• Login
Crypto Newsmart
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
No Result
View All Result
Crypto Newsmart
No Result
View All Result

Italy to Start Taxing Crypto Trading Gains From 2023 (Report)

in Crypto Updates
Reading Time: 2 mins read
Italy to Start Taxing Crypto Trading Gains From 2023 (Report)
17
VIEWS
Share on Facebook

The government of Italy is reportedly looking to enforce strict rules on the local crypto space by imposing a 26% tax on profits generated from digital asset trading. 

However, residents who earn less than €2,000 ($2,090) per year from dealing with bitcoin or altcoins will be excluded from the possible upcoming legislation.

Italy’s Next Crypto Step

A recent coverage by Bloomberg informed that the Italian authorities are working on a crypto bill that could be implemented as of January 1, 2023.

The legislation, submitted by Prime Minister Meloni’s cabinet, will require local cryptocurrency investors to pay 26% tax on their digital asset revenue, should it exceed $2,090 per year. 

Consumers who disclose the valuation of their digital asset holdings until the beginning of next year will be subject to 14% taxation. The government raised hopes this discount could encourage locals to reveal the amount of cryptocurrencies they own.

Italy imposes a flat rate of 26% taxation on profits generated from dealing with digital assets. However, the rule applies only to investors whose total crypto value exceeds €51,645.69 (around $54,000) for over seven consecutive days during the tax year.

Portugal is another European country that wanted to implement such a policy. Its government, which initially supported a zero-tax regime, recently displayed intentions to slam crypto investors with a 28% taxation rate.

Crypto Firms Received Licenses in Italy

Italy’s payments services regulator – the Organismo Agenti E Mediatori (OAM) – registered the cryptocurrency exchange – Gemini – as a Virtual Currency Operator. The greenlight will enable the trading venue, run by billionaire twins Cameron and Tyler Winklevoss, to offer digital asset services and products to Italian customers.

“As we expand across Europe, we continue to work in tandem with national and international regulators and policymakers to ensure that we are meeting the necessary regulatory requirements in all new markets,” the entity stated.

The cryptocurrency lending platform Nexo also secured a license from Italy’s watchdog. The company’s Co-Founder and Managing Partner – Antoni Trenchev – said the registration is “part of our master plan to strengthen our presence in the country and improve the robustness of our compliance across Europe.” 

Nexo has maintained an “excellent” relationship with global regulators and is willing to participate in establishing “functional, useful, and beneficial” rules for the crypto sector, Trenchev added.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Source link

 

Top 15 Crypto-Friendly Countries and Regions 2022


  • Trending
  • Comments
  • Latest
5 Bots for crypto trading in 2023

5 Bots for crypto trading in 2023

18 January 2023
Crypto Trading vs Stock Trading in 2023

Crypto Trading vs Stock Trading in 2023

19 January 2023
10 Crypto Trading Strategies You Need To Know

10 Crypto Trading Strategies You Need To Know

13 January 2023
How to trade cryptocurrency

How to trade cryptocurrency : for Beginners Guide

25 January 2023
most profitable coin to mine

The most profitable coin to mine in 2023

26 January 2023
How to trade cryptocurrency on Binance

How to trade cryptocurrency on Binance

27 January 2023
most profitable coin to mine

The most profitable coin to mine in 2023

26 January 2023
Looking back: 2022 on ethereum.org

Looking back: 2022 on ethereum.org

26 January 2023
Asia Broadband announces release date of Gold-Backed Baboons NFT collection

Asia Broadband announces release date of Gold-Backed Baboons NFT collection

26 January 2023
How to trade cryptocurrency

How to trade cryptocurrency : for Beginners Guide

25 January 2023

  • Home
  • Disclaimer
  • Privacy Policy
  • Digital Millennium Copyright Act Policy (DMCA)
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
CRYPTO NEWSMART

Copyright © 2021 Crypto Newsmart.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE

Copyright © 2021 Crypto Newsmart.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Manage Cookie Consent

We use cookies to optimise our website and our service.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
Preferences
{title} {title} {title}