Crypto Taxation in Italy

How does Italy classify crypto gains for tax purposes?

Italy classifies crypto-asset disposal gains as redditi diversi (miscellaneous income) under Article 67(1)(c-sexies) TUIR, inserted by Legge 197/2022 (Budget Law 2023). Taxable events include sales to fiat, exchanges for goods or services, and crypto-to-crypto swaps between tokens of different economic character [1]. The 26% imposta sostitutiva applied to all net gains in the 2025 tax year with no minimum threshold, after the EUR 2,000 per-year exemption was abolished by Legge 207/2024 [4]. Buying, holding, and transferring tokens between the taxpayer's own wallets are not taxable events.

Agenzia delle Entrate elaborated the framework in Circolare 30/E of 27 October 2023, with worked examples distinguishing taxable from non-taxable transactions and confirming that cost basis is calculated by the Last In, First Out (LIFO) method across all wallets and platforms globally [2].

What is the enacted tax rate for 2026 gains?

Legge 207/2024 raised the substitute tax rate from 26% to 33% effective from 1 January 2026 for most crypto-asset gains [4]. This rate is confirmed and fully in force under Legge 199/2025 (Budget Law 2026). A taxpayer who realises the same gain in December 2025 pays 26%; the identical disposal in January 2026 incurs 33%.

The 2026 Budget Law (Legge 199/2025) introduced one narrow exception: gains from MiCAR-compliant euro-denominated electronic money tokens (e-money tokens authorised under EU Regulation 2023/1114 and pegged to the euro) remain taxed at 26% rather than 33% [5]. USD-denominated stablecoins such as USDT or USDC do not qualify; gains on those are taxed at the standard 33% rate. No further rate reduction or reversal of the 33% headline rate was enacted.

Losses from crypto disposals are deductible against gains of the same tax base and may be carried forward for up to four years under Article 68 TUIR [1].

Are crypto-to-crypto swaps taxable?

Crypto-to-crypto exchanges are not automatically taxable. Agenzia delle Entrate Circolare 30/E (27 October 2023) states that swaps between crypto-assets of the same economic characteristics and functions do not constitute a taxable disposal; the cost basis of the disposed token transfers to the received token [2]. The exchanged tokens must serve the same purpose (for example, two payment-token cryptocurrencies) for the exemption to apply. A swap between tokens of different character -- such as from a payment token to a security token representing a tokenised asset, or from a utility token to a yield-bearing DeFi governance token -- is a taxable event at the EUR-equivalent fair market value at the moment of exchange. The boundary between same-character and different-character swaps requires case-by-case assessment and remains the principal area of ongoing interpretive activity.

What is the rivalutazione step-up and should holders consider it?

The rivalutazione (revaluation) regime allows Italian-resident crypto holders to elect an 18% substitute tax on the fair market value of their holdings as of 1 January 2025, in lieu of paying capital gains tax calculated from the original acquisition cost [3]. The election resets the cost basis to the January 2025 valuation date, so future gains are measured from that higher starting point.

Payment can be made in a single lump sum or in three annual instalments (2025, 2026, 2027) with 3% interest on deferred amounts, via Modello F24. With the headline rate now 33% from 2026, the 18% election can represent a meaningful differential for holders with large unrealised gains and a low original cost basis. Suitability depends on holding period, expected disposal timing, and individual circumstances; consult a qualified professional. See Italy country overview for the broader tax residency context.

What are the Quadro RW monitoring and wealth levy obligations?

Italian tax residents must declare all crypto-asset holdings -- regardless of value or storage location -- on Quadro RW of the annual Modello Redditi PF income-tax return, under Article 4 of Decreto Legge 167/1990 as amended by Legge 197/2022 [6]. There is no de minimis threshold: even EUR 100 held on a foreign exchange requires a Quadro RW entry. The return must state both the year-end balance and the highest balance held during the year.

An annual wealth levy equivalent to 0.2% of the year-end fair market value applies to crypto held on foreign platforms or in self-custody. This charge -- called the Imposta sul Valore delle Cripto-attivita (IVCA), functioning analogously to the pre-existing IVAFE on foreign financial assets -- is reported and paid via Quadro RW [6]. Crypto held with Italian-regulated intermediaries is instead subject to the Italian imposta di bollo (stamp duty) at the same 0.2% rate, collected by the intermediary directly. Penalties for failure to file Quadro RW range from 3% to 15% of the undisclosed asset value and can reach 240% of the tax owed in egregious cases.

From 1 January 2026 the DAC8 directive (EU) 2023/2226, transposed into Italian law, requires EU-licensed crypto-asset service providers to report Italian-resident customer transaction data and balances to Agenzia delle Entrate automatically each year [7]. Quadro RW filing remains mandatory regardless of DAC8 reporting.

This page presents factual information only. Individual circumstances vary; consult a qualified tax professional registered in Italy before making decisions about crypto-asset reporting or disposal. For jurisdiction context see also Italy country overview.