Italy To Raise Crypto tax
Italy is increasing its capital gains tax on cryptocurrencies from 26% to 42%, as bitcoin continues to rise despite the tax hike announcement.
Italy is set to raise its capital gains tax on cryptocurrencies from 26% to 42%, according to reports from Reuters and Bloomberg. Deputy Finance Minister Maurizio Leo stated that the growing popularity of digital currencies like bitcoin led to this decision.
This move is part of Italy's broader efforts to increase state revenue, including plans to strengthen the digital services tax in the 2025 budget. Leo emphasized the need for new regulations to keep up with the rising influence of cryptocurrencies during a recent conference call.
Despite the tax hike, bitcoin's value remained stable and continued to show gains, displaying resilience against the news of increased taxation. The cryptocurrency has maintained a positive trend over the past week.
Italy's decision reflects a wider global trend of governments tightening regulations on digital assets as they become more integral to the financial system. By imposing stricter controls, Italy hopes to manage the growing role of cryptocurrencies in the nation's economic structure.
