Class in the market of cryptocurrencies attempted to put on the Ministry of Finance and a Securities and Exchange Commission by proceeding with the establishment of rules licensing For the whole “circuit” from companies and exchanges to digital wallet applications.
Specifically, companies operating in cryptocurrency services should go through specific licensing procedures. The process begins with a preliminary meeting in the Commission, and then interested parties are invited to submit a complete dossier that will include business plan, shareholders and management data, as well as customer protection mechanisms. In case of incomplete data, the application is refunded for completion, while the final decision – approval or rejection – is issued within 40 business days, according to ERTNEWS.
The details are set out in a decision published in the Government Gazette, which applies to Greece for the first time in Greece the full framework of the European Regulation MICA.
Companies that continue to operate in the market will now have a “European Stamp of Reliability”, offering investors the opportunity to evaluate them before choosing their services.
On the contrary, any platform that does not receive a license from the Commission will not have the right to address Greek customers. This means that even large international players – such as Binance exchanges, which serve millions of users in more than 180 countries – will have to comply with Greek rules to stay active in the domestic market
Checks and Taxation of cryptocurrencies
The new licensing process will be linked to a stricter grid of controls for money laundering and tax evasion.
The Authority of combating black money laundering and the Independent Public Revenue Authority (AADE) will be able to monitor capital flows. In the case of suspicious transactions, “wherever you are” checks will be activated and, if necessary, will even be imposed on the freezing of digital assets.
In terms of taxation of Crypto, the decisions of the Financial Staff are expected in the autumn, after completing the proposals of the special working group that has undertaken to determine the framework for taxation and control of cryptocurrencies and digital assets.
According to the basic scenario, the goodwill resulting from the difference between market price and sale price will be taxed at a rate of 15%. At the same time, these amounts will be recognized so that they can be used to cover evidence. For companies, however, a higher tax rate may not apply.
Also on the table is the 24% VAT imposition on some Crypto -related services, but without changing the status that applies to the transactions themselves.
Finally, the legislation prepared by the government will provide for the compulsory declaration of cryptocurrencies in the E1 tax form.