On January 31, 2025, Bart De Wever unveiled a nearly 200-page document outlining the broad strokes of the new Belgian federal government agreement. Among the key measures, several provisions concern the taxation of crypto-assets, notably the taxation of capital gains and the declaratory obligations for wallets.

Although the precise details of this reform remain to be specified according to the legislative calendar, it is interesting to analyze the potential implications of these proposals for the Belgian crypto sector in order to benefit from optimizing the tax treatment of one’s investments.

The proposals mentioned in the agreement are straightforward: a 10% solidarity contribution on realized capital gains, an exemption for historical capital gains, and an exemption for capital gains below 10,000 euros (to be indexed).

Definition and Taxation of Capital Gains on Crypto-Assets

A first question, which remains central, is that of the realization of a capital gain. I have already extensively covered this subject in my previous analyses and, to this day, I maintain that the interpretation given by the former Minister of Finance, in a response to a parliamentary question to which I contributed, does not hold up.

With crypto-assets, the realization value of a capital gain must be a certain value in a tax sense. However, the Belgian legal framework defines crypto-assets as having a non-guaranteed and therefore uncertain value. This uncertain character was moreover highlighted by the Accounting Standards Commission in a 2021 opinion, which confirms that the volatile and non-guaranteed nature of crypto-assets leads to a specific accounting treatment.

My position is therefore as follows: a capital gain can only be considered as realized when it is converted into fiat currency (euro, dollar, etc.). Any conversion between crypto-assets (BTC to ETH, for example) cannot be equated to a taxable capital gain, because no reference value is guaranteed by a central bank or an official institution, and therefore the taxation of the capital gain cannot be based on an uncertain value (see on this subject here).

Let us hope that the new law will clarify this point, which is of utmost importance.

Exemption Strategy

In light of the proposals discussed, some investors might be tempted to sell part of their assets each year while ensuring they remain below the 10,000 euro exemption threshold. This strategy, seemingly advantageous, nevertheless raises practical constraints and declaratory obligations:

• Transaction tracking: it would be necessary to monitor conversions and sales to ensure the exemption threshold is not exceeded.

• Declaratory obligations and banking compliance: when repatriating funds, Belgian banks require compliance documents to avoid any suspicion of tax fraud.

If this approach may seem attractive, it involves complex calculations and increased transparency vis-a-vis banking authorities, which could, in the short term, lead to disproportionate compliance costs relative to the capital gain.

Coexistence with Existing Tax Regimes

Currently, the taxation of capital gains in Belgium is based on three distinct regimes:

1. Normal management of private assets: exemption of capital gains;

2. Miscellaneous income: 33% taxation on capital gains realized outside of normal management and/or in a speculative context;

3. Professional income: progressive taxation if the activity is deemed professional.

If we follow the logic of the reform, it seems that the 10,000 euro threshold would replace the concept of normal asset management. This evolution aligns with the tax treatment of other assets (such as real estate), where capital gains are already excluded from the normal management regime and taxed as miscellaneous income in case of capital gains realized within 5 years of the real estate acquisition.

The reform could therefore result in a simplification with three distinct regimes:

• Exemption of capital gains up to 10,000 euros.
• 10% taxation on capital gains exceeding 10,000 euros.
• Progressive taxation if the activity is deemed professional.

The remaining question is whether the tax regime provided for management outside of normal asset management that is not professional (33% taxation on miscellaneous income) will disappear in favor of the new flat 10% contribution.

Non-Retroactive Application and Historical Capital Gains

Another point to clarify concerns the absence of retroactivity of the reform and how historical capital gains will be taken into account.

Let us take a concrete example:

An investor buys crypto-assets in 2020.

They sell them in 2028.

The tax reform comes into effect in 2026.

What will be the basis for calculating the taxable capital gain? Two hypotheses are possible:

1. Initial purchase value (2020) to Sale value (2028): taxable on the entire capital gain realized over 13 years because the “historical” capital gain was not realized;

2. Value at the time the law comes into effect (2026) to Sale value (2028): only the capital gain after 2026 would be taxed.

The government declaration mentions an exemption for historical capital gains, but the exact calculation method remains to be specified. For some, only increases in value from the introduction of this law would be taxable.

Depending on the hypotheses retained, here too, some investors would be tempted to realize/sell part of their investment to preserve a favorable tax exemption regime before the law comes into effect.

On a personal note, I have noticed an influx of requests for support in view of bank repatriation which, coupled with the potential bull run, seems to be an opportune moment for some to “cash in their capital gains.”

Declaration of Portfolios to the PCC

One thing, however, is quite clear to me: the declaration of portfolios to the PCC. I have already written in this newsletter what I thought about the interpretation of the law.

My position and the reading of the legal texts seem to be confirmed by the new government, which states in the federal coalition agreement that “Cryptocurrency accounts will also have to be reported to the PCC.”

In other words, if the regime was clear and straightforward before, why does the note use the future tense? This declaration announcement allows me to confirm my interpretation.

Until further notice, crypto accounts do not have to be declared (nothing prevents you from trying to do so).

Taxation of Financial Assets, Including Crypto

The coalition agreement mentions that the 10% solidarity contribution will apply to financial assets, including crypto-assets.

However, the FSMA has already considered that BTC and ETH are not financial assets within the meaning of tax regulations. Does this mean that the announced taxation would apply to certain crypto-assets and not others? Nothing is less certain, but the point deserves to be raised because the EU MiCA Regulation, for example, exempts certain crypto-assets from its scope, notably those that are “automatically created as remuneration for the maintenance of the distributed ledger or the validation of transactions.”

That might ring a bell :) ?

Conclusion

This tax reform, although still in its early stages, marks an important step for the Belgian crypto ecosystem and further contributes to establishing crypto-assets as “serious” assets, or at least ones recognized by politics. While some elements seem to clarify the taxation of crypto-assets, many uncertainties remain regarding the precise application modalities, and I await the text with impatience.

There are already controversies between political parties on the application of these provisions for corporate shares, and I hope we will not enter into another political bargaining exercise on the subject of crypto.

Investors and professionals in the sector must therefore remain attentive to future official communications and legislative texts that will materialize these announcements. As always, I will continue to follow the evolution of this reform and keep you informed of the concrete impacts on your investments.

To go further: cryptomonnaie.be — The cryptocurrency blog in Belgium | Newsletter CryptoBelgique — Stay informed about news and updates

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