CryptoReflexions#16 - The Taxation of Capital Gains on Crypto-Assets Becomes Clearer

Hello everyone,

Today, a reflection on the Belgian tax reform concerning the taxation of capital gains on crypto-assets — approved on July 18, 2025.

Interested?

Let’s go!

A Major Tax Reform

What was once called a “solidarity contribution” is now becoming a general tax on gains realized on financial assets. Until now, these capital gains generally escaped taxation in the private sector, except in particular cases such as speculation or substantial shareholdings.

Three Categories of Taxable Capital Gains

1. Internal capital gains: automatic 33% taxation with no exemption, targeting strategies of selling shares to controlled companies.

2. Substantial shareholdings: holding at least 20% of the capital, with exemption of the first million euros over 5 years, then progressive taxation from 1.25% to 10%.

3. Residual category: general tax applicable to crypto-assets, taxed at 10% after an annual exemption of 10,000 euros (indexed and partially carryable up to 5,000 euros).

When Is a Crypto Capital Gain Realized?

Only conversion to fiat currency (euros, dollars) should constitute a taxable event. Crypto-to-crypto exchanges should not be treated as taxable gains.

Possible Strategies and Constraints

Some investors might consider partially realizing their assets each year to stay below the exemption threshold. But this requires documented tracking and increased tax transparency — with risks of administrative audits as a consequence.

Interaction with Existing Regimes

The text maintains the distinction between “normal” and “abnormal” asset management. A crypto capital gain declared at the 10% rate could be reclassified as miscellaneous income at 33% if the administration deems it the result of speculation.

Tax arbitrariness persists: no major simplification, but an additional tax.

Historical Capital Gains

The bill provides for an exemption for gains prior to its entry into force. The reference value should be set at December 31, 2025 to calculate future taxable gains.

Practical example:

• Purchase of 5 BTC in 2020 at 20,000 euros each = 100,000 euros
• Value on 12/31/2025: 575,000 euros
• Resale in 2027 at 800,000 euros
• Taxable capital gain = 225,000 euros
• Tax due (10%) = 22,500 euros

And the Declaration to the PCC?

The obligation to declare crypto accounts to the Central Contact Point remains future. Currently, no legal obligation exists yet.

Conclusion

The official recognition of crypto-assets as financial assets represents an important symbolic milestone. However, areas of uncertainty remain: the exact moment of realization, the application of normality criteria, and future control mechanisms. Caution and documentation remain essential.

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

Florian ERNOTTE Lawyer 👉more infos about what i do