Italian crypto traders to pay 26% tax from 2023

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Italy plans to tighten its digital currency regulation by expanding its tax law to include crypto trading in 2023. Italian crypto traders will face a 26% capital gains tax from 2023, according to a new budget approved by parliament on Thursday, December 29. The government has proposed a bill giving taxpayers the option to declare property values ​​on 1 January 2023 and pay a tax of 14%. Under current tax law, digital currencies and tokens are treated as foreign currency in Italy. Taxed at a low rate. The bill is still subject to change in Congress. It also includes disclosure requirements and extends stamp duty to crypto assets. According to reports, her 2.3% of the Italian population, or about 1.3 million people, own crypto. By July 2022, it was estimated that approximately 57% of cryptocurrency users will be male and 43% female. The majority of cryptocurrency users were between the ages of 28 and 38. Italy’s move to impose a capital gains tax on cryptocurrencies comes ahead of the European Union’s Crypto Asset Market (MiCA) regulation. It commits to a licensing framework and strict operational requirements for cryptocurrency service providers within the 27 member state block. Meloni, leader of the far-right Italian Brotherhood Party and the first Italian woman to head the executive branch of power in Rome, has campaigned before. she cut taxes. Her government’s tougher stance on crypto follows in the footsteps of Portugal, one of the EU’s most crypto-friendly members. announced its intention. It also coincides with tightening regulations globally in the aftermath of a series of bankruptcies in the cryptocurrency industry, such as the recent collapse of cryptocurrency exchange FTX.Shashank is the founder of yMedia. He embarked on cryptocurrency in his 2013 and is an ETH maximalist. Twitter: @bhardwajshash