Now it is not enough for crypto companies to open an office in Greece to start or continue activities. According to the new HCMC requirements, cryptocurrency exchanges, wallet operators and other virtual assets service providers (VASP) must take a work license without fail. The applicants are required to come to a preliminary meeting with the officials of the commission, and then provide a detailed business plan, information about shareholders and management, as well as about measures taken to protect client funds.
Applications without the necessary documentation and similar information will be rejected, says Greek legislation. The regulator must make a decision on the application within 40 business days. Platforms that have not received a license will be forbidden to provide cryptocurrency services to customers from Greece. This applies even to large international exchanges with millions of users, such as Binance, the regulator announced.
The Greek control of money laundering and independent management of state revenues of Greece will now be able to track capital flows and check the source of receipt of funds, and in case of suspicious activity, freeze digital assets.
Greece authorities study the possibility of introducing VAT in 24% for some services related to cryptocurrencies. In addition, individuals may oblige to report on digital assets in tax returns. This fall, Greece authorities are going to decide on the taxation of cryptocurrencies. Last year, the Ministry of Economics and Finance of Greece proposed levying a tax of 15% on profit from cryptocurrency trading.
Source: Bits
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