Dutch lawmakers approve 36% crypto gains tax

TLDR

Dutch lawmakers in the lower house have backed a plan to tax crypto and other investments at a 36% rate on (largely) unrealized gains, but it still needs Senate approval.

1. The Dutch House of Representatives approved a bill that would apply a 36% tax to annual gains on savings, equities, and crypto, including unrealized gains, starting from the 2028 tax year.
2. Critics say this could become one of Europes toughest crypto tax regimes, hurting long term compounding and pushing wealth and crypto activity to lower tax EU jurisdictions.
3. The Senate vote, possible amendments, and any carve outs or rate changes will determine how damaging this is for Dutch based crypto users and businesses.

Deep Dive

1. What Lawmakers Actually Approved

According to reporting from outlets like CryptoNews and CoinTurk, the Dutch House of Representatives voted by 93 to 75 to approve a bill that reforms taxation of financial assets, including crypto, into a 36% capital gains style levy on annual portfolio gains, even when positions are not sold. The measure would apply from the 2028 tax year and covers bank savings, most equities, crypto holdings, and interest bearing instruments, effectively treating them as a single pool of taxable wealth rather than separate categories. The bill is not law yet; it must still pass the Dutch Senate before implementation is confirmed.

2. Impact On Crypto Investors And Compounding

The proposal is not crypto only, but crypto is fully included in the 36% rate on yearly gains. Modeling cited in the debate shows a large hit to long term compounding. One example suggests a portfolio starting with 10,000 and adding 1,000 per month for 40 years could grow to about 3.32 million with no tax, but only 1.885 million under the 36% regime, a difference of roughly 1.435 million in end value. Critics like Dutch analyst Michal van de Poppe argue this level of taxation on unrealized gains could make serious investors move to more lenient EU countries, reducing Dutch participation in fintech and digital asset markets.

3. What To Watch Next

The key next step is the Senate review, where the bill could be rejected, delayed, or amended, including the headline 36% rate or the way unrealized gains are calculated each year. Market participants will be watching whether there are exemptions or softer treatment for smaller portfolios, corporate holdings, or specific products like regulated crypto funds. Over the coming years, flows of Dutch high net worth individuals and crypto firms to other EU hubs will be an important signal of how binding this regime becomes in practice.

Conclusion

If the Senate signs off, the Netherlands will shift toward one of Europes stricter regimes on crypto and other financial assets by taxing annual gains, not just realized profits. For crypto users, the main effects would be weaker long term compounding and a stronger incentive to compare Dutch residency and structuring choices with alternatives inside the EU.