行业团体警告称，如果加密货币这一资产类别被排除在向新的、对投资者友好的财富税转型之外，荷兰投资者很可能会抛售其加密货币。
Dutch investors will likely ditch their cryptocurrency if the asset class is carved out of a shift to a new investor-friendly wealth tax, industry groups are warning.
根据政府目前的提案，加密货币投资者连同黄金和外币投资者，将继续就未实现收益缴纳年度税款，至少持续到2030年。相比之下，加密货币关联的交易所交易产品将适用新的资本利得税制。
Under current government proposals, investors in crypto, along with gold and foreign currencies, will continue to pay an annual levy on unrealized gains until at least 2030. Crypto-linked exchange-traded products, by contrast, would fall under the new capital gains regime.
“我们许多主要成员确实非常担心这一点，”代表荷兰区块链生态系统中所有初创企业和公司的荷兰区块链基金会董事会成员Jan Scheele表示。这种转变发生得也可能很快，因为“加密货币的美妙之处在于，你可以非常快地从交易所提走它，并存放到别处。”NVC主席Mauro Halve称：“抛售极有可能发生，因为大多数加密货币持有者不愿就一种波动性资产的未实现资本利得纳税。”
NVC是荷兰受监管加密服务提供商行业协会，其成员代表该国加密货币领域超过95%的管理资产，包括Bitvavo、Moonpay和Coinmerce。
“Many of our major members are indeed very afraid of that,” said Jan Scheele, board member of the Blockchain Netherlands Foundation representing all start-ups and companies across the Dutch blockchain ecosystem. Such a shift could happen fast too, as “the beauty of crypto is that you can very quickly withdraw it from an exchange and deposit it somewhere else.”The sell-off “is very likely to happen, since the majority of crypto-holders do not want to be taxed on unrealized capital gains from a volatile asset,” said Mauro Halve, chairman of the Dutch trade association of regulated crypto service providers NVC, whose members represent over 95% of the assets under management in the nation’s crypto sector, including Bitvavo, Moonpay and Coinmerce.
荷兰计划到2028年从对账面利润征税转为对股票、债券和期权等投资实行资本利得税，即在出售时纳税。这一转变将使荷兰与大多数其他欧洲国家保持一致，因其比对账面或理论利润征税更公平、更简单，受到投资者欢迎。尽管如此，荷兰政府为匆忙推进财富税改革，可能在多年围绕未实现收益征税的法庭斗争后，为新的法律挑战敞开大门。
The Dutch plan to move from a tax on paper profits to a capital gains tax, paid upon sale for investments like shares, bonds and options by 2028. The switch will bring the Netherlands in line with most other European countries and has been welcomed by investors for being fairer and simpler than taxing paper or theoretical profits. Still, in a rush to push through the wealth-tax reform, the Dutch government could potentially open the door to fresh legal challenges, after years of court battles over the taxation of unrealized gains.
根据两个行业组织的说法，仅因法律结构不同而对经济性质相似的投资实施差别化待遇，可能会触犯最高法院2021年裁定推翻此前针对假定收益征税时所依据的同一财产权和反歧视原则。
Treating economically similar investments differently based on their legal structure could raise questions under the same property rights and anti-discrimination principles that led the Supreme Court to rule against the previous tax on assumed returns in 2021, according to both industry groups.
“这种暂时性的区分是合理的，因为它是一个过渡步骤，将使更大比例的资产更快纳入资本利得税范围，”财政部一位发言人告诉彭博社。
“The temporary distinction is justified because it is an interim step that will more quickly bring a larger portion of the assets” under capital gains tax, a spokesperson for the Finance Ministry told Bloomberg.
此前对财富税的一项修改包含一个法律框架，允许迅速对荷兰纳税人持有的90%金融资产（如股票和债券）引入资本利得税，但不包括加密货币和黄金在内的一系列其他资产。税务国务秘书Eelco Eerenberg表示，如果没有这个框架，就没有足够的时间在2028年转为征收资本利得税。
A previous change to wealth taxes included a legal framework that allowed the quick introduction of capital gains tax for 90% of financial assets held by Dutch taxpayers, such as shares and bonds, but not for a range of other assets including crypto and gold. Without this framework, there is not enough time to switch to capital gains tax in 2028, according to Tax Secretary Eelco Eerenberg.
Eerenberg说：“尚未纳入资本利得税征收范围的人群正变得越来越小，但并非为零，这是我们为这种快速通道方案付出的代价。”
“The group of people who will not yet be subject to capital gains tax is getting smaller and smaller, but it’s not zero, and that is the price we pay for this fast-track approach,” Eerenberg said.
荷兰最大的贵金属零售商之一Holland Gold的总经理Paul Buitink认为，这种区分“不公平且在法律上存疑”。Halve补充说，Eerenberg划定的“红线”不公平，因为“同一资产应适用同一税收”。Eerenberg的方案尚未最终确定，仍可能变动。作为政府最高法律咨询机构的国务委员会预计将于10月底就该立法发表意见，这可能会促使内阁修改提案。NVC和Holland Gold均已向委员会提交异议，并希望该程序仍能带来改变。
Such a distinction is “unfair and legally questionable,” according to Paul Buitink, managing director of Holland Gold, one of the biggest precious metal retailers in the country. Halve added that “the line in the sand” that Eerenberg draws is unfair, as “the same asset should have the same tax.”Eerenberg’s plan is not yet final and could still change. The Council of State, the government’s highest legal advisory body, is expected to issue its opinion on the legislation at the end of October, potentially prompting the cabinet to revise its proposal. Both the NVC and Holland Gold submitted objections to the council and hope the process could still lead to changes.
众议院定于11月12日就税收方案进行表决，随后将由参议院在年底前批准该立法。
The House of Representatives is scheduled to vote on the tax plans on Nov. 12, leaving the Senate to approve the legislation before the end of the year.
对90%金融资产改征资本利得税，最初每年将比此前对股票和债券未实现收益征收年度纸面利得税的方案少产生30亿欧元（约合34亿美元）的收入。荷兰纳税人减持加密货币可能会在中期内扩大这一差距。据荷兰中央银行数据，截至2025年10月，荷兰企业、机构和家庭持有12亿欧元的加密证券。
The switch to capital gains tax for 90% of financial assets will initially generate €3 billion ($3.4 billion) less a year than under a previous proposal of an annual paper profits tax on shares and bonds. A reduction in crypto holdings by Dutch taxpayers could widen this gap in the medium term. Dutch companies, institutions, and households held €1.2 billion in crypto securities by October 2025, according to the Dutch central bank.