The authorities in Rome look poised to expand and tighten the regulations for disclosure and taxation of digital assets. The change is likely to come with Italy’s 2023 budget which is expected to target profits from crypto wealth and trading.
A provision in the budget, proposed by the right-wing government led by Prime Minister Giorgia Meloni, extends to crypto assets a 26% levy on capital gains exceeding a threshold of 2,000 euros (approx. $2,080), Bloomberg reported.
The ruling coalition, which was elected in late September, also offers taxpayers the option to declare the value of their digital assets as of Jan. 1, 2023 and be taxed at a 14% rate. The goal is to stimulate Italian taxpayers to disclose their holdings in their tax returns.