Dutch Lawmakers Advance 36% Capital Gains Tax on Crypto

Lawmakers in the Netherlands have taken a major step toward reshaping how digital assets are taxed.

The country’s House of Representatives voted Thursday to advance legislation introducing a 36% capital gains tax on savings and most liquid investments, including cryptocurrencies.

Key Takeaways:

• Dutch lawmakers advanced a 36% tax on savings, equities and crypto, including unrealized gains.
• Critics warn the proposal could trigger investor relocation and capital outflows.
• The bill still requires Senate approval before a planned 2028 implementation.

The proposal cleared the chamber comfortably, receiving 93 votes, well above the 75 required to move forward, according to the official tally.

Netherlands Targets Unsold Crypto Profits in New Tax Proposal

If adopted, the measure would apply broadly. Bank savings, crypto holdings, most equities and returns generated from interest-bearing instruments would all fall under the levy.

Notably, the tax would be assessed regardless of whether investors actually sell their assets, meaning unrealized gains could still be taxed.

The Dutch Senate must still approve the bill before it can become law. Implementation is targeted for the 2028 tax year, but reaction from investors has already been swift.

Critics argue the policy risks pushing wealth out of the country. Some investors warn that higher-net-worth individuals could relocate to jurisdictions with lighter tax regimes, particularly within the European Union where cross-border movement is relatively straightforward.

Entrepreneur Denis Payre pointed to historical precedent, saying France experienced a wave of business departures after imposing similar policies in the late 1990s.

Crypto analyst Michaël van de Poppe was even more blunt, calling the plan deeply misguided and predicting significant relocation by investors.

Financial projections circulating among market participants illustrate the concern. According to data shared by Investing Visuals, an investor starting with €10,000 and contributing €1,000 monthly over 40 years could accumulate roughly €3.32 million without the tax.

Under the proposed 36% levy, the ending value would drop to about €1.885 million, a reduction of roughly €1.435 million.

The debate echoes similar disputes elsewhere. In the United States, technology leaders and crypto industry figures pushed back strongly against California’s proposed wealth tax on billionaires, with some entrepreneurs openly discussing relocation.

While supporters argue the Dutch plan modernizes taxation across financial assets, opponents say it could discourage long-term investment and weaken the country’s position as a destination for fintech and digital asset businesses.

The Senate’s decision will determine whether the proposal becomes one of Europe’s strictest crypto tax regimes.

Dutch Indirect Crypto Investments Hit €1.2B

As reported, Dutch exposure to cryptocurrency through financial securities has grown rapidly over the past five years, reaching about €1.2 billion by October 2025, according to De Nederlandsche Bank (DNB).

The increase largely reflects rising prices of major digital assets rather than a surge of new investor money.

Holdings stood at roughly €81 million at the end of 2020, showing how valuation gains have expanded crypto-linked investments across households, institutions and companies.

Despite the jump, direct ownership of cryptocurrencies remains relatively limited for many investors.

Even with the growth, crypto securities represent only about 0.03% of the Netherlands’ overall investment market, indicating traditional assets still dominate portfolios.

Last year, Dutch crypto firm Amdax raised €30 million ($35 million) to launch Amsterdam Bitcoin Treasury Strategy (AMBTS), a dedicated Bitcoin treasury company that plans to accumulate up to 1% of the total BTC supply, or roughly 210,000 Bitcoin.

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