Following in the footsteps of Portugal, another European country is poised to tighten crypto regulations and expand taxation on cryptocurrency trading. A provision in Italy’s 2023 budget proposes a 26% tax on capital gains from cryptocurrency trading<\/a>.<\/p>\n\n\n\n

However, if the crypto profits exceed 2,000 euros ($2,062.3), this tax slab will apply. The tax authorities in Italy regard cryptocurrencies and tokens as foreign currencies.<\/p>\n\n\n\n

The newly elected government of Italy, led by Prime Minister Giorgia Meloni, has asked taxpayers to declare the value of their digital assets as of January 1, 2023, and pay a 14% tax. The goal is to encourage Italian citizens to reveal their digital asset holdings as well as their tax returns.<\/p>\n\n\n\n

If amended in parliament, the proposed law will extend stamp duty to cryptocurrencies and include disclosure requirements.<\/p>\n\n\n\n

The recent development in Italy comes as Portugal, Europe’s most crypto-friendly destination, announced similar plans to tax cryptocurrency gains. Portugal announced in October 2022 that it intends to levy a massive 28% tax on short-term gains on digital assets<\/a>.<\/p>\n\n\n\n

As of now, digital assets are owned by 2.3% of Italy’s total population of 1.3 million people. Crypto adoption remains lower than in other countries, such as France (3.3%), and the United Kingdom (less than 5%). However, with such high crypto taxes in place, it may deter more players from entering the crypto space.<\/p>\n\n\n\n

However, a number of major cryptocurrency exchanges have been expanding into Italy, citing potential business opportunities. The Italian government approved the establishment of Binance’s base in the country earlier this year.<\/p>\n\n\n\n

The latest news is that cryptocurrency service providers Nexo and Gemini have been approved for registration with an Italian regulator. As a result, they will be able to serve Italian crypto enthusiasts.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following in the footsteps of Portugal, another European country is poised to tighten crypto regulations and expand taxation on cryptocurrency trading. A provision in Italy’s 2023 budget proposes a 26% tax on capital gains from cryptocurrency trading. However, if the crypto profits exceed 2,000 euros ($2,062.3), this tax slab will apply. The tax authorities in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6,8,5,11,9,10,7,13,12,14],"class_list":["post-96","post","type-post","status-publish","format-standard","hentry","category-crypto","tag-binance","tag-bitcoin","tag-crypto","tag-cryptocurrency","tag-digital","tag-investment","tag-market","tag-metaverse","tag-mining","tag-nft"],"aioseo_notices":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts\/96","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/comments?post=96"}],"version-history":[{"count":1,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts\/96\/revisions"}],"predecessor-version":[{"id":97,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts\/96\/revisions\/97"}],"wp:attachment":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/media?parent=96"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/categories?post=96"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/tags?post=96"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}