The Italian government, as part of the national budget in 2023, plans to levy a 26% tax on capital gains from cryptocurrencies. The tax will apply if the profit exceeds €2,000 ($2,062).
The tightening of tax policy in relation to crypto assets is due to the fact that local tax authorities consider digital assets to be foreign currencies. If adopted, these amendments would also include stamp duty on cryptocurrencies and disclosure obligations.
Recently, Italian taxpayers have already received letters from the tax office demanding that they declare the value of their crypto assets as of January 1, 2023 and pay a tax of 14%.
In October, Portugal, the most cryptocurrency-friendly European country, announced similar measures. The Portuguese authorities have said they plan to levy a 28% tax on short-term profits from digital assets next year.
Many major cryptocurrency platforms operate in Italy. In November, the Gemini marketplace received permission from the payment services regulator Organismo Agenti E Mediatori (OAM) to operate in the country. This summer, the regulator approved the activities of Crypto.com and Coinify cryptocurrency exchanges .
