category consists of electronic money tokens, which aim to stabilise their value by referencing an official currency, such as the euro or the US dollar. These include so-called stablecoins.

Secondly, MiCA provides for asset-referenced tokens, i.e. crypto-assets whose value is linked to one or more assets or rights other than an official currency, or a combination thereof.

A third category covers utility tokens, which are intended solely to provide access to a good or service supplied by the issuer.

Finally, there is a residual category for crypto-assets that do not fall within any of the preceding categories. This category includes, inter alia, traditional cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), which do not confer rights to an underlying asset and do not seek to maintain a stable value.

This classification is also used as the reference framework within the proposed tax regime for the capital gains tax.

Security Tokens and Financial Instruments

Crypto-assets that qualify as financial instruments within the meaning of the MiFID framework fall outside the scope of the MiCA Regulation. This does not, however, imply that they also fall outside the scope of the capital gains tax.

So-called security tokens, which grant holders rights comparable to shares, bonds or other securities, may qualify as securities within the meaning of the Act of 2 August 2002 on the supervision of the financial sector. In that case, they also fall within the scope of the capital gains tax. In making this assessment, economic reality always prevails over legal form.

NFTs and the Capital Gains Tax

NFTs as such fall outside the scope of the MiCA Regulation, but may nevertheless be subject to the capital gains tax if they are used for payment or investment purposes. This approach is consistent with the European tax reporting framework (DAC8) and the OECD’s Crypto-Asset Reporting Framework (CARF).

NFTs that merely represent digital artworks or collectibles and have no payment or investment function will, in principle, remain outside the scope of the capital gains tax. NFTs that are tradable and are used in practice as an investment or means of payment may, however, qualify as financial assets. In this assessment, the decisive factor is not the label or marketing, but the actual function of the NFT in practice.

Condition II: Transfer for Consideration of Crypto (Taxable Realisation)

From a tax perspective, a taxable capital gain only arises when a crypto-asset is realised, i.e. when a transfer for consideration takes place. On this point, the bill clarifies a number of issues that have frequently given rise to debate in practice.

Swapping or Exchanging Crypto-assets

The bill explicitly confirms that any disposal of crypto-assets constitutes a transfer for consideration. This applies not only when crypto-assets are converted into fiat currency, but also when they are exchanged for other crypto-assets.

In other words, both a sale against euros and a swap from one crypto-asset to another constitute a taxable realisation. The conversion of, for example, BTC or ETH into a stablecoin is therefore also taxable. In this respect, the bill refers to an earlier confirmation by the Minister of Finance (parliamentary question no. 1338, Maxime Prévot, Bull. Q&A 55/105, p. 180). This approach is also consistent with the definition of a “relevant crypto-asset transaction” under Directive (EU) 2023/2226 (DAC8), which includes both exchanges between crypto-assets and fiat currency and exchanges between different crypto-assets.

Use of Crypto as a Means of Payment

Using crypto-assets to purchase goods or services also constitutes a taxable realisation. This includes situations where crypto is used to make a direct payment, such as for the purchase of a consumer good or service.

In practice, this is a key point of attention, particularly for taxpayers using crypto payment cards (e.g. Revolut, Crypto.com, Nexo, Bybit Card, Coinbase Card, or Bitrefill Card). Each payment made using such a card constitutes a taxable realisation of the underlying crypto-assets. Any capital gain realised is therefore potentially subject to the capital gains tax.

Transfers Between Own Wallets

Where crypto-assets are transferred between different wallets of the same taxpayer, there is no transfer for consideration and therefore no taxable realisation. This is the case, for example, when crypto is moved from a cold storage wallet, such as a Ledger, Ngrave or Trezor, to an account with a crypto exchange in view of a later sale.

In such cases, no capital gains tax is due at the time of the transfer between wallets. Taxable realisation only occurs when the crypto-assets are effectively sold or exchanged on the exchange, for example against fiat currency or other crypto-assets.

II. Relationship with the Existing 33% Tax on Speculative Crypto Income

The proposed new regime for taxing capital gains on financial assets is introduced as a lex specialis in relation to the existing regime for miscellaneous income. This means that the new regime does not replace the current 33% tax on capital gains arising from speculative transactions or transactions falling outside the normal management of private assets.

Contrary to earlier reports, the 33% tax is therefore not abolished. It continues to apply in full to crypto capital gains that are qualified as speculative or abnormal. The new regime merely provides a separate treatment for capital gains on financial assets realised within the framework of the normal management of private assets and outside any professional activity.

In this context, the bill specifies that, when assessing whether crypto transactions are abnormal, a range of factual elements may be taken into account. These include, inter alia, the proportion of movable assets invested in crypto-assets, the use of borrowed funds to acquire crypto-assets, the use of automated processes or software to execute transactions, and the number of transactions carried out. These criteria may play a role individually or cumulatively in the tax qualification of the transactions.

Confirmation in the Draft Programme Law

The draft programme law explicitly confirms this approach. It states that the new regime applies as a lex specialis vis-à-vis the existing regime for miscellaneous income, under which capital gains are taxed at a separate rate of 33% when they arise from transactions outside the normal management of private assets or have a speculative character.

Capital gains on financial assets falling within the scope of the new regime and realised as from 1 January 2026 are subject exclusively to this new regime, provided they arise from transactions within the normal management of private assets. The existing regime continues to apply to transactions outside normal management, as well as to transactions involving assets that do not fall within the scope of the new regime.

Income qualified as a capital gain on a financial asset cannot therefore simultaneously be classified as movable income, professional income or miscellaneous income. In other words, double taxation under different income categories is excluded. A single capital gain cannot be taxed both under the general capital gains tax and at 33% as a speculative transaction.

Parliamentary clarification: “abnormal management” remains exceptional

De Tijd reported on 27 January that, in the Finance Committee of the Chamber of Representatives, Minister of Finance Jan Jambon responded to the concerns of crypto investors that the introduction of the capital gains tax from 2026 would lead to a widespread requalification of crypto transactions as “abnormal management”, taxable at 33%.

The Minister emphasised that, under the new regime as well, it remains for the tax authorities to demonstrate, on the basis of sufficient evidence, that a realised capital gain results from transactions falling outside the normal management of private wealth. It was likewise confirmed that this constitutes a “significant burden of proof” resting on the shoulders of the tax administration. According to Jambon, abnormal management will only arise in exceptional cases.

He referred in that respect to the criteria mentioned in the explanatory memorandum, which are also already applied in practice today, such as: the proportion of movable wealth invested in cryptoassets, the possible acquisition of crypto using borrowed funds, the use of automated processes or software, and the number of transactions carried out. The Minister further confirmed that several criteria must be met simultaneously before a transaction can be regarded as abnormal management.

This parliamentary clarification confirms that the qualification of crypto capital gains will remain a factual assessment under the new regime, with the standard 10% rate as the guiding principle, while the 33% rate will remain limited to exceptional situations of abnormal or speculative management.

At the same time, this guidance does not in itself provide full legal certainty: the assessment will continue to depend on the specific circumstances of each case, and further administrative guidelines will be necessary to delineate the distinction in a workable manner in practice.

Continuing Uncertainty for Crypto Investors

For crypto investors, this new framework entails significant uncertainty. There had been hopes that the legislator would use this reform to provide greater clarity regarding the often-disputed distinction between normal management of private assets and speculative or abnormal management. The current bill does not, however, further clarify this distinction.

As a result, existing disputes with the tax authorities are not resolved, and may even shift towards the application of the new capital gains tax. In practice, reporting obligations will increase, as will the risk of tax audits and information requests. For more information on the position of the Belgian tax administration, reference is made to the dedicated article on this topic.

As a result, existing disputes with the tax authorities are not resolved, and may even shift towards the application of the new capital gains tax. In practice, reporting obligations will increase, as will the risk of tax audits and information requests. For more information on the position of the Belgian tax administration, reference is made to the dedicated article on this topic.

Although the Minister’s remarks may sound reassuring, crypto investors should not assume that the introduction of the new regime will automatically bring legal certainty or reduce scrutiny. On the contrary, the combination of a new taxable framework, enhanced reporting mechanisms, and increased data exchange is likely to result in closer monitoring and more frequent qualification discussions. In that sense, the coming years may prove particularly challenging for investors who are unable to substantiate their transactions and tax position with clear documentation.

III. EUR 10,000 Exemption

The general regime of the new capital gains tax provides for a rate of 10% on realised capital gains, after application of an annual exemption of EUR 10,000 of the taxable base (indexed amount for assessment year 2027).

Under certain conditions, the base amount of this exemption may be carried forward annually with an additional amount of EUR 1,000 per taxable period, subject to a cumulative maximum exemption of EUR 15,000 (indexed amount for assessment year 2027).

This exemption applies exclusively to capital gains falling within the new capital gains regime, namely gains realised within the framework of the normal management of private assets. Capital gains qualified as speculative or abnormal, as well as capital gains realised in a professional context, do not qualify for this exemption.

IV. Acquisition Value, Taxable Base and Exemption of Historical Capital Gains

The new regime explicitly provides for the exemption of historical capital gains. To this end, for financial assets acquired before 1 January 2026, the value of the asset on 31 December 2025 is used as the acquisition price. This reference moment is commonly referred to as the “snapshot date”.

Capital gains accrued before this snapshot date remain outside the scope of the capital gains tax. Only gains realised after 31 December 2025 are taken into account.

Where the original acquisition value of the financial asset exceeds its value on 31 December 2025, the taxpayer may, until 31 December 2030, still use the higher acquisition value, provided that it can be sufficiently substantiated.

Limitation to the Belgian Tax Period

To limit the scope of the tax to Belgium, only the portion of the capital gain realised during the period in which the taxpayer was a Belgian tax resident is taken into account.

Where a taxpayer becomes a Belgian tax resident at a later stage, the value of the financial asset at the time of immigration is deemed to be the acquisition value for the purposes of the capital gains tax.

Set-off of Capital Losses

The taxable capital gain may be reduced by realised capital losses on financial assets falling within the scope of the capital gains tax, provided that:

• the loss was realised by the same taxpayer;

• the loss was realised in the same taxable period; and

• the gains and losses relate to the same category of taxable financial assets.

Determination of the Value on 31 December 2025

For listed financial assets, the value on 31 December 2025 is determined on the basis of the last closing price of 2025 on a regulated market or any other public and regularly operating market. For crypto-assets, which do not have an official stock exchange listing, historical price data from reliable market data websites aggregating prices across multiple trading platforms may be used in practice. Commonly used sources include CoinMarketCap, CoinGecko and CryptoCompare, which provide historical daily prices per crypto-asset, as well as TradingView for historical price data per specific trading platform and trading pair (e.g. BTC/EUR). It is advisable to explicitly document the source used, the trading pair and the reference date, so that the applied value can subsequently be reconstructed and justified.

First In, First Out (FIFO)

Of particular relevance for taxpayers holding multiple crypto-assets of the same type is the legislator’s choice of the FIFO method (first in, first out) for determining the acquisition value.

Earlier draft versions proposed the weighted average as the preferred method, which would have excluded alternative methods such as FIFO or LIFO (last in, first out). According to the explanatory memorandum, the weighted average would have increased predictability, simplified tax treatment and reduced the risk of disputes with the tax authorities.

In the most recent drafts, however, this approach has been abandoned. The legislator now explicitly opts for the FIFO method. Concretely, where a taxpayer holds multiple identical financial assets acquired at different times and prices, the asset acquired first is deemed to be the first to be transferred.

It is important to emphasise that this rule does not introduce a legal fiction whereby a later transfer would be split into multiple separate transfers. The FIFO method serves solely to determine which acquisition value is attributed to the portion of the assets sold.

Practical Example: FIFO Combined with the 31 December 2025 Snapshot

Assume a taxpayer made the following Bitcoin acquisitions:

• In 2020, the taxpayer acquires 1 BTC. In accordance with the exemption of historical capital gains, the value on 31 December 2025 is used as the tax acquisition value for this BTC (the snapshot date). The Bitcoin closing price on that date was approximately EUR 74,600 per BTC.

• In 2026, the taxpayer acquires 0.1 BTC at a price of EUR 100,000 per BTC. In 2027, 0.2 BTC is acquired at EUR 150,000 per BTC. In 2028, 0.7 BTC is acquired at EUR 200,000 per BTC.

• In that same year 2028, the taxpayer sells 1.5 BTC at a price of EUR 200,000 per BTC, resulting in a total sale price of EUR 300,000.

Under the FIFO method, the sold 1.5 BTC is deemed to originate from the oldest available tax tranches, in chronological order:

• First, 1 BTC is sold from the position acquired before 2026, with a tax acquisition value fixed on 31 December 2025.

• Next, 0.1 BTC is sold from the 2026 acquisition.

• Then, 0.2 BTC is sold from the 2027 acquisition.

• Finally, 0.2 BTC is sold from the 2028 acquisition.

The total tax acquisition value of the sold 1.5 BTC therefore amounts to:

• 1 BTC × EUR 74,600 = EUR 74,600

• 0.1 BTC × EUR 100,000 = EUR 10,000

• 0.2 BTC × EUR 150,000 = EUR 30,000

• 0.2 BTC × EUR 200,000 = EUR 40,000

Total acquisition value: EUR 154,600. The realised capital gain amounts to EUR 145,400 (EUR 300,000 sale price minus EUR 154,600 acquisition value). Applying the 10% capital gains tax results in EUR 14,540 tax due, or EUR 13,540 if the annual EUR 10,000 exemption can still be applied.

This example illustrates that crypto-assets acquired prior to 2026 continue to play a decisive role in the calculation of taxable capital gains under the FIFO method, via the snapshot date of 31 December 2025.

For most investors, it is practically impossible to perform the required calculations fully and correctly on a manual basis. Software solutions such as Koinly, CoinTracking or CryptoTaxCalculator will therefore often be indispensable in order to arrive at an accurate and defensible tax return.

Capital Losses, Losses and Costs

The bill provides for a limited possibility to deduct capital losses, subject to strict conditions. This approach is confirmed in the final agreement. Unlike the treatment applicable to certain other assets, costs or taxes related to the sale of financial assets cannot be deducted from the sale price when calculating the taxable capital gain. Only genuinely realised losses (capital losses) are eligible for deduction.

The taxable base of the capital gains tax is determined as the positive difference between the price received and the acquisition value of the transferred financial asset. If the price received is lower than the acquisition value, a capital loss arises. This loss may be tax-relevant, provided it has been effectively realised and can be substantiated by the taxpayer.

Realised capital losses may only be set off against realised capital gains that:

• were realised by the same taxpayer;

• were realised in the same taxable period; and

• fall within the same category of taxable financial assets.

Thus, losses on crypto-assets may only be offset against gains on other crypto-assets, and not against capital gains on shares, funds or insurance products.

The regime does not allow for the carry-forward of capital losses to subsequent years. Losses are therefore only tax-effective if they can be offset against sufficient capital gains realised in the same year within the same asset category. This requires meticulous record-keeping, as the taxpayer must be able to substantiate both the existence and the amount of the losses.

Although the regime allows for a limited form of loss compensation, the possibilities are restricted in time and scope, significantly limiting room for tax optimisation.

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.

VI. Mining, staking and Other Crypto Income: Status Quo?

For other forms of crypto income, such as mining, harvesting, staking, liquidity pools and yield farming, the current draft texts do not provide any additional clarification. No specific provisions are included indicating a change to the existing tax treatment of these activities.

This suggests that the legislator intends to keep such income outside the scope of the new capital gains tax and that the existing tax framework continues to apply in full. In practice, this means that such income must continue to be assessed under the current qualification rules, depending on the specific circumstances, as movable income, miscellaneous income or professional income.

The absence of explicit new rules does not, however, imply that the tax treatment of such income is unambiguous. On the contrary, the existing frameworks are often accompanied by interpretation and qualification issues, meaning that a careful analysis of the facts and circumstances remains advisable for these forms of crypto income as well.

VII. Conclusion

Although the current framework is still based on draft legislation and a political agreement, both the coalition agreement and the submitted bill clearly indicate a fundamental shift in the tax treatment of capital gains on financial assets, including crypto-assets. The introduction of a 10% capital gains tax creates a new general framework for capital gains realised within the normal management of private assets.

At the same time, the bill confirms that the existing 33% tax on speculative or abnormal transactions remains fully applicable. The distinction between normal management of private assets and speculative or professional activity therefore remains crucial and will often be decisive in determining the applicable tax regime.

The legislator explicitly opts for the FIFO method in determining acquisition value, provides only limited possibilities for loss set-off, and maintains strict requirements regarding evidence and documentation. For other crypto income, such as mining, staking and DeFi activities, the existing tax framework remains applicable for the time being, with all associated qualification issues and uncertainties.

In practice, the introduction of this capital gains tax will inevitably require taxpayers to provide a broader insight into their crypto transactions and portfolios when reporting their capital gains. Combined with the announced focus on data mining and international information exchange, this increases the likelihood of tax audits and information requests.

Careful preparation, accurate record-keeping and a prior analysis of the tax qualification of transactions are therefore essential in anticipation of the entry into force of this new legislation. In that regard, we have already published a detailed article setting out how taxpayers can prepare in practice for these new rules, which can be consulted here.

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.

Would you like to exchange thoughts about your crypto portfolio and the introduction of this new capital gains tax? Contact Aeacus Lawyers for a free and confidential consultation.

If you have any other questions about crypto, be sure to check out our Frequently Asked Questions (FAQ)

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Christophe Romero

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Senne Verholle

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