Italy: Revenue Agency adopted Response clarifying taxation of cryptocurrency asset gains under administered savings regime (No. 135/2025)

On 14 May 2025, the Italian Revenue Agency adopted a Response clarifying the taxation of crypto-asset gains under the administered savings regime. It was clarified that the regime may apply for taxing capital gains from crypto-assets, but only where they can objectively verify the cost basis of the assets and that self-certifications are not allowed. It was also highlighted that transfers to self-custodial wallets or other exchanges are not taxable events if ownership continuity is demonstrably maintained, but unverifiable movements must be treated as taxable disposals. Clients revoking the regime do not trigger immediate tax events, though the operator remains the withholding agent until the end of the year. The average cost method must be used to calculate gains, and the 26% substitute tax applies under the new legal framework.