Greece's Ministry of National Economy and Finance has launched a public consultation on draft legislation that would strengthen protections for borrowers, tighten oversight of credit servicers and establish a tax framework for cryptoassets. The bill also updates banking, investment fund and capital markets rules, introduces operational changes for public accounting, agricultural fuel refunds and electronic payments, and implements several European Union directives. The private debt package contains 16 measures, including a standardized bilateral restructuring process under which creditors must respond within three months and complete the process within six months. Creditors would have to offer a suitable, sustainable and documented restructuring proposal three months before an auction, while required down payments would be capped at 15%. Enforcement action would be prohibited while borrowers comply with active arrangements, with breaches resulting in automatic invalidity, borrower compensation equal to five installments, a five-month interest-free extension and fines of EUR 50,000 to EUR 500,000. Borrowers could obtain full debt information free of charge within 45 days, after which interest would be suspended until the information is provided. Servicers would face annual disclosure and Bank of Greece reporting requirements, independent audits for securitizations backed by state guarantees and stronger sanctions. Individuals’ gains from cryptoasset transfers would be taxed at 10%, with an annual exemption for gains of up to EUR 500 and no taxable gain on exchanges between cryptoassets. Returns from lending, liquidity provision and staking would be taxed as interest at 10%, while qualifying past gains could be declared voluntarily within 12 months after the law is published without penalties or interest. The wider financial sector measures strengthen supervision of banks and third-country branches, update fund management and market access rules, and integrate Greece into the European Single Access Point. The bill also prepares government-wide accrual accounting from Jan. 1, 2027, requires electronic payment for courier deliveries and targets parliamentary passage in the first week of November.
Greece's Ministry of National Economy and Finance launches consultation on debtor protections, servicer oversight and 10% crypto tax
Greece's Ministry of National Economy and Finance has proposed tighter borrower protections and servicer oversight, including restructuring deadlines, a 15% down payment cap and penalties for enforcement against compliant debtors. The bill would tax individuals’ crypto gains and specified crypto returns at 10%, while also updating banking, investment fund and capital markets rules. Parliamentary passage is targeted for the first week of November.