Italy wants to sharply increase taxes on crypto profits

Italy plans to significantly increase tax rates on crypto profits.

According to a Bloomberg report, Italy's Finance Ministry wants to significantly increase the tax rate from 26% to 42%. This decision stems from an increase in the use of cryptocurrencies such as Bitcoin, said Deputy Finance Minister Maurizio Leo during a telephone conference.

Prime Minister Giorgia Meloni's office justifies this move by pointing to the "spread of the phenomenon" crypto. An anonymous source within the government confirmed this plan to Reuters. In 2022, the then Italian government led by Mario Draghi had already raised taxes on crypto profits.