Greece tightens control over crypto sector
Date: 2025-08-26 Author: Henry Casey Categories: IN WORLD
New regulations have come into force in Greece, aimed at tightening control over crypto services. Now, formal representative offices in the country are no longer enough — all companies working with digital assets are required to undergo a licensing process organized by HCMC.
The regulator requires exchanges, wallet providers and other VASPs not only to submit an application, but also to submit full documentation: a business plan, information about shareholders, managers and descriptions of procedures for ensuring the safety of user funds. Before this, applicants must meet with representatives of the Commission. If the application does not contain the necessary data, the documents will be rejected.
According to the new rules, a decision on the application must be made within forty working days. Any platform that does not receive a license loses the right to provide crypto services to residents of Greece. This ban also applies to the largest international market players, including Binance, which underlines the seriousness of the Greek authorities.
At the same time, the powers of government agencies are expanding. The Greek Anti-Money Laundering Authority, together with the Independent Authority for State Revenue, has been given the ability to track the movement of funds, control the origin of capital, and block digital assets if suspicious transactions are detected.
Special attention is paid to taxation issues. The introduction of a 24% VAT on some cryptocurrency services is being considered, as well as an obligation for individuals to indicate digital assets in tax returns. The final decision on taxation should be made in the fall.
It is worth recalling that last year, the Greek Ministry of Economy and Finance proposed to establish a 15% tax on income from cryptocurrency trading. Now the authorities are demonstrating their intention to build a comprehensive regulatory system that combines licensing, control of financial flows, and tax reporting.
The new measures demonstrate Greece's desire to increase the transparency of the cryptocurrency market and protect the interests of investors, while strengthening control over compliance with tax and financial obligations. For companies, this means the need to significantly increase the level of compliance with requirements and prepare for more stringent inspections by government agencies.
The updated policy could impact the country's attractiveness to international cryptocurrency players, but regulators are confident that such steps are necessary to prevent financial crimes and increase confidence in the digital asset market.
