Crypto Bought in Dollars: Converting to Euro for CGT

Updated 17 October 2026 · Information only · Not tax or financial advice

Short answer: Revenue's CGT manual says the cost of an asset acquired in a foreign currency is translated into euro at the rate in place at the time of acquisition (TDM Part 19-02-10, section 10.15). Revenue's manual on currency says that when an asset is disposed of for currency there is an exchange of assets at the prevailing exchange rate (TDM Part 19-01-02, section 2.3). Revenue's crypto manual says there is not always a single exchange rate for a crypto-asset and that a reasonable effort should be made to use an appropriate valuation (TDM Part 02-01-03, section 4).

Step by step (our reading)

1. Cost: translate the dollar price (and any allowable costs) into euro at the rate at the time you acquired it.
2. Proceeds: value the sale in euro at the prevailing exchange rate when you sell (TDM Part 19-01-02, section 2.3). Section 10.15 itself deals only with cost.
3. Gain: proceeds minus cost, in euro, then apply the personal exemption and rate as usual (annual exemption and losses; rate from 7 October 2026).

Currency itself is an asset

Revenue says any currency other than the euro is an asset for CGT, so a gain or loss can arise on buying and selling foreign currency outside a trade, computed from the euro values of the cost and the proceeds (TDM Part 19-01-14A, last reviewed August 2026). Revenue's currency manual also says that acquiring an asset for currency involves a disposal of that currency at the value of the asset received (TDM Part 19-01-02, section 2.3), and refers to an exemption in section 541(6) TCA 1997. The pages we read do not say how these rules apply to a dollar stablecoin or to dollars used to buy crypto, so keep records and ask an adviser.

Made-up example

You buy coins for $10,000 when $1 = €0.92 (cost €9,200). You sell for $13,000 when $1 = €0.95 (proceeds €12,350). The euro gain is €3,150, larger than the dollar gain converted at one rate. This is an illustration only; the rate source is a documented, reasonable choice (valuation page).

Records

Keep the date, dollar amount, rate used and its source for each purchase and sale (records).

Related

Swap example · Dates: 15 December 2026 · Form CG1 lines

FAQ

Does Revenue publish an approved exchange rate for this?

Not in the pages we read.

Is the rate for the sale date or the payment date?

The manual excerpt refers to the time of acquisition and disposal.

What we could not verify

Sources (official)

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