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Italy hikes crypto taxes

Italy to tighten digital asset rules and expand crypto trading tax from 2023.

By Finst News
• 2 min read
Italy hikes crypto taxes

Italy will tighten the rules for digital assets and expand the tax on crypto trading starting in 2023. This was reported by Bloomberg, which cites the country's budget plan. Italian citizens will now owe 26% capital gains tax on all cryptocurrency they sell above the 2,000 euro threshold.

If citizens file information about crypto gains with the tax authorities on January 1, 2023, they will only owe 14 percent tax. The goal is to encourage Italians to declare their digital asset holdings on their tax returns.

More than 1.3 million people own cryptocurrencies in the country under Prime Minister Giorgia Meloni, per data from Triple A. This marks a change to Italy's tax rules. Previously, digital coins and tokens were treated as foreign currency, which carried a low tax rate.

Portugal also plans to tax crypto trading profits at 28 percent. In recent months there has been a lot of European news around crypto regulation.

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