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The Lega announces a step back on the increase of taxation on crypto planned by the maneuver in Italy. The rise to 42% will be revised to ensure balance, avoiding penalizing a sector in full expansion.
Let’s see all the details in this article.
Summary
Crypto taxation in Italy: Lega working to correct the increase from 26% to 42% on capital gains
A good piece of news for Italian investors in the cryptocurrency sector: the feared fiscal “stangata” announced in the budget will not happen.
The announcement was made by the Lega deputies, Giulio Centemero and Federico Freni, in an official statement that reassured millions of enthusiasts and operators in the sector.
The government, driven by the Lega, is working to amend the measure that would have raised the tax rate on capital gains from criptovalute from 26% to 42%.
A measure that, if approved without changes, would have had a significant impact on an already complex and constantly evolving market.
According to deputies Centemero and Freni, such a drastic increase would have risked incentivizing the underground economy, with negative consequences for both investors and the Italian tax system:
“A growing market rich in opportunities like that of cryptocurrencies involves about 1.35 million Italians today. Penalizing it with such high taxation means putting at risk not only investments but also the technological and financial development of the country.”
The expected increase in the maneuver would have affected capital gains exceeding two thousand euros resulting from the sale, redemption, or transfer of crypto-assets.
However, the measure has sparked numerous criticisms, both from industry experts and political representatives, leading to the need for a revision.
The proposals of the Lega
The ongoing review aims to find a balance between the need to increase tax revenue and the need to ensure the competitiveness of the Italian cryptocurrency market.
Among the hypotheses under consideration, a progressive taxation or a higher exemption threshold, which would allow for the protection of small investors without discouraging the large bull and bear operators.
The deputies of the Lega emphasized that the main objective is to avoid “killing at birth” a rapidly expanding sector, which could represent a strategic lever for the economic growth of the country:
“Cryptocurrencies are not just a financial tool, but an opportunity to innovate the entire economic system and attract investments from abroad.”
The intervention of the Lega seems to have found the support of other political forces, aware of the economic potential of cryptocurrencies.
The revision of the maneuver could lead to a shared solution that satisfies both the needs of the state budget and those of market operators.
The government is evaluating the economic and social impact of a more moderate taxation, listening to the requests of trade associations and private investors.
Furthermore, work is underway to harmonize the regulations in Italy with those of other European countries, where the tax rates on cryptocurrencies are generally lower.
The reactions of the market
The news of the possible revision has already had a positive effect on the cryptocurrency market in Italy.
The operators see in the government’s opening a sign of maturity and awareness towards a sector that, despite the volatility, continues to attract more and more interest.
Many experts emphasize the importance of balanced regulation, which can reconcile the needs of fiscal control with the promotion of innovation.
A sector analyst has indeed commented as follows:
“Cryptocurrencies represent the future of finance and the global economy. It is essential that Italy does not fall behind in this digital revolution.”
In other words, the parliamentary discussion on the budget will continue in the coming weeks and will be crucial to define the future of taxation on cryptocurrencies in Italy.
The hope is that a solution will be reached that protects both investors and the state budget, while at the same time promoting the growth of a strategic sector.