Quick Answer
Yes, cryptocurrency is legal in Greece but is regulated.
- It is not legal tender but is treated as a digital asset.
- Buying, selling, and mining are allowed if AML/KYC rules are followed.
Legal Status of Crypto in Greece
In Greece, cryptocurrency is legal but operates in a developing regulatory space often described as a regulatory gray area. While activities like buying, selling, and holding crypto are permitted, digital currencies are not considered legal tender and function more as a digital asset based on contractual agreement. The existing legal framework is primarily built around anti-money laundering (AML) and counter-terrorist financing (CTF) obligations, which are enforced by authorities such as the Hellenic Capital Market Commission and the Bank of Greece. This landscape is set to evolve further with the full implementation of the EU's comprehensive Markets in Crypto-Assets (MiCAR) regulation.
Current Regulations
Greece's current crypto regulations are primarily shaped by European Union directives rather than a standalone national law, with a strong focus on anti-money laundering (AML) and counter-terrorist financing (CTF) rules. The key domestic legislation is Law 4557/2018, which implements the EU's AML directives and mandates that Virtual Asset Service Providers (VASPs) register with the Hellenic Capital Market Commission (HCMC). This regulatory landscape is poised for a significant update with the full application of the EU's Markets in Crypto-Assets (MiCAR) regulation from December 30, 2024, which will introduce a comprehensive framework for crypto-assets and their service providers across the union.
Regulatory Authorities
Several key authorities are responsible for enforcing Greece's crypto regulations, each with distinct oversight functions.
- Hellenic Capital Market Commission (HCMC): The HCMC is the primary regulatory body responsible for registering and supervising Crypto Asset Service Providers (CASPs) to ensure they comply with AML/CTF obligations. It also oversees the implementation of the EU's DLT Pilot Regime and works to ensure market integrity in the crypto space.
- Bank of Greece (BoG): The Bank of Greece regulates entities involved in payment systems and oversees crypto-assets that could pose a systemic risk to financial stability. It also supports innovation through a regulatory sandbox and a FinTech Innovation Hub, allowing for the controlled testing of new technologies like blockchain.
- Hellenic Financial Intelligence Unit (FIU): The Hellenic FIU is the central unit for receiving and analyzing Suspicious Transaction Reports (STRs) from crypto firms. It plays a crucial role in AML enforcement by investigating high-risk crypto activities and illicit financial behavior.
Historical Context
Greece’s crypto regulation evolved from a hands-off approach to a structured, EU-aligned framework. Initially, interest surged during the 2015 debt crisis with no specific rules. The first key policy shift was the introduction of AML/CTF obligations under Law 4557/2018, which required crypto service providers to register. A more proactive stance was taken with Law 4961/2022, which provided the first legal definitions for blockchain and DLT. This move increased legal certainty and paved the way for Law 5113/2024, creating a framework for digital securities. The upcoming MiCA regulation will complete this transition, establishing a comprehensive system by late 2024.
Compliance Requirements for Businesses in Greece
Businesses operating in Greece, particularly those in the crypto space, must adhere to a strict set of compliance requirements derived from both national law and EU directives. The government guidance outlines several essential rules and procedures to prevent illicit financial activities.
Anti-Money Laundering (AML) Checks
The core of Greece's regulatory framework is built on robust AML checks. Key obligations include:
- Customer Due Diligence (CDD): Institutions must perform CDD for new and existing clients, especially for transactions of €15,000 or more and fund transfers exceeding €1,000. This involves verifying the identity of the client and the beneficial owner before establishing a business relationship.
- Suspicious Transaction Reporting: All businesses and their employees are required to immediately report any suspicious transactions or activities to the Hellenic Financial Intelligence Unit (FIU).
- Enhanced Due Diligence: Higher-risk scenarios demand stricter checks. This applies to Politically Exposed Persons (PEPs), cross-border transactions, and business relationships conducted without the client being physically present.
- Prohibition of Shell Banks: Financial institutions are explicitly forbidden from entering into or maintaining relationships with shell banks, as detailed in the AML laws and regulations.
Know Your Customer (KYC) Requirements
KYC rules are an integral part of the CDD process and are designed to confirm a customer's identity. Mandatory requirements include:
- Identity Verification: Before any transaction or business relationship is initiated, firms must verify a customer's identity and, where applicable, that of the beneficial owner. This includes collecting details like full name, date of birth, and nationality.
- Digital Onboarding: The Bank of Greece permits remote customer identification through secure methods like video conferencing or dynamic selfies, provided specific security and authenticity protocols are met.
- Beneficial Ownership Register: Legal entities are obligated to identify their ultimate beneficial owners and record this information in the Central Register of Beneficial Owners.
Other Mandatory Procedures
Beyond AML and KYC, businesses must implement several other compliance measures to operate legally:
- Compliance Programs: Institutions must establish and maintain a documented, board-approved AML/CFT policy and a comprehensive compliance program tailored to their specific risks.
- Compliance Officer: A competent executive must be appointed as the designated compliance officer responsible for overseeing AML procedures and reporting to the FIU.
- Record-Keeping: All records related to identity verification, due diligence, and transactions must be kept for a minimum of five years.
- Confidentiality: It is strictly prohibited to "tip off" a client or any third party that a suspicious transaction report has been filed or that an investigation is underway.
- Staff Training: Ongoing training must be provided to employees to ensure they are aware of their AML/CFT obligations and can identify suspicious activities.
Why this matters for Cross-Border Payments
For businesses facilitating cross-border payments between Greece and India, these regulations introduce a layer of mandatory compliance that can't be ignored. Indian firms must navigate Greece's stringent AML and KYC protocols, which often leads to significant operational hurdles. The primary pain points include slower transaction speeds due to enhanced due diligence, higher operational costs to maintain compliance, and the risk of payments being delayed or rejected if documentation is incomplete.
How Lightspark Enables Compliant Crypto-Native Payments
Lightspark offers a modern infrastructure to address these challenges. Its core products, Lightspark Connect and Grid Switch, provide access to a global payment network called the Money Grid. Connect uses Bitcoin and the Lightning Network for crypto-native transfers, while Grid Switch leverages domestic real-time payment systems for fiat-to-fiat transactions. By handling complex routing and liquidity management, Lightspark enables instant, low-cost payments, reducing the operational friction and high fees associated with traditional cross-border rails.
To help regulated institutions navigate Greece's strict rules, Lightspark's platform is built to be compliance-ready. It offers features like audit-ready reporting and flexible custody options, which help businesses maintain records and meet internal security standards. The infrastructure is designed to support compliance integrations, such as those needed for travel rule adherence, facilitating the due diligence required for cross-border transactions without managing a firm's regulatory obligations directly.
To learn more about how Lightspark is building the future of open and instant financial infrastructure, visit their website.
Notice: This article is provided for informational purposes only and does not constitute legal advice.
Sources
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- Bank of Greece. “Prevention-of-money-laundering.” Bank of Greece, 13 June 2025, www.bankofgreece.gr/en/main-tasks/supervision/prevention-of-money-laundering.
- Christos Ntallas & Co. “CMS Expert Guide to Crypto Regulation in Greece.” CMS Expert Guide to Crypto Regulation, CMS Legal, 24 Oct. 2024, cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/greece.
- “Cryptocurrency Regulations in Greece.” Sanction Scanner, Sanction Scanner, 12 Aug. 2025, www.sanctionscanner.com/blog/cryptocurrency-regulations-in-greece-1170.
- “Greece - Cryptocurrency Laws and Regulation.” Freeman Law, Freeman Law, 2022, freemanlaw.com/cryptocurrency/greece/.
- Kontogeorgou, Penny. “Greece: Blockchain – Country Comparative Guides.” The Legal 500 Country Comparative Guides, Legalease Ltd., 2024, www.legal500.com/guides/chapter/greece-blockchain/.
- Mallerou, Anastasia. “Blockchain & Cryptocurrency Laws & Regulations 2025 | Greece.” Global Legal Insights, Global Legal Group, 25 Oct. 2024, www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/greece/.
