01The context
Following a European Parliament resolution of 28 April 2026, the Commission is exploring crypto-asset taxation as a new own resource (sheet 48 of the 2028-2034 MFF). Estimates are preliminary and tentative, and unanimity at Council is required for all options.
€3–4bnper year
Estimated yield of a 0.1% transaction tax.
€1–2.4bnper year
Estimated yield of a capital gains tax.
2027DAC8
Reporting data available from.
02Two design options
| Option 1 — Transaction tax | Option 2 — Capital gains tax | |
|---|---|---|
| Tax base | Volume of transactions per reportable user | Realised capital gains on crypto disposals |
| Rate / mechanism | 0.1% of transaction value | Replaces or layers on top of national regimes |
| Collection / complexity | Withheld by reporting providers and paid to the national tax authority | Requires harmonised asset categorisation across 27 member states; taxable events, FIFO / LIFO / average cost, loss treatment |
| Scope | MiCA Title II assets (BTC, ETH, utility tokens); stablecoins excluded | Stablecoins excluded (designed to hold stable value) |
| Estimated yield | €3–4bn a year (EU, 2025 basis) | €1–2.4bn a year (DAC8 impact assessment, 2022) |
Both options require prior sectoral legislation (Art. 113/115 TFEU, unanimity) before an Own Resources Decision under Art. 311 TFEU.
03Critical assessment: risks and structural limits
| Estimated annual revenue (€bn, 2025 prices) | |
|---|---|
| Transaction tax (0.1%) | 3.5 |
| Capital gains tax | 1.7 |
| Online gambling (reference) | 1.9 |
| Digital services tax (reference) | 5 |
- Revenue volatilityCrypto market swings create year-on-year revenue variations, incompatible with a predictable financial framework. A transaction tax is less volatile than a capital gains tax.
- Displacement riskDEX activity (around 20% of centralised exchange volumes) escapes the MiCA / DAC8 perimeter; self-custody wallets and DeFi remain untaxable. Real yield will likely fall short of projections.
- Governance bottleneckA triple unanimity constraint (sectoral law, own resources decision, member state ratification) and no DAC8 data before 2027: realistic entry into force in 2030–2031 at the earliest.
Sources : European Commission, 2028-2034 MFF (sheet 48); European Parliament resolution of 28 April 2026; OpenbanQ analysis.