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According to a report from Bloomberg, a provision in Italy’s 2023 budget plan looks to implement a 26% levy on capital gains earned from digital asset sales where the profit exceeds 2,000 euros . Cryptocurrencies have thus far been treated as foreign currency by Italy’s tax authorities which granted them a lower tax rate, but the outsized nature of the gains possible in the crypto market has led to a reevaluation of how they should be taxed.
The Indian government adopted a similar approach where it allowed citizens to declare their cryptocurrency holdings before a new tax regime was put in place that would enforce a 30% tax rate.
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