Italy's crypto capital gains tax rises to 33% from January 1, 2026, seven percentage points above the 26% rate that applied in 2025, according to Law 199/2025 (the 2026 Budget Law). Millions of investors are now encountering this rate for the first time in a real tax filing. The increase was legislated months ago, but the declaration season makes it concrete.
What the 2026 Budget Law Sets Out
Law 199/2025 confirmed the substitutive tax on crypto capital gains rising from 26% to 33%, aligning crypto with the heaviest category of speculative financial income under Italian tax law. The same law permanently abolished the former 2,000-euro tax-free threshold, which had already been removed in 2025: every gain is now taxable, even small ones. The legislature held the increase firm despite months of lobbying for a rollback to 26%. Investors hoping for a reversal got nothing, save for one specific carve-out.
Crypto capital gains in Italy: what changes from 2026
Source: 2026 Budget Law (L. 199/2025) and 2025 Budget Law
The Exception: Euro-Denominated EMT Tokens at 26%
Functionally, article 13 of Law 199/2025 carves out one explicit exception. Electronic money tokens denominated in euros and compliant with the MiCAR regulation remain taxed at 26%. The rationale is straightforward: an instrument pegged to the euro and backed by reserves functions more like a stable payment method than a speculative asset. This creates a clear dividing line within the crypto universe. Direct holdings of Bitcoin or altcoins fall under the 33% rate; euro-denominated stablecoins qualifying as MiCAR EMTs do not. For investors navigating legal tax-efficiency strategies, this distinction is the starting point.
The New Permanent Supervisory Committee
Beyond the tax rates, Law 199/2025 establishes a Permanent Supervisory Committee on crypto-assets. The body brings together the Ministry of Economy, the Guardia di Finanza, Consob, the Bank of Italy, and the UIF financial intelligence unit, alongside industry associations. The stated goal is an orderly development of the crypto market and consistent interpretation of the rules in a sector where regulatory readings have multiplied rapidly. For taxpayers, this translates into one practical reality: fewer grey areas tolerated, more coordination between supervising authorities.
What Changes at Filing: ISEE, DAC8 and New Tax Forms
The tax rate is only part of the picture. From 2026, crypto holdings enter the ISEE means-testing calculation used to determine eligibility for Italian social benefits; omitting them risks losing entitlements. On the reporting side, the DAC8 directive makes Italy's Agenzia delle Entrate (Revenue Agency) considerably better informed: registered exchanges automatically transmit balances and transaction data directly to the tax authority. The filing process now involves new declaration schedules, with Circular 30/E from the Agenzia delle Entrate serving as the operational reference for taxpayers and advisers alike.
The next milestone is already set. With full DAC8 implementation expected from 2027 and cross-referencing of data becoming standard practice, the window for oversight closes a little more each year. The 33% rate is not the final chapter of Italy's crypto tax story. It is the baseline every investor needs to start from when putting their accounts in order before the tax authority does it for them.
