Italy: Implemented 2023 budget Bill including cryptocurrency taxation

On 1 January 2023, 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, entered into force. The Bill defines crypto-assets and makes them subject to capital gains tax. Under the Bill, the 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.