Opinion
A rule you cannot explain is a bad rule
Anyone holding crypto in Belgium or the Netherlands can rarely say with certainty what they owe. Not out of unwillingness, but because the rules lean on concepts that only gain meaning afterwards.
This is an opinion piece. It reflects the author's view and is not investment advice.
Two systems, two kinds of uncertainty
In Belgium everything hinges on whether you acted as a prudent private investor. That is not a measurable line but a judgement, and the judgement arrives once your file is already open.
In the Netherlands the line is measurable, yet the outcome feels arbitrary: a portfolio that peaked on 1 January and halved by March is taxed as if that gain still exists.
Why a reference date can distort
Illustrative portfolio value around the Dutch reference date.
The test that would help
An explainable rule has three properties: you can apply it in advance, you do not need an adviser, and two people with the same facts reach the same outcome.
Neither system meets all three today. That is not a technical defect but a democratic problem: taxation should be predictable.
Explainability test
| Criterion | Belgium | Netherlands |
|---|---|---|
| Applicable in advance | No | Yes |
| Understandable without an adviser | No | Partly |
| Same facts, same outcome | Uncertain | Yes |
| Matches economic reality | Partly | No |
What could change in practice
Belgium could give normal management concrete indicators: number of transactions, share of borrowed money, use of leverage. Not a perfect line, but a workable one.
The Netherlands could move closer to real returns by using several measurement moments, so one accidental peak day does not define the year.
- Concrete indicators instead of open norms
- Several measurement dates instead of one
- Mandatory standard annual statement from platforms
- Advance certainty through a simple test
Until then: document everything
While the rules stay vague, your records are your only defence. Export transactions yearly, keep balances per platform and note the price source you used.
That is not advice to pay less, but to be able to show why you paid what you paid.
Najczęstsze pytania
What does normal management mean in Belgium?
The management a prudent private individual applies to their own wealth. It is assessed case by case and not fixed in numbers.
Why is the Dutch reference date contested?
Because a single moment each year sets the levy, so a temporary peak or dip strongly distorts the result.
Is this article tax advice?
No. It is an opinion piece; always check your own situation with a tax adviser or the tax authority.
About the author
Veerle sprak jarenlang met vermogensbeheerders en pensioenfondsen. Ze schrijft over institutionele adoptie, custody en risicobeheer.