Dutch shareholders breathe. After months of revolt, The Hague is proposing to give up taxing their unrealized gains each year. From 2028, the tax would only fall on sales. For bitcoins kept in a wallet, nothing is decided. Seen from France, where the debt is breaking record after record, the file looks like a preview.
This article contains affiliate links allowing you to support the daily work of the Journal du Coin teams.
The law which wanted to tax winnings remaining on the screen
In the Netherlands, the tax authorities do not look at what your savings really earn. It starts from a flat rate return, set at 6% for cryptos in 2026, and taxes this supposed gain.
In 2021, the Supreme Court ruled this system illegal. The government had to find a replacement for him.
The Lower House voted on its response on February 12, 2026. From 2028, the increase in the value of assets would be taxed each year at 36%, even without any sale.
Concretely, your bitcoin takes €100,000 over the year. You don't sell anything. The tax authorities are asking you for €36,000.
The vote surged well beyond the Netherlands. On X, Shopify boss Tobi Lütke spoke of “the stupidest thing any government on Earth is pursuing right now.”
The final blow came from within. On February 25, Finance Minister Eelco Heinen released his own government's text. “I think something just went wrong.” I think the law cannot pass as it stands. »
The Senate debated it on June 30, without voting on it. The text remained blocked. In the meantime, the lump sum return remains the rule.
Bitcoin, largely forgotten in the September 29 plan
On September 29, the government presented its plan to unblock the file. He is still asking the Senate to adopt the February law, with a major correction. From 2028, shares, bonds and options would be taxed only on sale, on the capital gain actually pocketed.
For everything else, the annual tax on unrealized gains would come into force in 2028. These assets would remain there for 2 years, before in turn switching to the sales tax in 2030. A single vote from the Senate, hoped for before December 31, would validate the two regimes at once.
In the government letter, cryptos do not appear anywhere. In European law, they have their own category, governed by the MiCA regulation. A bitcoin product listed on a stock exchange, such as an ETF, is one of the financial instruments.
The first analyzes published in the Netherlands draw the logical conclusion from this.
The listed product would be subject to sales tax from 2028. Bitcoin purchased on an exchange or kept in a wallet would be taxed each year on its unrealized gains, until 2030.
In France, debt is breaking records, as is fiscal imagination
On the French side, the figures are dizzying. Public debt reached 119% of GDP at the end of June, a record. The government is seeking 54 billion euros to complete the 2027 budget.
Matignon promises “fiscal stability”. MPs have already proven that they know how to innovate.
On October 31, 2025, the Assembly voted for an annual tax of 1% on “unproductive wealth” above 1.3 million euros. Cryptos, gold and life insurance were there, even without any sales. The measure skipped the final budget, promulgated in February 2026. Crypto capital gains remain taxed on sale, at 31.4%.
With a debt expected at 121.7% of GDP in 2027, all it would take is an amendment for the taxation of unrealized gains to be debated in the Assembly.
The day the tax exceeds the wallet
Direction Amsterdam. Dutch tax resident, you purchased €50,000 worth of bitcoin. As of December 31, they are worth €150,000, and the tax authorities expect their €36,000 the following year.
In the meantime, the market has fallen by 80%. Your position is now only worth €30,000. The tax claimed may therefore exceed the value of your entire portfolio.
To pay, you sell all of your bitcoins, then draw from your savings. All for a profit that you have never received.
The law does provide for a carryover of losses. The €120,000 stolen will reduce the tax on your future earnings. You still need to have a wallet left to generate it: yours is gone to pay the bill.
The crash of the example, bitcoin has already experienced it
Bitcoin lost more than 75% twice, between 2017 and 2018 then between 2021 and 2022. Closer to home, it lost around half of its value between October 2025 and April 2026.
Tax or not, a fully exposed portfolio takes these falls head on. With already substantial capital, experiencing these reversals can be stressful and tiring.
Some crypto investors have made another choice: to stay in the ecosystem without suffering its volatility. Loaned in DeFi, stablecoins make it possible to aim for a return independent of the direction of the market. It is these types of strategies that the 25% Club documents for its members.
The 25% Club is a private club of more than 150 investors who manage their stablecoin savings via DeFi, with a goal of 15 to 25% per year, without directional exposure, by devoting a few hours per quarter.
How it works in practice:
A public portfolio of $100,000 monitored in real time: all decisions are documented and explained.
DeFi opportunities analyzed: you follow step-by-step video guides to invest in selected protocols.
Control of your funds: you remain in control of your capital, no third party has access to your wallet.
👉 Discover the 25% Club method
The Dutch Senate, which could decide before December 31, will say whether bitcoin remains taxed on its unrealized gains.
