The Greek authorities have tightened cryptocurrency regulations. What does this mean for miners and crypto market participants? They have to deal with a challenge.

From now on, it is not enough for crypto companies to open an office in Greece to begin or continue operations. According to new HCMC requirements, cryptocurrency exchanges, wallet operators, and other virtual asset service providers (VASPs) are now required to obtain a license to operate.

Applicants must first attend a preliminary meeting with officials from a special commission. The next step is to submit a detailed business plan, information about shareholders and management, as well as data on client asset protection measures. A truly multi-step process!

Under the new law, applications from exchanges and VASPs that are submitted without the necessary documentation and information will be rejected. The regulator is expected to issue a decision within 40 business days. Platforms that fail to obtain a license are prohibited from providing crypto services to clients in Greece. This applies even to large international exchanges with millions of users, such as Binance.

Greece’s Anti-Money Laundering Authority and the Independent Authority for Public Revenue will now monitor capital flows and verify the sources of funds. In case of any suspicious activity, these agencies have the right to freeze digital assets.

A 24% VAT on certain services related to virtual currencies is also on the table of the Greek authorities. Besides, individuals may be required to report their digital assets in their tax declarations. A decision on crypto taxation is expected soon. Back in 2024, the Ministry of Economy and Finance proposed a 15% tax on profits from digital asset trading.