Italy fixes 26% tax applicable to commercial operations with cryptocurrencies

For Angel DiMatteo @shadowargel

The corresponding tax applies to commercial operations that exceed EUR €2,000. Before this measure, cryptocurrencies were considered as foreign currencies for tax purposes.


  • Tax for cryptocurrency trading is set at 26%
  • Applies if operations exceed EUR €2,000
  • A 14% tax is also established when declaring
  • The measure comes shortly before the MiCA Law is voted

With only a few days to go before the end of 2022, the senate of italy included in its budget for 2023 a new clause applicable to operations with cryptocurrencies, which are now subject to the payment of 26% on the profits derived when marketing said assets.

Italy sets 26% tax on cryptocurrency trading

According to published information for him Senate, This new 26% tax was approved on December 29, and establishes that said tariff would apply to all those commercial operations that derive income above EUR €2,000. This resolution constitutes an important change with respect to the measures previously handled, since cryptocurrencies were considered by local laws as foreign currencies, being subject to much lower taxes.

In this regard, the new resolution reads:

The capital gains referred to in letter c of section 1 of article 67 are made up of the difference between the consideration received or the normal value of the exchanged crypto assets and the cost or purchase value. The capital gains referred to in the first period are added algebraically to the relative capital losses; If the capital losses are greater than the capital gains, for an amount greater than 2,000 euros, the excess is fully deducted from the amount of the capital gains of subsequent periods, but not beyond the fourth, provided that this is indicated in the declaration of the tax relating to the tax period in which the losses occurred. In the case of a purchase by inheritance, the defined value is assumed as cost or, failing that, the declared value for inheritance tax purposes. In the case of purchase by donation, the cost of the donor is assumed as cost. The cost or purchase value is documented with certain and precise elements by the taxpayer; otherwise, the cost is zero. The income derived from the possession of crypto assets received in the tax period is subject to taxation without any deduction.

According to the media Cointelegraph, among other considerations, it is also established that taxpayers will have the possibility of declaring the value of their digital assets as of January 1, and thereby pay a 14% tax, which would be below the 26% previously described. This measure would seek to encourage residents to include cryptocurrencies in their tax returns, in addition to certain tax amnesty measures to reduce fines associated with overdue taxes.

Tax measures in Italy

The introduction of the new tax measures that now include cryptocurrencies comes in the midst of a difficult time for the country, since it would seek to raise resources for the new fiscal year to finance programs that seek to generate certain relief from other sources.

On a large scale, while cryptocurrencies are now subject to higher taxes, the resolution establishes tax incentives for entities that create jobs, a reduction in the retirement age and support for entities and households that are severely affected by the energy crisis that is shaking the country. country.

The new resolutions were promoted by the Italian Prime Minister, Giorgia Meloni, who was elected in September 2022 to that position and would have promised to consider reductions and tax incentives to alleviate the situation somewhat for the country’s residents.

Regarding cryptocurrencies, the new tax measure comes into place within the framework of the debate and approval of the MiCA Law project, which establishes a first applicable regulatory framework for cryptocurrencies in the member countries of the European Union, which will be submitted to its last vote in the coming months and could go into effect sometime in 2024.

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Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

CAVEAT: This is an informative article. DiarioBitcoin is a communication medium, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. They may not be appropriate for retail investors, as the entire amount invested could be lost. Check the laws of your country before investing.

Italy fixes 26% tax applicable to commercial operations with cryptocurrencies – DiarioBitcoin