Are crypto gains taxed in Italy?

The Italian Parliament have just approved crypto gains tax in the 2023 budget - so your crypto is taxed, but we've got everything you need to know in our Italy Crypto Tax Guide 2023, including crypto Capital Gains Tax, crypto Income tax and how to calculate and report your crypto taxes to the Agenzia Entrate by the 30th of November deadline.

How much tax do you pay if you sell crypto?

Selling crypto for fiat currency like euros is a disposal of an asset and any gains are subject to Capital Gains Tax at a flat 26% rate. Trading one cryptocurrency for another is a disposal, in the same way that selling crypto for fiat currency is. Therefore any gain you make as a result of disposing of the crypto you traded is subject to 26% tax.

What are the new crypto tax rules?

As an incentive for declaring crypto profits, the new bill also sets a "substitute income tax" for investors at 14% of the value of the assets held as of Jan. 1, 2023, instead of the cost at the time of purchase. According to the new rules, losses from crypto investments can be deducted from profits and be carried forward.

Is selling cryptocurrency a taxable event?

Yes – selling cryptocurrency is always considered a taxable event and you have to calculate the realized gains on the currency sold. This includes also stablecoins which are considered equal to other cryptocurrencies from a tax perspective.