The Countries Where Crypto Investors Pay the Most Taxes in 2025

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Iceland has been named the world’s most heavily taxed country for cryptocurrency investors, taking $6,900 from every $15,000 in capital gains, according to a new global analysis.

Current State of Global Crypto Taxation

A November 2025 analysis by platform Atmos reviewed tax rules in 48 countries and calculated how much each jurisdiction would charge from a standard profit scenario to determine which markets impose the heaviest burdens on crypto holders. 

European nations dominated the rankings, occupying nine of the top 10 positions. Atmos also highlighted India as the market with the largest potential crypto tax revenue due to its 30% rate and its estimated 93.5 million crypto users. 

Atmos CEO Nick Cooke said governments risk driving away capital and innovation if taxes are set excessively high.

“The cryptocurrency tax race mirrors what happened with corporate tax havens decades ago: capital flows to the most favorable jurisdictions. Governments need to recognize that crypto assets are highly mobile, and excessive taxation pushes wealth and innovation to more welcoming countries. Regions that can collect reasonable taxes without driving away crypto businesses and investors will likely come out ahead in the digital economy.”

Nick Cooke, CEO, Atmos

Top 5 Countries in heaviest crypto taxation

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The analysis found that the top five all located in Europe and each reports relatively low cryptocurrency ownership rates.

• Iceland
  • Tax rate on $15,000 capital gain: 46%
  • Tax paid: $6,900
  • Net capital gain: $8,100
  • Crypto ownership rate: 0.97%
  • According to the study, Iceland has a progressive tax system; 40% on gains up to $7,000 and 46% on amounts above.
  • Iceland is the world’s most expensive country for crypto investors, with adoption below 1%.

• Belgium
  • Tax rate on $15,000 capital gain: up to 50% depending on trading classification
  • Tax paid: $4,950
  • Net capital gain: $10,050
  • Crypto ownership rate: 1.4% (≈168,000 people)
  • With its complex tax rules, the study noted Belgium as the second-highest taxed country on crypto gains.
• Ireland
  • Tax rate on $15,000 capital gain: 33% flat
  • Tax paid: $4,950
  • Net capital gain: $10,050
  • Crypto ownership rate: 1.1%
  • The report noted that low adoption reflects how high taxes may discourage crypto use.
• Netherlands
  • Tax rate on $15,000 capital gain: 31%
  • Tax paid: $4,650
  • Net capital gain: $10,350
    Crypto ownership rate: 2.8% (≈500,000 people)
  • Atmos noted that adoption is higher in the Netherlands than in other high-tax European nations.
• Finland
  • Tax rate on $15,000 capital gain: 30–34% tiered
  • Tax paid: $4,500
  • Net capital gain: $10,500
  • Crypto ownership rate: 1.4% (≈77,000 people)
  • According to the report, Finland has a two-tier system that applies 30% for gains between $1,000–$30,000 and 34% above that.

Where is PH now in Crypto Tax and Regulation

In June, the Philippines expressed its plans to adopt the international Crypto-Asset Reporting Framework (CARF) by 2028 to strengthen tax enforcement and prevent cross-border crypto tax evasion, the Department of Finance said. 

• Then-Finance Secretary Ralph Recto emphasized the need for faster, more robust systems as digital currency use grows among the country’s predominantly young population.
• Ralph Recto, who spearheaded the government’s crypto taxation and CARF adoption strategy, has recently been appointed Executive Secretary following the resignations of Lucas Bersamin and Amenah Pangandaman. His new role places him at the center of government operations while Frederick Go steps in as the new Finance Secretary.

In addition, Charlito “Charlie” Mendoza has been recently appointed the new BIR Commissioner, having previously led the Philippine delegation that committed the country to adopt the global Crypto-Asset Reporting Framework (CARF) by 2028. 

• The move was noted to be part of the government’s efforts to strengthen crypto taxation and combat cross-border tax evasion, as the BIR works to meet its 2025 revenue targets amid a growing digital asset market valued at roughly ₱6 trillion ($107 billion).

PH Crypto Regulation

Currently, cryptocurrencies in the Philippines are regulated under two distinct frameworks reflecting their dual use as payment instruments and investment products. 

The Bangko Sentral ng Pilipinas (BSP) oversees Virtual Asset Service Providers (VASPs), which handle crypto as money for exchanges, transfers, and wallet custody, focusing on anti-money laundering, consumer protection, and financial stability.

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Meanwhile, the Securities and Exchange Commission (SEC) regulates Crypto Asset Service Providers (CASPs), treating digital assets as securities. CASPs cover token offerings, trading platforms, brokerage services, and custody, with an emphasis on investor protection, market integrity, and technology standards. 

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Both regimes impose strict registration, compliance, and penalty requirements, creating a structured regulatory environment that clarifies obligations for businesses and protections for users.

This article is published on BitPinas: The Countries Where Crypto Investors Pay the Most Taxes in 2025

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