The Dutch House of Representatives has passed the Actual Return in Box 3 Act, a landmark reform that will tax residents at a flat 36% rate on actual returns from savings and investments beginning Jan. 1, 2028. Crucially, the law extends to cryptocurrencies, taxing both realized and unrealized gains.

Under the new system, Dutch investors will owe tax not only on income they receive but also on annual increases in the value of assets like bitcoin, ethereum and other digital tokens.

To illustrate, if a crypto portfolio rises by $11,850 (€10,000) in a year, that paper gain is treated as taxable income, even if the investor does not sell. However, real estate and qualifying startup shares are spared from this annual mark-to-market approach and are taxed only upon sale.

According to a report, this distinction has sparked concern among crypto holders, who argue the system could force them to liquidate assets simply to cover tax bills. Critics believe changes may force many crypto investors to consider relocating to jurisdictions with more favorable tax regimes. The government acknowledged liquidity risks in its explanatory memorandum but defended the approach as necessary to prevent billions in lost revenue.

The new law does, however introduces several measures aimed at softening the blow including a tax-free annual return of $2,130 to exempt small savers. It also introduces unlimited loss carry-forward for net losses above $590, allowing investors to offset downturns against future gains. Still, crypto advocates argue these provisions do little to address the fundamental problem of taxing gains that exist only on paper.

According to De Nederlandsche Bank, indirect crypto investments by Dutch companies, institutions and households reached $1.42 billion by October 2025, up from $96 million in 2020. Direct crypto holdings by the financial sector stood at $134 million in the third quarter of 2025.

While these figures represent just 0.03% of total Dutch securities holdings, the rapid growth points to the sector’s rising importance — and the potential impact of the new tax regime. The Dutch approach of taxing annual portfolio value changes, including crypto, is unusual by continental standards.

Officials, however, maintain that the long-term policy goal is to transition toward a realized capital gains model, but for now, taxing unrealized crypto gains is seen as the only viable option to safeguard public finances.

• How will crypto be taxed in the Netherlands from 2028? Dutch residents will pay a flat 36% tax on both realized and unrealized crypto gains each year.
• Does the law treat crypto differently from real estate or startups? Yes, crypto gains are taxed annually, while real estate and qualifying startup shares are taxed only when sold.
• What protections exist for small savers and investors? The law exempts the first $2,130 of annual returns and allows unlimited loss carry‑forward above $590.
• Why are Dutch crypto holders worried? Taxing paper gains could force investors to sell assets just to cover tax bills, driving some to consider relocating.

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