Netherlands Box 3 Plan Could Tax Crypto and Physical Gold at 36% on Unrealized Gains Every Year - CCN.com

The Netherlands is considering changes to Box 3, its wealth-tax regime, that could significantly alter how crypto and physical gold are taxed. Under the reported plan, both asset classes would fall under a 36% tax applied to unrealized gains — meaning investors could owe tax on paper profits each year, even if they haven't sold anything. That would mark a notable shift from taxing realized gains at the point of sale.

For markets, the key issue is cash flow. Annual taxation of unrealized gains can force holders to sell assets simply to meet a tax bill, a dynamic that may weigh on long-term holding behavior and reduce demand for assets held primarily as stores of value. Physical gold and crypto are both commonly held for exactly that purpose.

What to watch: whether the proposal becomes law, how unrealized gains would be calculated, and whether any exemptions or thresholds apply. Implementation details will determine the real-world impact far more than the headline rate.