Netherlands approves 36% crypto gains tax

TLDR

Dutch lawmakers have backed a plan for a 36% tax on gains from crypto and other investments, but it is not fully law yet.

1. The Dutch lower house approved legislation for a 36% tax on gains, including unrealized gains, on savings, equities, and cryptocurrencies from the 2028 tax year.
2. Crypto would be taxed as part of a broad investment basket, and critics warn this could push wealthy investors and serious crypto users to relocate to lower tax EU jurisdictions.
3. The decisive step is a Senate vote and potential amendments, which will show whether the Netherlands actually ends up with one of Europes strictest crypto tax regimes.

Deep Dive

1. What Was Approved So Far

The Dutch House of Representatives voted 93 in favor, above the 75 needed, to advance legislation imposing a 36% capital gains tax that also covers cryptocurrencies, savings, and most liquid investments, including unrealized gains. Reports describe this as a plan for a 2028 start that would tax appreciation on bank deposits, crypto holdings, equities, and interest?bearing instruments even if the assets are not sold, effectively a mark to market regime for many retail investors and savers. Importantly, this is a lower house approval only, and the bill must still pass the Dutch Senate before it becomes law, so the measure is not yet fully approved in the legal sense.

2. Impact On Crypto Users And Capital

The new tax would treat crypto alongside traditional assets, so Dutch residents with sizeable digital asset portfolios could face a 36% levy on annual gains, even when they simply hold rather than sell. Analysis cited by lawmakers shows how powerful this drag could be over decades, modeling that a long term investor starting with 10,000 and adding 1,000 per month could see their final wealth cut by roughly 1.4 million under the 36% regime. Critics, including well known crypto analyst Michal van de Poppe, argue that such a high rate, applied to unrealized gains, is deeply misguided and likely to drive serious investors and founders to lower tax EU countries.

3. What To Watch Next

The key next step is the Dutch Senate, which can approve, reject, or amend the bill, including the 36% rate and whether unrealized gains remain in scope. Because the proposal covers all liquid investments, not just crypto, broader political pushback from traditional savers and investors could still influence the final shape or timing of the law. For crypto markets, the main things to monitor are any Senate changes that soften the rate, carve out specific assets, or alter how unrealized gains are calculated, and whether Dutch based crypto firms or high net worth traders begin publicly signaling relocation plans.

Conclusion

The Netherlands has taken a major step toward a very aggressive tax treatment of crypto and other investments, centered on a 36% levy on gains including those not yet realized. For now, this is a powerful signal rather than a done deal, and the Senates decision will determine whether the country becomes a high tax outlier for digital assets or moderates the approach under pressure from investors and industry.