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    Home » Italy eases planned tax hike on cryptocurrency gains
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    Italy eases planned tax hike on cryptocurrency gains

    By Estrella QianDecember 12, 2024No Comments2 Mins Read
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    • The Italian government has decided to reduce the proposed tax increase on cryptocurrency capital gains from 42% to 28% due to industry opposition and political disagreements.
    • The government plans to present the revised budget proposal, including the softened stance on crypto taxation, to parliament for approval by the end of December.

    What happened: Italy to reduce proposed tax increase on cryptocurrency gains

    The Italian government has decided to reduce its proposed tax increase on cryptocurrency capital gains from 42% to 28% following industry pushback and internal political disagreements. The original plan aimed to raise taxes from 26% to 42% as part of the 2025 budget to generate additional revenue. However, concerns were raised that such a steep increase could drive crypto activities underground, negatively impacting investors and the economy. Lawmakers from the ruling coalition argued for a more moderate approach to maintain competitiveness and foster innovation in the digital asset sector. The revised budget proposal, including the softened stance on crypto taxation, is expected to be finalized and presented to parliament for approval by the end of December.

    Also read: Japan’s new stimulus package aims to reshape crypto taxation
    Also read: Nigerian court to commence Binance tax evasion trial in October

    why it is important

    Italy’s decision to scale back its planned tax hike on cryptocurrency capital gains is significant for both investors and the broader digital asset industry. Initially, the government proposed higher taxes as part of fiscal reforms, sparking concerns about innovation and competitiveness. By revising these plans, Italy seeks to strike a balance between generating revenue and fostering technological growth. This adjustment matters because overly aggressive taxation risks discouraging investment in the burgeoning cryptocurrency and blockchain sectors. It could also prompt capital flight, as investors and businesses might relocate to more crypto-friendly jurisdictions. A more moderate tax rate ensures Italy remains competitive while attracting startups and talent in the fintech space.

    The move also protects smaller investors by potentially raising tax exemption thresholds, preventing disproportionate financial strain on casual traders. Furthermore, aligning with global trends, this policy shift reflects Italy’s acknowledgment of the economic potential of cryptocurrencies and blockchain technology. Reasonable taxation supports innovation, enables sustainable growth, and positions Italy as a forward-thinking player in the rapidly evolving digital economy.

    Crypto Italy Tax
    Estrella Qian

    Estrella is an intern reporter at BTW Media, having studied IHRM at University of Reading. She specializes in IT infrastructure and AI. You can reach out to her at estrella.qian@btw.media.

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