The Netherlands is moving toward a new Box 3 tax system from 2028 that would tax unrealized gains on Bitcoin and other crypto as asset values rise, even without a sale. The House has already approved the underlying bill, but a newer government proposal could eventually shift crypto toward taxation only when gains are realized.
The Dutch House of Representatives has approved a bill that would tax Bitcoin holders on paper gains starting in 2028. Under the proposed Actual Return Box 3 Act, investors who hold crypto through a rising year could face a tax bill even if they never convert their coins to euros.
Crypto gains would be taxed without a sale
The bill replaces the current Box 3 system with one based on income and changes in the value of assets. According to the Dutch government, the proposed framework is scheduled to begin on Jan. 1, 2028. Under the bill, most assets would be subject to a capital growth tax, known in Dutch as a vermogensaanwasbelasting.
Cryptocurrencies such as Bitcoin fall under Box 3, which covers savings and investment assets held by Dutch taxpayers. Parliamentary documents have explicitly identified crypto as a Box 3 asset that must be declared.
Real estate and shares in qualifying startups get different treatment: their gains and losses would generally be taxed only when realized, because the government said this approach avoids collecting tax before the taxpayer has received money from disposing of an illiquid asset. Crypto was not included in that exception under the bill the House passed. Losses still carry forward, however — the government says decreases in asset value can be offset against gains in later years.
A competing proposal could change the picture
The House approved the bill on Feb. 12, sending it to the Senate, where a final vote has not yet taken place. But the legislation is no longer the only plan shaping Box 3's future.
In a Sept. 29 letter to parliament, Prime Minister Rob Jetten, Finance Minister Eelco Heinen and State Secretary for Finance Eugène Eerenberg proposed expanding capital gains taxation to financial instruments from 2028, meaning those assets would be taxed only when gains are realized rather than annually on paper appreciation. Direct crypto holdings do not generally fall within that same legal category as shares, bonds and options, so under the current plan, crypto would stay under the capital growth method in the new system's first stage.
The Senate rejected a motion on July 7 that would have indicated no objection to withdrawing the Box 3 legislation.
EU reporting rules add pressure
The crypto tax changes arrive as European authorities gain more visibility into crypto transactions. The EU's DAC8 rules began applying from Jan. 1, 2026, requiring crypto asset service providers to collect tax identification and transaction data from customers, covering crypto-to-fiat trades, crypto-to-crypto swaps and transfers to external addresses. Dutch parliamentary documents say information collected under DAC8 will become available to the country's tax authority to check against tax returns.
Other European governments are pursuing their own approaches. Germany's Finance Ministry has proposed a 25% tax on crypto gains from 2028, potentially ending the exemption for assets held over one year. Greece is separately preparing a 15% crypto gains tax of its own.
The Actual Return Box 3 Act remains before the Senate, with the rules that would apply to Dutch Bitcoin holders not yet final.
Source: crypto.news
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