What the proposal does
The Netherlands is working to swap its wealth tax on theoretical returns for a capital gains model - tax on profit when sold - for shares, bonds and options by 2028. However, for crypto, gold, and foreign currencies, the system would keep levying a yearly tax on gains that haven't been realized, and it wouldn't change before 2030 at the earliest. One wrinkle: exchange-traded products tied to crypto would move to the capital gains side.
A previous tweak to the rules created a fast-track that can cover about 90% of financial assets, such as stocks and bonds. That shortcut does not extend to assets like crypto and gold. Tax Secretary Eelco Eerenberg said there is not enough time to bring everything into capital gains by 2028 without that framework, adding, "The group of people who will not yet be subject to capital gains tax is getting smaller and smaller, but it's not zero, and that is the price we pay for this fast-track approach." The Finance Ministry called the split temporary and said it allows more assets to move sooner, stating, "The temporary distinction is justified because it is an interim step that will more quickly bring a larger portion of the assets" under capital gains tax.
How the crypto industry is reacting
Industry groups say the carve-out could drive quick exits. "Many of our major members are indeed very afraid of that," said Jan Scheele, a board member at the Blockchain Netherlands Foundation, an umbrella group for the entire Dutch blockchain business community, from startups to established firms. He noted how easily holdings can be shifted: "the beauty of crypto is that you can very quickly withdraw it from an exchange and deposit it somewhere else."
The sell-off "is very likely to happen, since the majority of crypto-holders do not want to be taxed on unrealized capital gains from a volatile asset," said Mauro Halve, chairman of NVC, the national association for licensed crypto service providers, whose members collectively oversee over 95% of crypto AUM in the Netherlands, including Bitvavo, Moonpay and Coinmerce.
Holland Gold's managing director, Paul Buitink, called the different treatment "unfair and legally questionable." Halve argued that "the line in the sand" drawn by Eerenberg is not fair, since "the same asset should have the same tax."
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Legal review and timing
Both crypto and gold advocates warn that taxing similar investments differently based on legal form could run into the same property-rights and anti-discrimination issues that led the Supreme Court to strike down the 2021 regime on assumed returns. The government's top legal adviser, the Council of State, is due to issue its view at the end of October, which could trigger revisions by the cabinet. NVC and Holland Gold have filed objections with the council and hope for changes.
Next steps are tight. A vote in the House of Representatives is set for Nov. 12, and the Senate is expected to decide before year-end. Eerenberg's plan is still subject to change.
What this could mean for your portfolio
The new approach that brings 90% of financial assets into capital gains would initially bring in €3 billion less per year than the earlier idea of taxing annual paper gains on shares and bonds. If Dutch taxpayers cut their crypto exposure, the medium-term gap could grow. By October 2025, €1.2 billion in crypto securities was held by Dutch companies, institutions and households, according to the Dutch central bank.
In plain English: the Netherlands is moving toward the same capital gains model used across most of Europe, and many investors prefer it to taxing not-yet-realized profits. But the stopgap treatment for crypto and gold, plus the legal checks and a year-end legislative finish line, means the final shape - and its impact on your portfolio mix and tax bill - is still in motion.
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