Minimal Tax Impact for Small Crypto Holders
The capital gains tax on cryptocurrencies is relatively modest. For example, with a crypto portfolio worth €1,000, the tax owed would amount to just €2. This low threshold ensures that smaller investors are not overly burdened.
Special Focus on Binance and Compliance Obligations
Leading exchanges like Binance have already informed their users about the implementation of this tax. Binance has clarified that, if users fail to settle their dues by January 22, 2025, the platform will automatically deduct the tax from their accounts.
Initially, Binance will attempt to withdraw the tax amount using fiat currencies or stablecoins in the user’s account. However, if these are unavailable, it will proceed to deduct the equivalent value from the user’s cryptocurrencies.
Additionally, detailed information on how the stamp duty will be calculated will only be available on Binance after January 7, 2025.
Conclusions and Reflections on the Crypto Taxation Landscape
For now, the chapter on crypto taxation in Italy appears to have reached a resolution, providing clarity to a community that has long awaited direction. The cryptocurrency market in Italy is experiencing substantial growth, with over 3.6 million Italians reportedly owning digital assets like Bitcoin, Ether, and others. Popular platforms such as Binance, Crypto.com, and Coinbase are among the primary channels through which these investments are made.
Concerns Over the Tax Rate and Favorable Conditions for Banks
Despite some adjustments, the increase in the tax rate to 33%, though less severe than the originally proposed 42%, is still seen as both outdated and disproportionate. By contrast, Spot Bitcoin ETFs—which enable individuals to "own" Bitcoin similarly to holding it through an exchange—are taxed at a more favorable 26%, aligning them with other financial products.
This discrepancy benefits traditional financial institutions significantly. Banks can now offer Bitcoin under terms more advantageous than those available on exchanges or even through self-custody solutions like wallets. This is a stark contradiction to the ethos of decentralization and individual sovereignty envisioned by Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
In short, the current tax structure inadvertently shifts the competitive advantage toward banks, undermining the principles of accessibility and independence that underpin the cryptocurrency revolution.