The Netherlands plans to tax unrealized capital gains on stocks, bonds, and cryptocurrencies annually under a reformed Box 3 system, shifting from presumed returns (ruled unlawful by courts). Supported by lawmakers for €2.3B yearly revenue, it starts in 2028 with a 36% flat tax on positive returns. Crypto holders face heavier burdens, risking capital flight; real estate gets favorable treatment. Critics call it "insane."