On October 17, 2023, the European Council approved the so-called DAC8 Directive, which enables the automatic exchange of data (with tax authorities) regarding crypto activities.
Implementation is scheduled during 2025, with effect from January 1, 2026. Belgium will adhere to that date as well.
What Does the Reporting Obligation Involve?
Providers of services related to crypto assets (essentially platforms, but likely also certain intermediaries) will be required to report the crypto transactions they facilitate, along with personal information (identification data, wallet addresses) of users on their networks and platforms.
Transactions must be reported in a standardized format per type of crypto asset, with a breakdown between incoming and outgoing transactions. It must also be specified whether a transaction concerns crypto-to-crypto transfers or conversions of crypto into traditional currencies (USD, EUR, etc.).
The reporting must also include the transaction history of the crypto assets.
This information will need to be exchanged annually, in principle by January 31 of the following year. So practically, the first deadline will be January 31, 2027.
Obligation to Report Crypto Accounts to the National Bank
Until recently, individuals had to report their foreign financial accounts to the Central Contact Point (CAP) of the National Bank of Belgium, but crypto wallets were often excluded—unless their structure resembled that of a bank account.
From 2026 onwards, this reporting regime will be expanded. Crypto accounts held with foreign platforms or wallets will not only need to be declared in the tax return but also registered via the CAP.
Additionally, the tax authorities will gain access to this same data through DAC8’s automatic exchange mechanism.
Many already sense what’s coming...
Tax Treatment of Capital Gains on Crypto Assets
It seems likely that the Belgian tax authorities—in their endless search for new revenues—will conduct thorough audits starting in 2027 on parties who, in one way or another (voluntarily or not…), will have informed the tax authorities of the existence of a crypto wallet or of income received from crypto transactions.
The new federal government has introduced a range of measures that will tax capital gains on certain financial assets. Crypto assets will fall under this scope, and the resulting tax bill could be significant—especially in cases of dispute over the nature of the crypto transactions (private, speculative, professional).
Even previously accumulated capital gains may face taxation from 2026 onward, and for such situations the government also provides (again) a tax regularization procedure. Such a regularization will typically result in taxation of (non-prescribed) profits at 33% (the normal rate for speculative operations), increased by a penalty of 30%, totaling a painful 63%...
Probably no one will be eager to face this scenario—and understandably so. Governments have left their citizens in complete legal (and fiscal) uncertainty regarding crypto assets for years, only to now severely penalize the brave investors and risk-takers of the past. A story all too familiar in high-tax countries like Belgium.
Keep in mind, however, that this new Belgian capital gains tax applies under personal income tax: only Belgian tax residents (natural persons) will be affected.
Time for Analysis and Action!
Anyone concerned they may fall into one of the scenarios described above—now or in the future—but is unsure, would be wise to seek professional support this year and thoroughly assess their situation in order to identify proper and legally compliant solutions if needed.
This advice applies not only to Belgians, but essentially to all EU citizens, as the rules are becoming harmonized almost everywhere—even beyond the Union.
Vanbelle Law Boutique has built a strong and effective global network in recent years, focused on crypto assets, their users, and service providers in the broadest sense. Solutions are often found in an international context. Do not hesitate to contact us for an initial consultation and screening of your situation—before it's too late!
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