Italy to Raise Crypto Tax to 42%, Citing 'Spreading Phenomenon' of Bitcoin

Oct 16, 2024, 10:07 AM

Italy plans to raise its capital gains tax on Bitcoin and other cryptocurrencies from 26% to 42%, according to reports on October 16, 2024. Deputy Finance Minister Maurizio Leo stated that the move is due to the 'spreading phenomenon' of Bitcoin. The increase aims to finance expensive election promises while cutting the fiscal deficit.