Key Point

• Italian government has imposed 26% tax on crypto profits above $2,000

Crypto investors who are Italian residents have been screaming for help after the introduction of a stringent tax law on crypto in Italy. Will there be anyone to save Italian crypto traders from the Italian government?

Italy Joins Global Trend After Heavy Tax on Crypto

In accordance with the newly passed Budget Law, Italian residents will henceforth be required to pay a tax of up to 26% on their crypto transactions, therefore, Italian crypto enthusiasts need to brace up for what’s coming. 

The new law exempted crypto to crypto transactions and will only apply to profits made above $2,000 on transactions made using cryptocurrencies, additionally, it is unclear whether the tax deduction will be per transaction or when it has amounted to $2,000.

“This legislation will be difficult to apply in practice and will open the doors to various disputes, with the risk of obtaining the opposite effect to that hoped for,” Gianluigi Guida, general manager of Binance Italy noted while expressing his opinion on the law.

How Will This Impact Crypto Adoption in Italy?

Italy’s 26% tax on crypto remains the highest in the developed world, and this sparked discussion on whether or not this will promote crypto adoption or make crypto unattractive to the residents of Italy.

The 26% tax is equivalent to a tax on capital gains in Italy, and this is considered too high by many crypto enthusiasts.

One way it may be good crypto is the legal recognition of cryptocurrencies by governments of the developed world, and this, of course, may attract institutional investors across the globe because legal recognition of an asset leads to growth in the level of trust institutional investors have in that particular asset.

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