Ljubljana, April 30, 2025 – The initiative, composed of the Bitcoin Association of Slovenia, Blockchain Alliance Europe, Blockchain Think Tank, and community members (hereinafter: the initiative), expresses grave concern regarding the substantive, legal, and procedural shortcomings of the draft Law on Capital Gains Tax from the Disposal of Crypto Assets (ZDDOKS), which is currently undergoing legislative review. We believe that the law is not based on a comprehensive market analysis, is inconsistent with the Constitution of the Republic of Slovenia in several areas, and poses a risk to the development and competitiveness of Slovenia’s digital economy.
It is of utmost importance that Bitcoin – as has already been recognized by numerous countries, including the USA – is acknowledged as a unique and distinct digital financial asset due to its dual nature. Furthermore, the diversity of other categories of crypto assets must also be considered.
The initiative believes that, at this stage, the draft law in its current form – which remains substantively underdeveloped, legally inadequate, and flawed – should be withdrawn from the legislative process. Broader participation and discussion should be enabled to shape a new legislative proposal based on clear legal definitions, equitable treatment of comparable situations, and alignment with similar legal and tax frameworks. Such a proposal would allow for the legitimate, everyday, and secure use of digital assets.
The initiative proposes that the law’s proponent ensure the inclusion of experts and industry stakeholders in future legislative processes. The initiative is willing to meet with the Minister, the committee responsible for drafting legislative materials, and the legislative and legal service of the National Assembly.
This press release is based on the comments regarding the proposed ZDDOKS submitted to the Ministry of Finance by the initiative on April 30, 2025. An executive summary of the comments is provided below.
Representatives of the initiative:
- Anton Čepon, President of the Bitcoin Association of Slovenia
- Tanja Bivic Plankar, President of Blockchain Alliance Europe
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Comments on the Draft Law on Capital Gains Tax from the Disposal of Crypto Assets (EVA 2025-1611-0039)
Submitted by the Bitcoin Association of Slovenia and Blockchain Alliance Europe to the Ministry of Finance.
- BITCOIN – WHY IT IS DIFFERENT
Bitcoin is a unique decentralized digital asset used as a store of value and a means of payment. Its origin, technical design, economic function, and independence from state control distinguish it from other crypto assets. - ORIGIN OF BITCOIN
Bitcoin was created in 2009 as a decentralized system without a central authority. Its creation was fully transparent and did not grant any privileges to its founders. - SOCIAL ASPECT
As a decentralized system, Bitcoin enhances individual financial freedom by enabling direct payments without intermediaries and by preventing transaction censorship. - TECHNICAL ASPECT
Bitcoin operates on blockchain (distributed ledger) technology and a proof-of-work protocol, ensuring a high level of decentralization and network security. - ECONOMIC ASPECT
Bitcoin fulfills all three fundamental functions of money: it is a store of value, a medium of exchange, and a unit of account. Its price volatility is steadily declining, making it inappropriate to categorize it as a high-risk investment. - BITCOIN AS A LONG-TERM SAVINGS VEHICLE
Bitcoin has a predictable monetary policy and time-limited supply inflation, positioning it alongside gold as an optimal asset for long-term value preservation. - WHY BITCOIN IS NOT A CAPITAL INVESTMENT
Bitcoin does not generate income from dividends or interest; its value is purely determined by market dynamics. It is a monetary asset, not a capital one. - COMPARISON OF BITCOIN AND GOLD AS INVESTMENT ASSETS
Bitcoin and gold share economic characteristics: limited supply, decentralization, and a role as a store of value. Their difference in physical nature does not justify differing tax treatments. - BITCOIN AS A MEANS OF PAYMENT
Bitcoin is not only an investment; it is also used daily for payments, functioning similarly to foreign currencies or cash. Differentiated tax treatment of payments contradicts the principle of equality. - SPECIFIC COMMENTS AND PROPOSED CHANGES TO THE DRAFT LAW
- Regarding Article 8 (definition of crypto assets):
Propose that bitcoin be excluded from the general definition due to its unique nature. It should be treated as a decentralized digital commodity comparable to investment gold. - Regarding Articles 6 and 9 (disposal and transactions):
Propose an exemption for everyday bitcoin payments (e.g., up to €10,000), as it functions like digital cash and should be treated similarly to currency exchanges. - Regarding Articles 13 and 29 (reporting of holdings):
Mandatory disclosure requirements are an excessive intrusion into individual financial privacy, disproportionate to the tax objectives. Propose the removal of the general obligation to report holdings. - Regarding Article 14 (tax rate):
The 25% rate is too high given bitcoin’s function as a store of value. Propose a progressive tax scale or full exemption for long-term holdings, similar to the treatment of gold.
- PROPOSAL FOR COOPERATION IN THE FURTHER PREPARATION OF LEGISLATIVE MATERIALS
The initiative expresses its readiness to cooperate in preparing legislative amendments that respect the specific characteristics of bitcoin and contribute to a fair, professional, and economically sound legal framework.
Contact email: tajnistvo@bitcoin.si
Vrhnika, April 30, 2025
Representatives of the initiative:
- Anton Čepon, President of the Bitcoin Association of Slovenia
- Tanja Bivic Plankar, President of Blockchain Alliance Europe
