Country overview

#78

Greece

Country stats

Rating Points

145

This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.

Crypto Penetration

1.5%

Estimated percentage of crypto users out of the country's total population based on public data.

Legal Entities

Number of crypto companies registered in the country based on regulator data if available or other types of public data.

Regulation Points

100

An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.

Amount of crypto users

159 000

Total amount of crypto users out of the country's total population based on public data.

Taxation points

This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.

Market volume points

88.4

A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.

Status of crypto

Legally allowed

General status of cryptocurrency regulation in this jurisdiction.

Crypto payments

No info

The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.

Security Level

Safe place

The overall level of security in a given country based on open data.

Crypto Salaries

No info

The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.

Business Climate

Medium

Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.

Stablecoin Regulation

Low

This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.

Bad Factors

This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.

Types of licenses

Crypto-to-crypto

This license type allows VASP to provide legal exchange from one cryptocurrency to another.

Crypto-to-fiat

This type of license regulates the exchange from cryptocurrency to fiat.

Wallet/Custody

This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.

Good

Medium

Bad

intro

Greece recently introduced cryptocurrency regulation modeled after other EU countries. However, there is still time to talk about any great opportunities for crypto-business in the country.

Security level

According to our rating, Greece is a safe place at the security level. Jurisdiction has 53.5 points (from 100) for safety level in Numbeo crime rating (1). The homicide level (2) is 0.9 per 100,000 inhabitants a year. Story of firearm-related death (3) 1.35 per 100,000 inhabitants a year.

Crypto Payments

Based on Lexology, crypto payments are allowed in Greece, and cryptocurrency can be “accepted by natural or legal persons as a means of exchange and which can be transferred, stored and traded electronically.”

Crypto Salaries

We need to find out about the legal status of crypto salaries in Greece.

Legal

The leading crypto regulator in Greece is the Hellenic Capital Markets Commission (HCMC) (4). According to our data source, only Gemini has received regulatory approval (5) in Greece.

According to Lexology (6), existing cryptocurrency regulations in Greece are based on Law 4734/2020, issued on 08.10.2020. The law defines cryptocurrency as a “digital representation of value not issued or guaranteed by a central bank or a public authority.” The law also defines HCMC as the primary regulator of AML/KYC policies and obligates crypto entities to provide AML/KYC reporting to the commission.

Taxation

Tax name	Index
PIT tax Min	9
PIT tax Max	44
Corporate tax (CIT)	22
Min Individual CGT (for crypto)	15
Max Individual CGT (for crypto)	15

According to PWC tax summaries (7), Greece has the following tax rates: CGT -15 %, PIT - 44%, and CIT -22 %. Based on Lexology's overview of crypto regulation in Greece, it has no special tax regime, especially for mining income. At the same time, income from crypto transactions is the object of CGT according to the Greek Income Tax Code (Law 4172/2013).

However, an individual's crypto gains will be subject to CGT tax, and corporate income is taxed based on “Articles 47 and 58 of the Greek Income Tax Code”.

Links

1)Crime Index by Country 2023 Mid-Year

2)List of countries by intentional homicide rate

3)List of countries by firearm-related death rate

4)Hellenic Capital Markets Commission (HCMC)

5)Gemini gets regulatory greenlight in Italy and Greece amid lending halt. Article

6)The Regulatory and Tax regime of Cryptocurrencies in Greece. Article

7)Overview. PWC

Articles

article

Brazil: Hot Spot for Nomads and Biggest Fintech Market in LatAm

Brazil is a big economy with low legal barriers for crypto companies and here it's why.

research

TON Community Research

In this research we’ve calculated an approximate audience of the TON community before adding wallet to Telegram based on public data

review

US Lawmakers Unite Against SEC as Crypto Regulations Tighten Globally

Overview of crypto regulation news in Spring 2024

intro

Greece recently introduced cryptocurrency regulation modeled after other EU countries. However, there is still time to talk about any great opportunities for crypto-business in the country.

Security level

Crypto Payments

Crypto Salaries

We need to find out about the legal status of crypto salaries in Greece.

Legal

The leading crypto regulator in Greece is the Hellenic Capital Markets Commission (HCMC) (4). According to our data source, only Gemini has received regulatory approval (5) in Greece.

Taxation

Tax name	Index
PIT tax Min	9
PIT tax Max	44
Corporate tax (CIT)	22
Min Individual CGT (for crypto)	15
Max Individual CGT (for crypto)	15

However, an individual's crypto gains will be subject to CGT tax, and corporate income is taxed based on “Articles 47 and 58 of the Greek Income Tax Code”.

Links

1)Crime Index by Country 2023 Mid-Year

2)List of countries by intentional homicide rate

3)List of countries by firearm-related death rate

4)Hellenic Capital Markets Commission (HCMC)

5)Gemini gets regulatory greenlight in Italy and Greece amid lending halt. Article

6)The Regulatory and Tax regime of Cryptocurrencies in Greece. Article

7)Overview. PWC