Dutch lawmakers have approved a new tax law that will impose a 36% levy on actual investment returns, including both realised and unrealised gains from cryptocurrencies such as Bitcoin and Ethereum.

The law, called the Actual Return in Box 3 Act, takes effect on 1 January 2028 and applies annually, meaning investors will owe tax even if assets are not sold.

Real estate and startup shares are exempt from mark-to-market taxation, raising concern among crypto investors. Critics say taxing paper gains may force investors to sell assets or consider moving…