Cryptocurrencies: New legislation begins

Cryptocurrencies: New legislation begins

On October 27, the Revenue Agency issued a statement highlighting the taxation of crypto assets, an aspect that was introduced in the recent budget law. The official circular is finally available, providing clear guidance on how to navigate this new tax regime.

First, Circular No. 30/E defines cryptoassets as “digital representations of value or rights that are not financial instruments.” Taxes are applied to capital gains derived from crypto assets at a rate 26% for natural personsProvided that the income is not derived from commercial activities, arts, professions or from work.

Cryptocurrencies: What does the regulation say?


The circular clarifies that income is considered to be produced in Italy if it is derived from activities carried out or assets located on Italian territory. This also applies to non-resident income if relevant Cryptoassets held in Italy by resident service providers or intermediaries, or their permanent establishment if they are not resident. In case crypto assets are held directly via storage media, income is considered to be generated in Italy if the storage media is located in the country. Furthermore, the income is presumed to be produced in Italy if the person holding the storage facility is resident in Italy during the period of production of the income.

Cryptocurrencies: new tax discipline begins

there New tax regulation It also provides for the possibility of redetermining the cost or value of purchasing these assets for those who already own crypto assets on January 1, 2023, provided that they are subject to a 14% alternative tax. To take advantage of This system is supportedtaxpayers must pay the alternative tax by November 15, 2023. The circular also provides settlement guidelines for those who did not comply with tax control obligations for cryptocurrencies held by December 31, 2021 or did not declare their income from crypto assets during the same period.

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How do taxes work on cryptocurrencies?

there Taxation of crypto assets It is also applied in accordance with current regulations regarding foreign currencies with legal tender status. The circular clarifies that investments in crypto assets must be declared in the tax return, with a tax rate of 26%. If income exceeds the threshold of €2,000, capital gains and other income must be declared and subject to tax.

New detailed guide for taxpayers


there The circular provides detailed guidance to taxpayers And companies working in the field Crypto assets, and provide clarity on how to approach taxation of these digital representations of value. The new legislation aims to achieve transparency and discipline in a rapidly growing and constantly evolving sector.

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