Morpho DeFi lending tax for your Belgian return

Cryptotax automatically detects your Morpho vault deposits, lending yields and MORPHO token rewards. Get a clear overview of taxable DeFi income on Ethereum and Base.

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MORPHO
Capital gains tax 2026: The capital gains tax law was approved by the Chamber on 3 April 2026. Since 1 January 2026 you pay 10% on crypto capital gains above €10,000/year. Cryptotax calculates this automatically. More info →

What is Morpho?

Morpho is a decentralized lending protocol on Ethereum and Base that offers higher yields than traditional lending pools through direct peer-to-peer matching. With Morpho Vaults you can earn passive yield without active management.

Morpho Blue

Morpho Blue is the core lending layer where users can lend and borrow directly with customizable parameters such as collateral ratio and liquidation thresholds. This offers more flexibility than traditional pools.

Morpho Vaults

Morpho Vaults are passive yield strategies that automatically allocate your deposits across different Morpho Blue markets. You receive vault shares that increase in value as yield accumulates.

Coinbase Partnership

Morpho works with Coinbase on Base L2 to offer crypto-backed loans. You can borrow up to $1 million USDC with ETH or BTC as collateral, directly from the Coinbase app.

What does Cryptotax support for Morpho?

Vault Deposits

  • Deposit events on Ethereum and Base
  • Vault share minting tracking
  • Cost basis recording
  • Multi-chain aggregation

Yield Tracking

  • Automatic yield calculation
  • Share-to-asset ratio monitoring
  • EUR valuation at withdrawal
  • APY history

Withdrawals

  • Withdrawal event detection
  • Yield vs principal separation
  • Partial withdrawal support
  • Taxable gain calculation

How does Cryptotax treat your Morpho activity for tax?

Key tax considerations

  • ①
    A vault deposit is not a taxable event.

    Depositing assets into a Morpho Vault is comparable to depositing at a bank, with no realization. You receive vault shares with a cost basis equal to your deposit.

  • ②
    Yield is taxable as movable income.

    The lending yields you earn through Morpho are treated as interest income. On withdrawal, the difference between the amount received and the original deposit is taxed at 30%.

  • ③
    MORPHO token rewards are taxable upon claim.

    If you receive MORPHO tokens as an incentive or airdrop, the EUR value at the moment of claim is taxable income.

  • ④
    Borrowing is not taxable.

    Borrowing assets through Morpho does not create a taxable event. You receive a loan that must be repaid, which is not income.

This overview is informational. For personal tax planning we recommend professional advice.

Belgian crypto tax 2026

📊 Capital gains tax explained ⚖️ 10% vs 33% vs 50% 🏦 CAP declaration per exchange 🔢 FIFO cost basis calculation

📚 Read also

Morpho Blue is one of many yield strategies in DeFi. In our pillar Yield farming tax in Belgium we explain the tax logic: movable income (code 1444-11), miscellaneous income (33%), and how the capital gains tax from 2026 affects your underlying crypto.

Import your Morpho activity today

Connect your wallet, let our engine pull in all vault deposits and yields, and receive a report that is ready for your Belgian return. Works on Ethereum and Base.

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