Italy approves 26% capital gains tax on cryptocurrencies

Italy approves 26% capital gains tax on cryptocurrencies

On December 29, 2022, days before the end of the year, the Italian Senate approved its budget for 2023, which included a tax increase for crypto investors: a 26% tax on capital gains on trading crypto assets over 2000 euros (approx $.13 at press time). The passed law defines crypto assets as “a digital representation of value or rights that can be transmitted and stored electronically, using distributed ledger technology or similar technology.” Previously, crypto assets were treated as foreign currency with lower taxes in the country.

According to local media reports, the Italian government has taken measures to reduce gas consumption across the country, including more than 15 days without central heating for buildings and asking people to turn their heating down by one degree and an extra hour a day turn off the winter. Italy’s legislation follows the October 10 passage of the Markets in Crypto Assets Act (MiCA), which creates a unified regulatory framework for cryptocurrencies across the 27-member countries of the European Union. In 2024, MiCA is anticipated to go into effect.

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