
Italy's forward-looking move on cryptocurrencies
Digital assets from 1 January 2023 will be taxed when cash out in fiat and when transferred to third parties, such as for the purchase of goods or services.
Digital assets from 1 January 2023 will be taxed when cash out in fiat and when transferred to third parties, such as for the purchase of goods or services.
Get the latest news, learn from experts, discover new tools, and find inspiration right in your inbox.
No spam. Unsubscribe anytime.
Digital assets from 1 January 2023 will be taxed when cash out in fiat and transferred to third parties, such as for the purchase of goods or services.
The legislation stipulates that crypto conversions do not generate taxable income, and stipulates that capital gains should be counted as Miscellaneous Income, therefore taxed at 26%, but with no taxation up to EUR 2,000 of capital gain per year.
The Fiscal Budget Law also sets out some guidelines for the regularisation of crypto assets that took place before its entry into force and in particular with regard to those who did not indicate those held on 31 December 2021 in their tax returns, who will then be able to regularise their position.
How to make the most of the opportunities
To do so, it is necessary to plan for any future cash out for one's own needs, such as, for example, private purchases; conversion into fiat currency for holding in one's current account; capitalisation of one's own business in the case of entrepreneurs; repayment of personal debts or bank loans and the like.
Once needs and objectives have been defined, one must proceed with a "appraised revision" of one's crypto position and pay the 4.67% substitute tax per year for 3 years, remembering to draw up a memorandum describing the revaluation operation with a date certain to be kept in case of controls.
Read Next
OKX Appoints Linda Lacewell For Regulated Expansion
OKX appoints Linda Lacewell as Chief Legal Officer to strengthen regulatory compliance and support the exchange's global expansion.
CFTC Relaxes Rules On Crypto Derivatives In The US
The CFTC relaxes regulation of crypto derivatives, encouraging a smoother integration of digital assets into traditional financial markets.
New SEC Chairman Criticised For Ties With FTX
Paul Atkins, candidate for the chairmanship of the SEC, has been criticised for links to FTX and possible conflicts of interest. Warren accuses him of corruption.
Wyoming launches WYST: the first US state stablecoin
Wyoming introduces WYST, the first state stablecoin in the US. Based on dollars and Treasury bonds, it focuses on security, transparency and innovation.