Greece's Ministry of National Economy and Finance presented a draft “Capital Market Strengthening” bill, recently approved by the Cabinet, aimed at attracting investment, reducing listing frictions and expanding investor protection through upgraded supervisory powers across traditional securities markets and cryptoassets. The package is structured around four pillars. Measures to boost the Athens Stock Exchange include expanded tax incentives for angel investors and Alternative Market investments (50% income tax deduction up to EUR 300,000), a larger deduction for eligible SME listing costs (100% uplift capped at EUR 200,000, deductible over three years), and a cut in tax on interest from listed corporate bonds held by Greek tax resident individuals to 5% from 15%. It also introduces multiple voting rights shares, raises the public offer threshold for using an information memorandum instead of a prospectus to EUR 8 million per year (from EUR 5 million), facilitates transfers from the Main Market to the Alternative Market, adjusts decision-making rules for listed bond loans by setting a 50% quorum and a 50.01% majority, clarifies omnibus account arrangements for UCITS and alternative investment funds, modernises the framework for listed real estate investment companies (including rules on renewable energy use for property-related needs), and sets supervisory checks and penalties for European Green Bond issuance. On supervision, the bill provides for formal operating procedures and manuals for the Hellenic Capital Market Commission to be approved by ministerial decision and enables the Hellenic Capital Market Commission and the Bank of Greece to use “mystery shopping” for on-site conduct checks of investment firms, banks and insurers. For cryptoassets, it designates the competent authority as either the Hellenic Capital Market Commission or the Bank of Greece, creates a criminal offence for providing cryptoasset services without authorisation, sets out administrative sanctions (including fines up to EUR 700,000 for individuals and up to EUR 5 million or 3%–12% of annual turnover for legal persons, alongside licensing and management bans), and imposes disclosure and risk-warning requirements for advertising; it also includes measures implementing EU rules on information accompanying transfers of funds and certain cryptoassets. The ministry indicated that a more specific legislative framework for the taxation of cryptoassets will be advanced within 2025.

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