Taxes · 🇮🇹 Italy
Crypto and tokenized asset taxes in Italy
From 1 Jan 2026 crypto gains are taxed at a 33% substitute tax with no tax-free threshold; qualifying euro e-money tokens stay at 26%. Tokenized financial instruments are expected to follow the 26% securities regime.
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Crypto
Gains
33% substitute tax from 2026 (26% until 2025); 26% for qualifying euro e-money tokens (MiCA EMTs)
Tax-free allowance
None since 2025 (the former EUR 2,000 threshold was removed)
Losses
Losses on crypto-assets can be deducted from crypto gains under conditions set in the law; carry-forward rules are reported as for other 'redditi diversi' (up to 4 years) but should be checked.
Also
Swaps between crypto-assets with the same economic function are not taxable; crypto-to-fiat and crypto-to-goods are. Holders could revalue their cost basis by paying a substitute tax on the value at 1 January (18% for the 2025 revaluation).
Income and tokenized assets
Staking, lending, yield
Staking, lending and airdrop proceeds are commonly treated as taxable crypto income under art. 67(1)(c-sexies) TUIR and so fall under the 33% substitute tax from 2026; some guides argue for ordinary income-tax rates. The exact timing and rate are not settled in the sources reviewed.
Tokenized stocks, bonds, funds
Circular 30/E (2023) links digital financial instruments to the ordinary rules for capital income and financial 'redditi diversi' (art. 44 and art. 67(1)(c)–(c-ter) TUIR), so a token that is a legal financial instrument (share, bond, fund unit) is expected to be taxed like that instrument at 26%, not at the crypto rate. No specific guidance was found on offshore tracker tokens such as xStocks or on tokenized fund units like BUIDL.
Filing
Tax year
Calendar year; Redditi PF return normally due 31 October of the following year
Reporting
Gains go in the crypto section of the Redditi PF return. Crypto-assets held without an Italian intermediary go in the RW/W section and pay IVCA, a 0.2% yearly tax on value at 31 December; holdings at Italian intermediaries pay a 0.2% stamp duty instead. DAC8 platform reporting covers transactions from 1 January 2026.
Tax authority
Watch out
- The jump from 26% to 33% applies to gains realised from 1 January 2026.
- Every euro of gain is taxable; there is no small-gains threshold any more.
- Euro stablecoins can qualify for 26% only if they are MiCA e-money tokens.
- Crypto held on foreign platforms or self-custody still has to be declared each year.
Sources
- Agenda Digitale – Budget Law 2026 crypto tax · agendadigitale.eu
- Fiscal Focus – 33% and EMT exception · fiscal-focus.it
- Andersen – Circular 30/E commentary · it.andersen.com
- CMS expert guide – Italy · cms.law
- Centro Fiscale – IVCA 2 per mille · centrofiscale.com
- Agenzia delle Entrate – return instructions 2026 · agenziaentrate.gov.it
Not confirmed
- Exact rate and timing for staking/lending rewards (33% substitute tax vs ordinary IRPEF) — sources disagree.
- Whether Circular 30/E explicitly confirms 26% treatment for tokenized shares/bonds/funds; based on secondary summaries only.
- No specific guidance found for tracker certificates (xStocks/Backed) or tokenized gold.
- Loss carry-forward period for crypto losses (reported 4 years, not confirmed in an official source).
- Existing summary (29 Oct) matches; no correction needed.
Researched 2026-11-01 for private individuals resident in Italy. Information, not tax advice — rules change; check the tax authority before you file.