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BlockNews
Home CRYPTO

Italy Reduces Proposed Bitcoin and Crypto Tax from 42% to 28%; Here is Why

Michael Juanico by Michael Juanico
November 12, 2024
in CRYPTO
Reading Time: 3 mins read
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  • Italy is reportedly set to reduce its crypto tax limit increase to 28%, amended from its previously proposed 42% increase.
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Italy is reportedly set to reduce its crypto tax limit increase to 28%, amended from its previously proposed 42% increase.

NEW: 🇮🇹 Italy will no longer increase taxes on Bitcoin $BTC and crypto to 42%, and will keep it at its original 28% pic.twitter.com/IqLrqWsHPY

— BlockNews (@blocknewsdotcom) November 12, 2024

Background

The Italian government had initially proposed raising the country’s crypto tax limit from 12.5% to as high as 42.5% in September 2022. However, after feedback from the crypto industry and stakeholders, the government has now decided to reduce this proposed increase to 28%.

Details of the Revised Tax Limit

  • The revised tax limit will be set at 28% for crypto gains over €2,000.
  • Gains below €2,000 will still be tax exempt, in line with the current framework.
  • The 28% rate is lower than the 26% capital gains tax rate that stocks and bonds are subject to in Italy.
  • The revised rate is seen as more favorable for Italian crypto investors and traders.

Industry Feedback on the New Rate

  • Crypto industry participants have welcomed the reduction. They see it as an acknowledgement by the government that high tax rates could stifle innovation.
  • Stakeholders are relieved that the government listened to feedback from the industry. The 42.5% rate was seen as excessive.
  • The 28% rate is still higher than in many other European countries. But it is an improvement from the initial proposal.

Impact on the Crypto Industry in Italy

  • The revised 28% tax rate is likely to support the growth of Italy’s crypto sector.
  • Excessive taxation could have driven activity underground or stifled adoption of crypto.
  • With the more favorable rate, crypto innovation and adoption is expected to continue flourishing.

Conclusion

The reduction of the proposed crypto tax increase in Italy from 42.5% down to 28% is a positive development. It shows the government’s willingness to find a balanced approach to crypto taxation. Though still high, the 28% ceiling is seen as more realistic and manageable by the industry. This should support continued crypto adoption in Italy.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Bitcoincrypto gainsCrypto Industrycrypto taxItaly
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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