The Italian Parliament will take a 26% tax on crypto earnings above 2000 euros.
Prime Minister Giorgia Meloni’s new bill also includes an incentive for those who file crypto for tax purposes.
Italian Parliament Approves Tax Bill
According to the new budget plan, which has received parliamentary approval, crypto traders operating in Italy will be subject to a 26% capital gains tax from 2023.
According to Reuters, Meloni’s hastily completed year-end budget includes a 21 billion-euro tax cut to help businesses and households facing the energy crisis.
In Italy, where the cryptocurrency industry is largely out of legal scope, cryptoassets have been redefined as “a digital representation of value or rights that can be transferred and stored electronically using a distributed ledger or similar technology”.
Italy’s introduction of crypto earnings tax precedes the entry into force of the European Union’s MiCA regulation.
Taxes will apply to those earning 2000 euros or more.
Especially after the collapse of FTX, regulators increased their efforts to regulate the cryptocurrency industry. The regulations that will come into force in Italy stand out as the latest example of this effort.
