Cabinet postpones box 3 law, tax on crypto temporarily off the table

The consideration of the new box 3 law in the Senate has been halted. As a result, tax on unrealized gains from crypto will not be enforced for the time being. The coalition of D66, VVD, and CDA wants to first explore an alternative system. Box 3 concerns taxation on assets such as savings, stocks, and crypto. The current bill, which includes tax on actual returns and annual increases in value, faces political objections. A system is now being considered where tax is only paid upon the sale of assets at a profit. The postponement could cost the treasury between 2.4 and 2.5 billion euros annually. The crypto sector has previously criticized the proposal, as fluctuations in crypto prices would force investors to sell coins to pay taxes. Additionally, other budget plans have also been leaked, including reversing cuts to benefits and delaying the increase in the deductible in healthcare.

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