The Italian government has passed its budget for 2023. Crypto holders will now be taxed 26% on their capital gains.
Last week in Italy, the Parliament and Senate approved the 2023 budget of Prime Minister Giorgia Meloni’s government.
Crypto investors will now be taxed at 26% on capital gains over 2,000 euros. Until now, the Italian tax authorities considered digital assets as foreign currency and applied lower taxation.
The country now defines crypto as “a digital representation of value or rights, which can be transferred and stored electronically, using distributed ledger or similar technology.”
The tax change for Bitcoin and co. in Italy comes as Portugal also plans to implement a similar capital gains tax (28%).