A new bill from the Ministry of National Economy and Finance, focusing on bolstering Capital Markets and introducing cryptocurrency regulations, is approaching completion. The proposal was discussed last week and is expected to enter public consultation soon.
Key provisions of the bill aimed at strengthening the Capital Markets include:
– Incentives to enhance Stock Exchange operations, boost demand, and attract more company listings.
– Institutional upgrades for oversight mechanisms (Hellenic Capital Market Commission and Bank of Greece) following international and European standards.
– Measures to safeguard investors involved in crypto-assets.
Regarding cryptocurrencies:
– The MiCA Regulation 2024/1114, setting out rules for the cryptocurrency market, is now active.
– Additional measures for investor protection in crypto-assets are being implemented.
– Supervisory authorities—either the Hellenic Capital Market Commission or the Bank of Greece—are designated for oversight, with penalties introduced for illegal activity.
– A specialized framework for taxing cryptocurrencies will be introduced in 2025.
It is also noted that a special working group was formed by the Ministry of Finance in February 2024. Although it suspended operations in August, the group resumed activity in fall of 2024.