Italy – Tougher taxation of cryptocurrencies by 2023

This news could almost pass for a joke given the state of the cryptocurrency market. But it is also a positive prediction from the Italian government. Because the Italian government now wants to to tax capital gains realized in the field starting next year. But also digital assets heldThe declaration of these assets will be mandatory as of January 1. Explanations…

Italy is making a notable entry at the end of this year in the field of the taxation of cryptocurrencies. In fact, according to a recent article from the Bloomberg website, seems to be going in the same direction as Portugal on this thorny issue. With a tightening of its current regulations scheduled for early 2023. Until now, these digital assets enjoyed the same treatment as foreign currencies. But the party is over!

Italy – New taxation for cryptocurrencies.

Good excuse or reality, this Changes in the taxation of cryptocurrencies in Italy. The collapse of the FTX platform is said to be the reason for the change.What does this have to do with it? According to Bloomberg, this unprecedented bust has embarrassed this emerging digital economy, which until now had been complacent, or ignorant. In any case, a provision in the Italian government’s draft budget for 2023 is definitely changing the game in this area. Because starting next year, a 26% tax will be levied on capital gains linked to digital assets. But only for profits above 2,000 euros.

A taxation of cryptocurrencies that will therefore be. less attractive than that associated with foreign currencies so far.. And one wonders whether it will fit in with the European Union’s desire for uniformity. In any case, these new directives were officially presented this week by the Prime Minister’s government. Giorgia Meloni.

At the same time, the possibility of cryptocurrency holders. declare their holdings as from January 1, 2023.. This is to benefit from a preferential 14% tax applied directly to their tax returns. And all this before the introduction of a possible “disclosure obligation” that could well cost more. A tax change that will surely not please the 1.3 million Italians who own cryptocurrencies (2.3% of the population).