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Italian Government Contemplates Revising its Proposed Crypto Tax Rules

13 November 2024
in News, Regulation
Reading Time: 3 mins read
108 1
Home News

The Italian government is reportedly reviewing its substantial 42% tax on crypto gains, with sources suggesting a possible revision. A recent Bloomberg report indicates that the government may approve a proposal from one of its coalition partners to lower the tax rate to a more moderate 28%. 

The government initially proposed a 42% tax on crypto capital gains, directly affecting Bitcoin investors and traders. Unveiled last month as part of Italy’s 2025 budget plan, this new tax reflects the country’s strategy to tap into investment-based profits to boost economic support.

However, on November 7, Italy’s Economy Minister, Giancarlo Giorgetti, indicated he is open to revisiting the proposed tax increase. He suggested “different forms of taxation for those who hold investments in their portfolio.” 

Notably, a Reuters report highlighted that the proposed tax hike has faced criticism within Giorgetti’s League party. Italian lawmaker Giulio Centemero called the decision “counterproductive” and advocated for more in-depth discussions with market stakeholders.

The coalition party has proposed that the government set up a permanent working group that includes crypto companies and consumer associations. According to the Bloomberg report, this group would focus on educating investors about cryptocurrency.

Meanwhile, the Bank of Italy is preparing to release guidelines for implementing the EU’s Markets in Crypto-Assets Regulation (MiCA). Governor Fabio Panetta stated that these guidelines will help ensure the practical application of MiCA and protect cryptocurrency holders. 

The Italy crypto tax is part of the broader effort by EU countries to tighten regulations on digital assets. The Dutch Ministry of Finance has initiated a consultation on its proposed crypto tax framework, aiming to enhance transparency and simplify reporting. Starting January 1, 2026, crypto service providers will be required to collect and submit user data to the Dutch Tax Administration. This move is in line with the EU’s DAC8 directive, which streamlines reporting by allowing providers to submit data once in their home country, reducing administrative burdens across EU member states. 

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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