🤩 Italy 🇮🇹: capital gains tax on BTC may rise to 61%

🤩 Italy 🇮🇹: capital gains tax on BTC may rise to 61%

The regulator’s intent seems clear: to discourage cryptocurrency investments.

➡️ Currently, the tax rate is 26%, so an increase to 61% would be significant.

➡️ Italian authorities fear that the growing interest in BTC could weaken the euro. However, the government remains divided on the issue.

➡️ The founder of the Italian platform Tatah (which facilitates crypto tax payments) calls the measure discriminatory and unfortunate, as it will impact not only BTC but also exchange-traded funds linked to the cryptocurrency.

➡️ With this tax pressure, users are likely to turn to anonymous exchanges without “KYC” verification. Although these carry risks, the regulator would miss out on tax revenue if this practice becomes widespread.

➡️ There is a risk that this trend could spread across the EU, as Italy is not the first country exploring higher crypto taxes to cover fiscal deficits. If others follow suit, European crypto trading volume could decrease, impacting business revenue and pushing some companies to relocate to more crypto-friendly destinations.

Countries like India 🇮🇳, Nigeria 🇳🇬, and Indonesia 🇮🇩, as well as other top 20 pro-crypto nations like Ukraine 🇺🇦 and Russia 🇷🇺, could become options for these companies. This trend raises significant considerations.

#news #cryptocurrency #Europe

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