"I wonder what countries will follow in the footsteps of Italy?"
After long considering cryptocurrencies as foreign currency, the Italian Senate has finally opened its eyes to digital assets by passing the 2023 spender.
Among the details contained in the shopper is the imposition of a 26% excise duty on investors who have capital gains in trading crypto assets exceeding 2,000 euros.
In addition, the law also states that crypto is a digital asset that may be transferred or stored electronically through distributed ledger technology.
To encourage Italians to declare their respective digital assets, the law gives leeway for citizens to pay a duty of up to 14% if they reveal the value of crypto holdings on January 1st.
The law also includes tax amnesty to reduce penalties for individuals who do not pay them and achieve employment and reduced legal age through fiscal incentives.
Meanwhile, commerce and households facing a power crisis will be given a tax release of 21 billion euros worth $ 22.4 billion.
Meanwhile, Italian legislation has implemented a consistent monitoring framework for cryptocurrencies in the 27 European Union (EU) member countries after the legislation was passed by Markets in Crypto Assets (MiCA).
