Cryptocurrencies are on the rise. Terms like Bitcoin or Ethereum are not as exotic as they were a few years ago, and investing in crypto is increasingly common. But how do these digital currencies work exactly, and do you have to pay taxes on them? Find out what you need to do with cryptocurrencies in your tax return.
You've probably heard of Bitcoin. That's an example of a cryptocurrency. Cryptocurrencies or cryptocurrency are a digital and entirely virtual currency. They work with cryptographic, encrypted codes. These codes change with every transaction. Cryptocurrencies have a virtual value that can vary greatly.
Do you own cryptocurrencies without converting them to fiat currencies, e.g. euros, dollars, etc., or do you use crypto for buying things? Until 2025, these transactions were not subject to taxation in Belgium.
However, we have some less favourable news: in the federal government agreement for 2025-2029, announced at the end of January, it was confirmed that a general capital gains tax of 10% will be introduced. This will also apply to crypto assets.
Here’s what we know so far:
⚠️ The capital gains tax has not yet been implemented. We will keep you informed as soon as it comes into effect.
If you are currently making profits from your crypto investments, there are 3 possible scenarios:
If you invest in crypto according to the principles of a ‘prudent investor’, then your digital investments are exempt from taxes. The tax authorities consider you an amateur. This is the case if, for example:
What if your digital coins increase in value over time? Then you don't need to declare those value increases. You don't have to pay VAT on crypto transactions either.
⚠️ Warning: If you convert your cryptocurrencies into fiat currencies in this scenario, you must declare the capital gain (i.e. the difference between the purchase price and the selling price) in your tax return under ‘miscellaneous income’ and pay 33% income tax on it.
From the tax authorities’ perspective, you're no longer an amateur if you:
In those cases, the government considers you a private trader. You must then declare the crypto profits in your tax return as ‘miscellaneous income’. On these profits, you pay 33% in income tax to the tax office.
Is trading cryptocurrencies your (main) job? Then you must follow the rules for a sole proprietorship: you declare your crypto income in your personal income tax declaration. The usual progressive tax rates then apply to your annual net income, ranging between 25% and 50%. A few examples:
⚠️ Warning: As a professional trader, you must also meet the other obligations self-employed people have, for example, joining a social security fund and paying social contributions.
The above rules are not always clear-cut. The Belgian government looks at each case individually, taking into account the full picture. They consider your intentions, the types of investments you make, and the risks you take.
Not sure where to declare your crypto profits in your tax return? Accountable helps you correctly complete your declaration in a few clicks.
You don't pay taxes on owning cryptocurrencies or when you use crypto as a payment method. Also, amateur traders who invest in crypto as a hobby or long-term investment, in principle, don't pay taxes on crypto. But when you make a profit as a private or professional trader from buying and selling crypto, you do have to pay taxes. Note that in 2025 a capital gains tax will be introduced.
You can own as much crypto as you want, tax-free. Taxes are only levied from the moment your crypto regularly generates a profit. As a private trader, you’re taxed at a rate of 33%, while as a professional trader, depending on whether you have a sole proprietorship or a company, you’re taxed according to the progressive income tax brackets (25-50%) or corporate tax (20-25%). Note that in 2025 a capital gains tax will be introduced.
The tax authorities have no insight into your crypto portfolio. You can therefore own as much crypto as you want. But if you suddenly start trading a lot and make a substantial profit, the tax authorities will of course notice the increase in wealth. As a private or professional trader, you must also declare your profits from crypto to the tax authorities. Note that this may change in 2025.
If you regularly make a profit by trading crypto, you are obliged to declare this to the tax authorities. In Belgium, any form of regular income is taxed.
Author - Artyom Ghazaryan
Artyom is Head of Accounting at Accountable, and a chartered Accountant & Tax Specialist.
Who is Artyom ?Thank you for your feedback!
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