Italy has recently approved and implemented new tax regulations for cryptoassets. As stated in the 2023 Budget, the government has imposed a 26 percent tax on gains from crypto assets. However, they have also allowed investors to regularize their tax affairs, offering an opportunity to exchange one virtual currency for another without incurring a taxable event.
Individual investors have the option to pay a tax of 14 percent on the value of their virtual currency holdings as of January 1, 2023, in order to adjust their value to current market levels for future tax purposes. Losses incurred from crypto asset investments can also be carried forward and offset against future profits.
The details of this new tax regime have been outlined in Circular No. 30/E, which is currently available only in Italian. In addition, the tax agency has released guidance in Italian to provide further clarity on the main elements of the regime.
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