Italian Senate Approves 26% Capital Gains Tax on Cryptocurrencies

Italy’s Senate approved its budget for 2023, which included an increase in taxation for crypto investors, a 26% tax on capital gains on crypto-asset trading over 2,000 euros. The approved legislation defines crypto assets as "a digital representation of value or rights that can be transferred and stored electronically, using distributed ledger technology or similar technology."

Other changes introduced by the budget law include tax amnesties to reduce penalties on missed tax payments, fiscal incentives for job creation and a reduction in the retirement age. It also includes 21 billion euros (about $22.4 billion) of tax breaks for businesses and households dealing with the energy crisis.