Crypto tax in Belgium in 2026: the 10% capital gains tax explained
In short: since 1 January 2026, a Belgian individual who manages their assets "normally" pays 10% on crypto gains above an annual exemption of about €10,000. Only the rise after 31 December 2025 counts. An important change: exchanging one crypto for another, converting to a stablecoin or paying with crypto all count as a sale. No bank withholds the tax on crypto: you have to declare it yourself, for the first time in 2027.
General information article, up to date as of 8 October 2026. It is not tax advice: your situation (how often you trade, the share of your assets in crypto, professional activity) can change the applicable regime. If in doubt, consult a tax adviser.
What changed in 2026
Until 2025, a Belgian who bought bitcoin and sold it years later usually paid nothing: a "prudent investor's" capital gain was exempt. Only speculation (33%) and professional activity were taxed.
The Law of 6 April 2026 introducing a tax on capital gains on financial assets, published in the Belgian Official Gazette on 21 April 2026, changed this with effect from 1 January 2026 (Degrève, 2026). It covers shares, bonds, funds, some insurance contracts… and crypto-assets, stablecoins included. The FPS Finance set out how it applies in circular 2026/C/74 of 22 July 2026 (Aeacus Lawyers, 2026).
Three regimes, depending on how you manage your assets
| Regime | For whom | Rate |
|---|---|---|
| Normal management of private assets | The vast majority of individuals | 10% above the annual exemption |
| Speculation / abnormal management | Transactions beyond the normal management of private assets | 33% + municipal surcharges, no exemption |
| Professional activity | Trading as a job, organised mining, etc. | Progressive personal income tax scale (up to 50%) |
Where is the line between "normal" and "speculative"? The circular lists three factors to be assessed together, none of them decisive on its own: the share of your assets invested in crypto, borrowing to invest and using automated tools or bots (Aeacus Lawyers, 2026). Finance Minister Jan Jambon told the Chamber's finance committee that abnormal management would only be found "in exceptional cases", and that the burden of proof lies with the tax authorities (Aeacus Lawyers, 2026; Bolero, n.d.).
When do you pay? What counts as a "sale"
This is the most surprising point. The tax arises on every realisation, not only when you cash out into euros.
| Transaction | Taxable? |
|---|---|
| Selling a crypto for euros | Yes |
| Exchanging one crypto for another (BTC → ETH, for example) | Yes |
| Converting a crypto into a stablecoin (BTC → USDC, EURC…) | Yes |
| Paying for goods or services in crypto, including with a crypto card | Yes |
| Moving your crypto between wallets that belong to you (exchange → Ledger, for example) | No |
| Buying and holding | No |
According to the circular (paras. 85 to 87), every disposal for consideration counts, including a swap, a conversion into a stablecoin or a crypto card payment; transfers between your own wallets do not (Aeacus Lawyers, 2026).
The calculation is always in euros. An example shows why this matters (Delrue, 2026). You swap 1 BTC for 50 ETH, then later swap your 50 ETH for 0.75 BTC. You now have a quarter fewer bitcoins. But if, in euros, the 50 ETH were worth more when you swapped them back than when you received them, you have made a taxable gain.
How to calculate the gain
The 31 December 2025 "snapshot"
For crypto bought before 2026, the starting point is its value on 31 December 2025. All earlier gains are permanently exempt. If you bought it for more than that value, you can use your actual purchase price instead, which reduces the taxable gain, provided you can prove it and for sales made until 31 December 2030 (RSM Belgium, 2026).
To prove the 31/12/2025 value, the circular is flexible: a screenshot of your trading app may be enough, and there is no obligation to average prices across exchanges (Aeacus Lawyers, 2026). You don't need your original purchase price to use this value: you only need to prove that you already held the crypto before 1 January 2026, by any means except an oath.
The exemption and losses
- Annual exemption: €10,000 per taxpayer (indexed), shared across all financial assets: shares, funds and crypto combined. Each year without gains raises it by €1,000, up to a maximum of €15,000 (RSM Belgium, 2026).
- Losses: they can be offset against gains of the same year, but cannot be carried forward (Test-Achats, 2026).
- Costs: according to RSM Belgium (2026), no costs are deductible.
- Order of sales: the circular requires the FIFO method ("first in, first out"), applied separately per account, which for crypto means per exchange or per wallet. Several tax lawyers consider this rule hard to apply to crypto (Aeacus Lawyers, 2026).
A worked example
A simplified example (no costs, no other gains that year), published by lawyer Florian Ernotte (2026b):
| Step | Amount |
|---|---|
| Purchase of 1 BTC in January 2021 | €30,000 |
| Value on 31 December 2025 (starting point) | €80,000 |
| Sale in March 2026 | €95,000 |
| Taxable gain (95,000 − 80,000) | €15,000 |
| Minus the annual exemption | − €10,000 |
| Taxable base | €5,000 |
| Tax at 10% | €500 |
The €50,000 gained between 2021 and the end of 2025 remains exempt. Note that the exemption is shared with your other investments. If you also made €6,000 of gains on shares in the same year, only €4,000 of exemption is left for your crypto.
Staking, lending and rewards: a different regime
Staking rewards and interest from crypto lending or yield farming do not fall under the 10% capital gains tax. They are income taxed when you receive it, in principle as investment income (30%) according to the tax authorities' practice, or as miscellaneous or professional income depending on the facts (Baker Tilly, 2025; Delrue, 2026). The authorities' position is not fully settled. If you later sell these rewards, only the rise after you received them falls under the 10% tax, to avoid double taxation (Delrue, 2026).
We cover the risks of crypto lending in our article Lending your crypto, and staking in Staking DOT in 2026.
The tax return: it's up to you
For shares held at a Belgian bank, the tax can be withheld at source. For crypto, never: the circular states that no withholding tax is applied to crypto gains (Aeacus Lawyers, 2026). You must therefore report them yourself in your personal income tax return. Gains realised in 2026 will be declared in 2027 (tax year 2027).
The tax authorities will have more and more information to check. Under the EU DAC8 directive, EU crypto platforms have been collecting their clients' identity, balances and transactions since 1 January 2026 and passing them on to tax authorities; the first automatic exchange, covering 2026 transactions, will take place by 30 September 2027 at the latest (Ernotte, 2026a). The rules on reporting crypto accounts to the National Bank's Central Point of Contact are also changing: check the current situation when you fill in your return.
The evidence to keep now
| Document | Why |
|---|---|
| Statement or screenshot of your balances on 31/12/2025 (or 01/01/2026), exchange by exchange | Starting point of the calculation |
| Invoices or statements for purchases before 2026 | To use a higher purchase price (until 2030) |
| Full 2026 transaction history (CSV export from each exchange) | FIFO calculation, swaps, payments |
| Addresses of your personal wallets | To prove that a transfer is not a sale |
| Staking rewards and interest received, with their euro value on the day received | Separately taxable income |
Specialised software can import these histories and calculate gains, but check that it applies the Belgian rules (FIFO per exchange, 31/12/2025 value).
What about our neighbours?
| Belgium | France | Netherlands | |
|---|---|---|---|
| What is taxed | Realised gains | Realised gains | A deemed return on wealth (box 3), realised or not |
| Rate | 10% (33% if speculative) | 31.4% (flat tax) | 36% on the deemed return |
| Crypto → crypto swap | Taxable | Not taxable (deferral) | Not applicable (wealth-based tax) |
| Conversion into a stablecoin | Taxable | Not taxable today; amendment to tax it from 2027 adopted in committee on 7 October 2026, not yet voted | Not applicable |
| Exemption | ~€10,000/year of gains | Total disposals up to €305/year | Wealth up to €59,357 per person |
In France, swapping one crypto for another or for a stablecoin does not currently trigger tax: only cashing out into euros (or buying something) is taxed. An amendment to the 2027 budget, tabled by MP Nicolas Sansu, would make conversions into stablecoins taxable from 1 January 2027. It was adopted by the finance committee on 7 October 2026, but still has to pass the plenary session and then the Senate (Journal du Coin, 2026).
The Netherlands works very differently: it does not tax sales but a presumed return on wealth. In 2026, the tax authorities assume a 6% return on crypto, taxed at 36% (Crypto Benelux, 2026). On 29 September 2026, the Dutch government decided to move to a tax on realised gains for financial instruments from 2028, and for other assets in 2030; exactly where crypto fits in this timetable remains to be clarified (Taxence, 2026).
Belgium is therefore stricter than France on crypto-to-crypto swaps, but its rate is about three times lower and gains before 2026 remain exempt.
Test yourself
Key terms
- Realisation: a transaction that turns an unrealised gain into a taxable gain (sale, swap, conversion, payment).
- Swap: a direct exchange of one crypto for another.
- 31/12/2025 value: the closing price used as the starting point for crypto held before 2026.
- FIFO: first in, first out, the first crypto bought is deemed to be sold first.
- Abnormal management: management that goes beyond that of normal private assets, taxed at 33%.
- DAC8: EU directive requiring crypto platforms to pass their clients' data to tax authorities.
Disclaimer
This article is a general information summary and is neither tax advice nor investment advice. It is based on the Law of 6 April 2026, circular 2026/C/74 as presented by law and advisory firms, and public sources as of 8 October 2026. Some questions, such as the treatment of staking income or the FIFO method for crypto, are still debated. Check your situation with the FPS Finance or a tax adviser.
Sources
Aeacus Lawyers. (2026, July 23). Circulaire 2026/C/74: wat de nieuwe meerwaardebelasting concreet betekent voor crypto [in Dutch]. https://www.aeacus.be/post/circulaire-2026-c-74-wat-de-nieuwe-meerwaardebelasting-concreet-betekent-voor-crypto
Baker Tilly Belgium. (2025, October 30). Traitement fiscal des crypto-monnaies : taxe sur les plus-values et partage de données en vue [in French]. https://bakertilly.be/fr/news/traitement-fiscal-des-crypto-monnaies-taxe-sur-les-plus-values-et-partage-de-donnees-en-vue/
Bolero. (n.d.). Les crypto sont-elles soumises à la nouvelle taxe sur les plus-values ? [in French]. https://www.bolero.be/fr/support/questions-frequemment-posees/les-crypto-sont-elles-soumises-a-la-nouvelle-taxe-sur-les-plus-values
Crypto Benelux. (2026, September 23). Box 3 schuift opnieuw: dit betekent het voor cryptobezitters in Nederland [in Dutch]. https://cryptobenelux.com/europa/box-3-schuift-opnieuw-dit-betekent-het-voor-cryptobezitters-in-nederland
Degrève, E. (2026, April 21). Une loi publiée après son entrée en vigueur : le cas singulier de la taxe belge sur les plus-values sur actifs financiers [in French]. Forum for the Future. https://blog.forumforthefuture.be/fr/article/une-loi-publiee-apres-son-entree-en-vigueur-le-cas-singulier-de-la-taxe-belge-sur-les-plus-values-sur-actifs-financiers/30958
Delrue, E. (2026, February 23). De impact van de nieuwe meerwaardebelasting op de Belgische cryptobelegger [in Dutch]. DVD Tax Law, Legal News. https://legalnews.be/successie-vermogen/de-impact-van-de-nieuwe-meerwaardebelasting-op-de-belgische-cryptobelegger-dvd-tax-law/
Ernotte, F. (2026a, March 23). Fiscalité crypto en Belgique en 2026 : le guide complet pour les investisseurs particuliers [in French]. Cryptomonnaie.be. https://cryptomonnaie.be/fiscalite-crypto-belgique-2026-guide-complet-particuliers/
Ernotte, F. (2026b, May 13). Impôt de 10 % sur les plus-values crypto : modalités de calcul et cas pratiques [in French]. Forum for the Future. https://blog.forumforthefuture.be/fr/article/impot-de-10-sur-les-plus-values-crypto-modalites-de-calcul-et-cas-pratiques/31124
Journal du Coin. (2026, October 8). Les 10 amendements crypto du budget 2027 décryptés : stablecoins taxés, wallets fichés, Midy recalé [in French]. https://journalducoin.com/actualites/budget-2027-amendements-crypto-dac8
RSM Belgium. (2026). Loi introduisant une « taxe sur les plus-values des actifs financiers » : principales caractéristiques et considérations pratiques [in French]. https://www.rsm.global/belgium/fr/insights/loi-introduisant-une-taxe-sur-les-plus-values-des-actifs-financiers-principales-caracteristiques-et-considerations-pratiques
Taxence. (2026, September 29). Kabinet kiest in box 3 grotendeels voor vermogenswinstbelasting [in Dutch]. https://www.taxence.nl/nieuws/kabinet-kiest-in-box-3-grotendeels-voor-vermogenswinstbelasting/
Test-Achats. (2026, May 28). 10 % sur vos gains : comment la nouvelle taxe sur les plus-values change la donne [in French]. https://www.test-achats.be/argent/impots/news/taxe-plus-values