Italy: Adopted 2023 budget Bill including cryptocurrency taxation

On 29 December 2022, the Senate of the Italian Republic approved the State Budget Bill for the financial year 2023 and the multi-year budget for the three years 2023-2025, introducing changes to the Consolidated Income Tax Act. The Bill defines crypto-assets and makes them subject to taxation. According to the text, crypto-assets are defined as "a digital representation of value or rights that can be transferred and stored electronically". Crypto-assets have been included in the framework of personal income tax, and a new category of miscellaneous income has been established, consisting of capital gains and income realised from crypto-assets. The gains over EUR 2'000 from crypto-assets will be subject to a 26% tax rate.