Taxes and cryptocurrencies, as is the situation in Italy
The exponential growth of cryptocurrencies and its increasing popularity has posed the problem of how to pay taxes for those who hold digital currencies. The problem is more complicated than one might think because there are different tax regimes depending on the country of residence, and the picture is not always clear and definitive. In Italy, unfortunately, the situation regarding the taxation of cryptocurrencies is particularly confusing, and the tax system has not yet managed to issue precise regulations on the matter.
Currently, only the part of the capital gain realized on the sale of cryptocurrencies for an amount exceeding 51,645 euros is due to the tax authorities. In this case, the capital gain must be declared in the RT framework of the PF income model, paying a substitute tax of 26%. Below this threshold, nothing would be owed to the tax administration, this is because the same regulations that apply to the possession of foreign currencies apply to digital currencies.
However, the holding of cryptocurrencies, even for smaller amounts, should be declared in the RW part of the “UNICO Model”. However, the definition of cryptocurrency custody is not very clear, because it becomes difficult to understand whether the possession of cryptocurrencies held in digital wallets should be declared, and also it is not clear whether withdrawals or movements made with these virtual wallets should be declared to the authorities. tax. Finally, it is still unclear whether and how capital gains made on exchanges between cryptocurrencies, without making any switch to a fiat currency, should be taxed.