Greece Imposes Strict Licensing Regime for Crypto Firms

Greece is introducing a new, rigorous licensing process for crypto-related businesses, aligning fully with the EU’s Markets in Crypto-Assets (MiCA) regulation. This move marks a significant shift in the country’s approach to digital asset oversight, affecting crypto exchanges, wallet applications, and any business wishing to operate in the Greek market.

The Hellenic Capital Market Commission (HCMC) has published the regulatory framework in the Government Gazette, setting clear and strict requirements for market entry — a first-of-its-kind implementation in Greece, bringing the European MiCA regulation into effect.

What’s Changing for Crypto Businesses

From now on, no crypto company may advertise or offer services in Greece without first obtaining a license from the HCMC.

To obtain this license, firms must go through a multi-step process that includes:

• A preliminary meeting with the Commission.
• Submission of a comprehensive licensing dossier, including a business plan, detailed shareholder and management structure, and client protection mechanisms.
• Applications with missing documents will be returned.
• A final approval or rejection decision will be issued within 40 working days.

Unlicensed platforms will be prohibited from targeting Greek customers, regardless of whether they are based inside or outside the EU. This means that major global players (e.g., Binance) will have to fully comply with Greek regulatory requirements to continue operating in the country.

Crackdown on Money Laundering and Tax Evasion

The new framework also strengthens efforts to combat money laundering and tax evasion, integrating crypto operations into Greece’s anti-financial crime infrastructure.

• The Anti-Money Laundering Authority and tax authority (AADE) will have oversight of capital flows linked to crypto activities.
• Suspicious transactions may trigger asset source audits (“pothen esches”) or even freezing of digital assets.
• Greek authorities are also considering imposing a 24% VAT on certain crypto-related services (excluding the actual crypto transactions themselves).

Investor Perspective: More Oversight, More Protection

For investors, the new system brings greater security and transparency. Only platforms that pass regulatory scrutiny will remain in the Greek market, offering services under a “European seal of trust”.

Put simply, the freewheeling days of unregulated crypto in Greece are over. Participation in the digital asset economy now requires compliance with an institutional legal framework, designed to protect investors and safeguard public revenue.

Upcoming Crypto Taxation Framework

In parallel, Greek authorities are finalizing a comprehensive taxation model for crypto assets. According to government sources, the working group’s report will soon be submitted to Minister of National Economy and Finance Kyriakos Pierrakakis, with policy decisions expected shortly.

The leading scenario under consideration proposes a 15% capital gains tax on profits from crypto sales, closely aligned with tax models already in place in other European countries.

A New Era for Crypto in Greece

Greece is moving swiftly to align its crypto sector with European standards of regulation, transparency, and investor protection. While the changes may pose challenges for some market participants, they also present a valuable opportunity for legitimacy and long-term growth in a sector that has long operated in a legal grey zone.

By imposing these controls, the Greek government aims to create a safer, more trustworthy environment for crypto investment, while simultaneously tackling tax evasion and illicit financial activity.

Source: pagenews.gr