CORRECTS-MNI: Italy To Keep Lower Tax Rate For Stablecoins
(Corrects story published earlier on Oct 21 to make clear that increase in CGT applies to crypto)
Italy’s 2026 budget would exempt euro-denominated stable coins from an increase in capital gains tax due to take effect next year, according to a draft seen by MNI.
Capital gains tax on cryptocurrencies is due to rise next year to 33% from 26% under the government’s fiscal reform, but gains from tokens “anchored to the euro” whose reserves are “fully held in euro-denominated assets within authorised entities in the European Union” will stay with the lower rate, according to the draft.
A lawmaker involved in the drafting told MNI that the change aims to encourage “a more orderly and legal development” of innovative financial instruments, though the government has yet to provide an estimate of the expected increase in euro stablecoins or tax revenues from the measure. (See MNI INTERVIEW: Digital Euro Risks Failure-Ex Bank Of Spain Gov)
CRYPTO OVERSIGHT
The same draft establishes a Permanent Committee for the Oversight of Crypto Activities and Innovative Finance, which will include representatives from the Finance Ministry, the Guardia di Finanza financial police, market regulator Consob, the Bank of Italy, and consumer and academic representatives.
According to the draft, the committee will “monitor risks, foster cooperation between institutions and operators, draw up national strategic guidelines to prevent fraud, abuse and systemic risks, and prepare regular reports on the sector’s technological and financial developments.”
The initiative also foresees the drafting of a “legality protocol” between institutions and operators to combat money laundering and financing of terrorism, as well as the promotion of financial education initiatives to ensure more informed use of crypto assets and innovative finance tools.
Prime Minister Giorgia Meloni presented the main lines of the budget last week, though the final version has yet to be formally submitted to the Senate.
