Euro Trading Pairs: A Taxing Detour for Crypto Investors

The availability of euro trading pairs on popular cryptocurrency exchanges in Europe can have significant implications for tax purposes. On August 17, 2026, a survey was conducted across four major exchanges: Coinbase Exchange, Kraken, Bitstamp, and Bitvavo.

The results showed that the extent of euro coverage varied significantly between the venues. Coinbase Exchange had only 34 out of 517 pairs with a euro order book, representing 8.5% of its base assets.

In contrast, Bitvavo offered 100% euro coverage, while Kraken and Bitstamp had 83.6% and 96.4%, respectively. The survey covered 2,629 active trading pairs across 821 distinct base assets.

For tax purposes, the absence of a direct euro pair forces users to take an intermediate step, which can lead to additional fees and tax implications. This is because each step in the transaction chain has its own price, trading fee, and character for tax purposes.