Crypto-assets targeted by the new capital gains tax in Belgium
- Aeacus Lawyers
- Jul 7
- 5 min read
Following the agreement within the Belgian government on 30 June 2025, the new draft legislation, together with the explanatory memorandum, was circulated by the political parties on 3 July 2026. A first reading of this explanatory memorandum, which serves as additional clarification to the draft law, reveals that crypto plays a remarkably central role in the Belgian legislator’s vision.
The key elements from the memorandum are summarised below.
Crypto as the archetype of speculative income?
As long anticipated, crypto falls within the scope of the new 10% capital gains tax in Belgium. What is striking, however, compared to earlier draft texts, is that the Belgian legislator now explicitly draws attention to crypto-assets in the explanatory memorandum. It is emphasised that such assets may still be considered as speculative income. In that case, they remain subject to the separate tax rate of 33% (increased with municipal surcharges) and cannot benefit from the tax exemption on the first 10,000 euros, or 15,000 euros where applicable.
The explanatory memorandum further clarifies that, when assessing the abnormal nature of transactions involving crypto-assets, several factors may be taken into account. These include the proportion of the taxpayer’s financial assets invested in crypto, the use of external financing for purchasing crypto-assets, the use of automated software to execute transactions, and the number of transactions carried out by the taxpayer.
It is also explicitly stated that for every capital gain on crypto-assets, an assessment must be made as to whether the realisation falls within the scope of the normal management of the taxpayer’s private assets, or whether it displays a speculative character.
For experienced crypto investors in Belgium, these criteria and conditions will sound familiar. They essentially reiterate the elements that have long been applied by the Belgian Ruling Commission, although no additional clarification or concrete guidelines are introduced at this stage.
The underlying assumption appears to be that crypto-assets are by definition inherently speculative in nature and are therefore automatically subject to scrutiny. As stated in the explanatory memorandum:
“It must always be assessed whether the realisation of a capital gain on crypto-assets falling within this definition can be considered a transaction that forms part of the normal management of the taxpayer’s private assets and does not constitute speculation.”
This approach leaves little room for a favourable qualification and does not bode well for investors in crypto-assets who believe they fall under the 10% regime.
It is noteworthy that this strict approach is formulated specifically and exclusively in relation to cryptocurrencies. It is questionable why this particular asset class would warrant a fundamentally different tax treatment compared to other forms of investment.
NFTs fall outside the scope of the Belgian capital gains tax
According to the explanatory memorandum, certain assets, such as digital works of art, do not fall within the scope of the new capital gains tax. If a taxpayer realises a gain on such assets, only taxation as miscellaneous income may apply, and even then only if the gain is realised outside the normal management of private assets consisting of immovable property, portfolio securities and movable goods.
For crypto-assets that are not fungible with other tokens, such as NFTs, product warranties, digital collectibles or tokens representing unique services or physical goods and which do not function as a means of payment or investment instrument, the memorandum confirms that these fall outside the scope of the capital gains tax.
The speculative realisation of such assets can still be taxed as miscellaneous income under Article 90, first paragraph, 1°, of the Belgian Income Tax Code 1992 (WIB 92), provided there is no professional activity involved. The qualification therefore remains a matter of fact and requires a concrete assessment in each individual case.
Taxable realisation
The explanatory memorandum also expressly states that any disposal of crypto-assets is to be regarded as a transfer for consideration. This applies both to the conversion of crypto-assets into fiat currency and to exchanges between different crypto-assets. The memorandum refers to written question no. 1338 (Maxime Prévot, Parl. Questions & Answers Bulletin 55/105, p. 180), where this position had already been taken. This approach is also consistent with the interpretation of the concept of “exchange transaction” as included in Directive (EU) 2023/2226 of 17 October 2023, which covers both the exchange between crypto and fiat and the exchange between different crypto-assets.
The use of crypto-assets to purchase goods or services, such as paying for a pizza, is likewise considered a taxable realisation of the relevant assets. By contrast, a transfer of crypto-assets between different wallets owned by the same taxpayer is not regarded as a realisation.
Although there has been little to no practical debate over these principles, it is nevertheless positive that the Belgian legislator has now explicitly confirmed them in the explanatory memorandum. This enhances legal certainty and helps to prevent future disputes.
Acquisition value of airdrops
The explanatory memorandum also provides clarity on the acquisition value of crypto-assets received through an airdrop. When a taxpayer receives crypto-assets free of charge, often in the context of promotional campaigns or community incentives, the acquisition value is deemed to be the market value of the assets at the time they are awarded.
FIFO method becomes the new standard
The new legislative texts on capital gains taxation confirm that the FIFO method (first-in, first-out) will henceforth be mandatory for calculating gains on identical assets such as cryptocurrencies. Earlier drafts still referred to the weighted average method, but that option now appears to have been definitively abandoned.
According to the Belgian legislator, the adoption of FIFO aligns with the objective of simplicity, transparency and uniform application. Nonetheless, several important questions remain unresolved. For instance, it is unclear whether FIFO must be applied separately per platform or exchange (depot segregation), or whether all coins purchased are deemed to form a single, aggregated pool, requiring FIFO to be applied across platforms. In practice, this ambiguity can lead to significant differences in the calculated tax result.
For many investors, it will be virtually impossible to reconstruct this accurately and completely by hand. Software such as Koinly, CoinTracking or CryptoTaxCalculator will therefore be essential in many cases to prepare the tax return correctly.
Those with questions about the use of such tools, or who wish to find out which system is most suitable for their specific situation, are welcome to contact us. We are happy to assist.
Conclusion
For the average crypto investor, the new capital gains tax comes as a cold shower. Instead of the promised simplicity and uniformity, little changes for crypto apart from the fact that the tax burden increases. Crypto-assets are not only subject to the new 10% tax, they also remain targeted as potentially speculative income taxable at 33%.
The wording of the explanatory memorandum makes it clear that crypto-assets are still regarded as the archetype of speculation.
The fact that the Belgian legislator has included these passages so explicitly risks encouraging the tax authorities to act more strictly, systematically and aggressively when it comes to crypto gains. Rather than bringing clarity and neutrality, the tax climate for crypto in Belgium is once again becoming more complex and hostile.
Christophe Romero Senne Verholle
