January 28, 2023

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Italy approves 26% tax on crypto capital gains

On December 29, 2022, a few days before the end of the year, the Italian Senate approved the budget for 2023. Including, among others, tax increases for cryptocurrency investors: a26% tax on capital gains from cryptocurrency trading above 2,000 euros.

Law Defines crypto-assets”Digital representation of value and rights Can be presented, changed and stored electronically through distributed ledger technologies or similar.“Previously, cryptocurrencies in Italy were considered equivalent to foreign currencies and therefore with lower taxes.

The bill also establishes that taxpayers will have the ability to Declare the value of your digital assets from January 1, 2023 to pay a reduced tax of 14%: An incentive clearly aimed at encouraging people to declare their cryptocurrencies.

Other innovations introduced by the budget law include tax amnesties to reduce penalties for non-payment of taxes, tax incentives for job creation and lowering the retirement age. Also included 21 billion euros in tax incentives For businesses and households struggling with the energy crisis.

The Italian law follows the approval of markets in crypto assets on October 10 (No), which establishes a clear regulatory framework for cryptocurrencies in the 27 member states of the European Union. MiCA will come into effect in 2024.

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