Crypto-assets: Italian tax crackdown with 33% rates and total monitoring

The tax landscape for crypto-assets in Italy is undergoing a radical transformation that requires investors to profoundly revise their wealth management strategies. The 2026 Budget Law has introduced a differentiated taxation system which, starting from 1 January 2026, sees the rate on capital gains and other income rise from 26% to 33%. This crackdown affects almost all digital assets, including popular cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins denominated in dollars, with the stated objective of countering the digital "dollarization" of the economy.

The only exception to this tax increase is represented by electronic money tokens denominated in euro, whose reserve funds are held entirely with authorized entities within the European Union. For these instruments, the legislator has provided for the maintenance of the 26% rate, further establishing that the mere conversion between euro and euro-denominated stablecoins (or the relative nominal value reimbursement) does not constitute a tax-relevant event.

In addition to the increase in the levy, the new discipline raises significant technical issues, particularly regarding the management of capital losses. With the coexistence of two different rates, it will become necessary to adjust the tax base to correctly offset prior losses realized under the 26% regime against new income taxed at 33%. This scenario is part of an unprecedented framework of international transparency: with the implementation of the CARF (Crypto-Asset Reporting Framework) and the automatic exchange of information, the anonymity of digital wallets is fading, making every transaction traceable by tax authorities.

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