News

Italy Lawmakers Approve 26% Cryptocurrency Gains Tax

Key Points:

  • Italian Prime Minister Giorgia Meloni’s 2023 expansionary budget features 21 billion euros ($22.3 billion) in tax breaks to assist businesses and households facing the energy crisis.
  • Gains from cryptocurrency trading would be taxed at 26% if they surpassed 2,000 euros every tax period.
According to a new budget approved by Italy lawmakers on Thursday, cryptocurrency dealers in Italy would face a 26% capital-gains tax beginning in 2023. Prime Minister Giorgia Meloni’s new measure also provides a tax benefit for people who declare cryptocurrency.

According to Reuters, Italian Prime Minister Giorgia Meloni‘s 2023 expansionary budget, which was produced in a haste at the end of the year, includes 21 billion euros ($22.3 billion) in tax incentives to help firms and people dealing with the energy crisis.

Coindesk reported that in Italy, where crypto is mostly unregulated, the 387-page budget defines crypto assets as a digital representation of value or rights that may be exchanged and held electronically, using distributed ledger or comparable technologies.

The move by Italy to impose a capital-gains tax on cryptocurrency comes ahead of the European Union’s Markets in Crypto Assets (MiCA) regulation, which promises to license frameworks and stringent operating requirements for crypto-service providers in the 27-member bloc.

Gains from cryptocurrency trading are taxed at 26% if they surpass 2,000 euros every tax period. As an incentive for registering cryptocurrency gains, the proposed measure imposes a substitute income tax of 14% on the value of assets held as of January 1, 2023, rather than the cost at the time of acquisition.

Losses from crypto investments can now be subtracted from gains and carried forward, according to the new laws.

Investors, on the other hand, may want some extra clarification on what constitutes a taxable event, as the paper also states that the exchange of crypto assets with the same features and functionalities does not constitute a fiscal case.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Thana

Coincu News

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

A Missed Moment with Cardano? Here’s Why Qubetics at $0.0212 Could Be Your Perfect Timing – Explore the Best Crypto to Join Now

If you’ve been regretting missing out on Cardano, Qubetics ($TICS) might just be the ticket…

31 minutes ago

Shiba Inu Price Clears Path To New ATH Of $2 As WallitIQ (WLTQ) Takes The Lead With A 23,000% Surge

The Shiba Inu price is on track to reach a new ATH of $2, while…

31 minutes ago

Best Crypto Presales to Watch This November: Get in Early on These Potential Breakout Coins

So, you’re on the lookout for the next big thing in crypto? Aren’t we all?…

4 hours ago

Robinhood Crypto Now Supports Solana Trading Again

Robinhood Crypto has expanded its U.S. platform with the addition of Solana, Pepe, Cardano, and…

9 hours ago

Missed Out on Chainlink Early Gains? This Layer-1 Project is Set to Explode to $15 After Mainnet Launch

If you’ve been following the crypto space, you already know that Chainlink (LINK) has been…

9 hours ago

This website uses cookies.