Cryptocurrency Regulations in Greece Prior to 2023

Prior to 2023, the legislative landscape for cryptocurrencies in Greece was marked by a lack of specific regulations, with digital currencies falling under the existing legal frameworks for financial transactions and securities.

Legal Status of Cryptocurrencies: Cryptocurrencies were legal in Greece, but they were not recognized as legal tender. This meant individuals and entities could own and trade digital currencies like Bitcoin, Ethereum, and others. However, there was an absence of dedicated laws or regulations specifically pertaining to these digital assets​​.

General Financial Laws Apply: Despite the absence of specific cryptocurrency laws, general rules regarding financial transactions, taxation, and securities applied to cryptocurrency activities. Consequently, any illegal activities involving cryptocurrencies, such as fraud or money laundering, were subject to the same legal repercussions as traditional financial crimes​​.

Lax Regulatory Environment Compared to EU Standards: The regulatory environment for cryptocurrencies in Greece was relatively relaxed compared to other European countries. While there were no specific regulations for cryptocurrencies, the Greek government had expressed intentions to develop a legal framework for digital currencies. Additionally, as a member of the European Union, Greece was subject to EU-wide regulations on cryptocurrencies​​.

Cryptocurrency Trading Regulations: Trading in cryptocurrencies was legal, with traders required to adhere to general financial transaction rules. This included proper reporting of profits for tax purposes and compliance with any applicable EU-wide regulations on cryptocurrency trading​​.

Cryptocurrency Gambling in a Gray Area: The use of cryptocurrencies for gambling existed in a legal gray area. Online gambling was legal in Greece, but the use of cryptocurrencies in gambling activities was not explicitly addressed in the laws. Therefore, these activities fell under general gambling and financial transaction regulations. Legal experts’ consultation was recommended for those engaging in cryptocurrency gambling​​.

In summary, the cryptocurrency environment in Greece before 2023 was characterized by legal permissiveness within the broader financial legal framework, but without specific regulations or protections for cryptocurrency activities. The government’s approach was more open compared to other EU nations, with a future intent to develop more defined legal frameworks for digital currencies.