From 2023, Italian Investors Will Have To Pay 26% Crypto Gains Tax
The crypto community could be said to be acephalous and its industry is still largely unregulated. Following the crash of the popular crypto exchange FTX, many have called for appropriate rules and regulations for the industry.
It is in a bid to make its regulations more stringent and capable that Italy is championing this development. Starting in 2023, a tax of 26% will be levied on gains over £2,000 that are made over virtual currency, while investors who declare their assets by January of next year will enjoy a cut and will only have to be liable for 14%.
We Want Transparency And Regularity Over Crypto Affairs
The Italian Republic government has expressed that it seeks a virtual asset industry that is transparent and devoid of irregularities. The country went on to state that the proposed development would help achieve this.
Up until this very minute, the country’s tax authorities have placed virtual coins and tokens in the same category as foreign currency; hence, the crypto industry has continued to enjoy relatively lower taxation; however, this will cease to be so by 2023.
Following the collapse of the famous crypto exchange, FTX experts all over the world have called for the need for more stringent rules and regulations in the crypto industry, as this will help to curb fraudulent activities.
Statistics show that about 1.3 million people living in Italy have one or more virtual assets. This is about 2.3% of the total population of more than 60 million.
The proposed bill, in a bid to achieve a decent level of transparency, has stated that investors who declare their virtual assets by January 2023 will enjoy a cut in the tax percentage and will only have to pay 14%.
The bill also includes requirements for the disclosure of digital assets, and cryptocurrencies will now be covered by stamp duties. Although still subject to a few likely changes, the bill appears to be widely accepted already.
Crypto Will Have To Survive Under Stringent Rules
Moving forward, it is apparent that the crypto industry will have to survive under the new, stringent rules and regulations.
Since the fall of the FTX exchange, more international bodies are now conducting research and exploring new ways to ensure a better and more effective watchdog system.
This new development is quite strange, especially since crypto was largely unregulated, but apparently, the industry will have to deal with it.
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