TAt the end of December, the Italian senate approved its budget for 2023, which included an increase in taxation for crypto investors. A new tax at the rate of 26% will be imposed on capital gains on crypto-asset trading over 2,000 euros. The new legislation defines crypto assets as “a digital representation of value or rights that can be transferred and stored electronically, using distributed ledger technology or similar technology.” Crypto assets were previously treated as foreign currencies and were subject to lower taxes. Additionally, Italian taxpayers will have the option of declaring the value of their digital-asset holdings as of Jan. 1 and paying a 14% tax, an incentive aimed at encouraging Italians to declare their digital assets.
Sources: https://cutt.ly/D2IojKB
