THE DUTCH CABINET MOVES SHARES, BONDS AND OPTIONS TO A TAX ON SALE FROM 2028 — ITS LETTER NEVER NAMES CRYPTO — UNDER THE BILL ALREADY THROUGH THE LOWER HOUSE, BITCOIN IS TAXED AT 36% EACH YEAR ON GAINS NOBODY SOLD — THE REST SWITCHES IN 2030

The Dutch cabinet sent parliament a letter dated September 29, 2026 on how it will tax savings and investments, the system called Box 3. From 2028 the tax on gains when you sell "is extended to all financial instruments (including shares, bonds and options)." In 2030 the remaining assets follow. The tax-free return drops to €1,000 from 2028, and tax-free wealth for 2027 goes back to €30,846. (Translations ours.)

The letter never mentions crypto. That matters because of what it amends. The Box 3 bill the lower house passed on February 12, 2026 sets a 36% rate and taxes most assets every year on their change in value, sold or not. Real estate and startup shares were taxed only when sold. Crypto sat with everything else, on the yearly bill.

Read as written, shares move to tax-on-sale in 2028 and bitcoin waits until 2030. That is our reading, shared by Dutch crypto outlets, and DutchNews cites Dutch media reports putting crypto's switch in 2030. The cabinet has not said. For a single filer, a €10,000 paper gain in 2028 would owe €3,240, with nothing sold to pay it.

A tax on gains nobody has taken can force people to sell to pay it. The amending bill still has to be filed, and the letter says it must pass the Senate by December 31. At the time of this writing, bitcoin was $84,012.