Italy Proposes a 26% Tax on Capital Gains from Digital Assets: 2023 Budget

MARKET_WATCH Regulation

Gains from trading over €2,000, or $2,062, will be subject to a 26% tax in Italy. Also, the Italian government has directed taxpayers to openly convey the value of their virtual assets. The government recently said it was willing to work with crypto trading firms. As Italy works on clearer and more robust cryptocurrency regulations, Portugal isn’t far behind. As part of the measures towards instilling stricter crypto regulations, authorities in Italy have resolved to inflict a 26% tax on every capital gain incurred in crypto trading. The expansion of the taxation on crypto trading was made known through the country’s budget plan for the coming year. The huge tax tag, however, will only be payable if the gains from trading total more than €2,000, or $2,062. Meanwhile, the Italian government led by Prime Minister Giorgia Meloni has also directed taxpayers to convey the value of their virtual assets openly. According to the government, the declaration of these assets is effective from January 1, 2023.  However, to encourage disclosure of these assets among Italians, the government announced it would only levy a 14% tax on them. Italy also aims to integrate stamp duty into cryptocurrencies. Italy Seeking to Become a Hub for Cryptocurrencies  The Italian authorities plan to make the country a hub for cryptocurrencies. However, they want to do so in line with clear and robust regulations capable of protecting investors from the volatility of the sphere.  In recent times, the government announced its readiness to work with crypto trading firms seeking to expand their offerings in Italy. 

 

It has already issued regulatory approval for Binance to establish its base in the country. Similarly, earlier Nexo and Gemini have also received registration approval from the nation’s regulator. While Italy develops clearer, more comprehensive, and stronger regulations for cryptocurrencies, other European countries, like Portugal, are not far behind. In October, Portuguese authorities announced their resolve to introduce a 28% tax on all profits from cryptocurrencies. Further, Portugal’s government seeks to commence a 10% taxation on free cryptocurrencies, like airdrops, and another 4% on crypto broker commissions. On the Flipside Despite the approval of many exchanges in Italy, questions remain about the vetting procedure. Crypto entities only need to submit ten pieces of information to register as virtual asset service providers and go through a few other steps. Despite the recent FTX collapse the registration process is relatively straightforward, which might raise some eyebrows. Why You Should Care Currently, only 2.26% of Italy’s residents own digital assets. As a result, the recent proposal might serve as a barrier to more players joining the crypto space.   You may also like:  Portuguese Government to Levy a 28% Tax on Crypto Capital Gains Coinbase Approved to Operate in Italy Despite Rising Insolvency Rumors 

 

Source : [Italy Proposes a 26% Tax on Capital Gains from Digital Assets: 2023 Budget](https://dailycoin.com/italy-proposes-a-26-tax-on-capital-gains-from-digital-assets-2023-budget/) by Soumen Datta - December 01, 2022

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Automata Pay Ltd, numero di iscrizione 12208424, costituita nel Regno Unito, è l'agente registrato di Modulr FS Limited, una società registrata in Inghilterra con numero 09897919, autorizzata e regolamentata dalla Financial Conduct Authority [Autorità Condotta Finanziaria] come istituto di moneta elettronica (numero di riferimento della società: 900573). La valuta tradizionale sarà custodita da una banca autorizzata in conti separati in conformità ai requisiti normativi.

Automata Pay Europe Limited, numero di iscrizione 69028 e costituita in Irlanda, è l'agente registrato di Modulr FS Europe Limited, una società registrata in Irlanda con numero 638002, autorizzata e regolamentata dalla Banca Centrale d'Irlanda come istituto di moneta elettronica (Codice Istituto C191242). La valuta tradizionale è protetta come moneta elettronica, in conformità ai nostri obblighi normativi. La valuta tradizionale sarà custodita da una banca autorizzata in conti separati in conformità ai requisiti normativi.

Automata ICO Limited, numero di iscrizione 690280, costituita in Irlanda, ha richiesto la registrazione come Virtual Asset Service Provider presso la Banca Centrale d'Irlanda. Mentre la richiesta è in attesa di approvazione, siamo autorizzati a continuare a operare come Virtual Asset Service Provider in conformità alla dichiarazione di divulgazione regolamentare della Banca Centrale d'Irlanda, come previsto dalla sezione 106L del CJA 2010 in relazione ai VASP registrati. È importante notare che la registrazione come VASP è effettuata solo per finalità di antiriciclaggio e per contrastare il finanziamento del terrorismo. Mentre Automata ICO Limited ha alcuni obblighi di monitoraggio contro crimini finanziari nell'ambito di questa registrazione, i servizi di criptoasset rimangono in gran parte non regolamentati. Il Financial Ombudsman Service [Servizio di difensore civico finanziario] o il Financial Services Compensation Scheme [Piano di compensazione servizi finanziari] non sono applicabili alle attività di criptoasset svolte da Automata ICO Limited.