Lawmakers in the Netherlands have made significant advancements in shaping the taxation landscape for digital assets, following a decisive vote by the House of Representatives. On Thursday, the chamber approved legislation to impose a 36% capital gains tax on savings and various liquid investments, notably including cryptocurrencies. The proposal received widespread backing, amassing 93 votes—well above the 75 needed for progression.
This new tax framework is particularly notable because it applies to both realized and unrealized gains. Consequently, investors could face taxation on their crypto assets even if they haven’t sold them yet, a decision that has sparked immediate concern among financial circles.
However, the proposed measure still awaits approval from the Senate before it can be enacted, with implementation targeting the 2028 tax year. Despite the proposed timeline, investor reactions have surfaced rapidly. Critics argue that the tax could incentivize wealthy individuals to leave the country for jurisdictions with less onerous tax regimes, especially within the EU, where relocating is relatively feasible.
Entrepreneurs and investors have begun voicing their worries, citing historical precedents where similar tax measures led to significant capital flight. Denis Payre cited France’s experience in the late 1990s, where increased taxation drove businesses away. Crypto analyst Michaël van de Poppe characterized the proposal as “deeply misguided,” suggesting that it could lead to substantial migration of investors seeking more favorable environments.
Current financial projections underscore the potential negative impact on investors. Data indicates that an individual starting with €10,000 and contributing €1,000 monthly for 40 years could amass around €3.32 million without the tax. However, under the proposed 36% tax regime, the final value would plummet to approximately €1.885 million, a staggering reduction of around €1.435 million.
This debate over taxation mirrors discussions seen in other regions, such as the U.S., where technology and crypto industry leaders have actively opposed similar wealth taxes. Supporters of the Dutch initiative claim it aims to modernize how financial assets are taxed, while detractors contend it could deter long-term investments and undermine the Netherlands’ attractiveness as a hub for fintech and digital asset enterprises.
In recent years, Dutch investments in cryptocurrency have surged, reportedly reaching €1.2 billion by October 2025. This increase is mainly attributed to rising digital asset prices rather than an influx of new investors. Nevertheless, direct ownership of cryptocurrencies remains relatively limited compared to traditional assets, with crypto securities constituting only about 0.03% of the Netherlands’ overall investment market.
In line with the growing interest in crypto assets, Dutch firm Amdax recently raised €30 million ($35 million) to establish a Bitcoin treasury strategy aimed at accumulating up to 1% of the total Bitcoin supply. As the Senate prepares to weigh in, the future of cryptocurrency taxation in the Netherlands remains poised for heated debate and potential transformation.
