Netherlands to Tax Unrealized Bitcoin and Ethereum Gains at 36% from 2028
The Dutch parliament approved legislation that introduces a 36% tax on actual investment returns starting in 2028, and explicitly includes unrealized gains on assets such as BTC and ETH. Under the new rule investors will be liable for tax on paper profits, not only on proceeds from sales, shifting the timing and cash-flow consequences of holding volatile assets.
The move could force investors to re-evaluate crypto as a store of value, create liquidity pressures for those without cash to pay annual tax bills, and raise practical questions about valuation and accounting for highly volatile holdings. It also signals a broader push to capture investment income more aggressively; market participants and custodians will watch guidance on valuation methods and implementation closely, since enforcement and reporting will determine how disruptive the measure becomes in practice.