The new crypto law
There Budget Law was approved in a race against time also in the Senate (in the last few hours), and with it the new rules for the taxation of cryptocurrencies. From 1 January 2023 the new legislation will therefore come into force, with the Art. 31-35 of the draft which will initiate the new regulatory process.
There are no particular changes with respect to the draftbut it is useful to retrace the main points, starting from the new definition of “crypto-asset”, subject to legislation, and which consists of the “digital representation of value or rights that can be transferred and stored electronically, using distributed ledger technology or similar technology”.
Until now, the only normative reference was represented by the individual “interpretations” of theRevenue Agencywhich ranked cryptocurrencies on a par with foreign currencies referring to their taxation.
The key points
From this moment, therefore, cryptocurrencies are at least defined as “digital assets”, and will be taxed in case of cash out in fiat and transfer to third parties (e.g. purchase of goods or services). Capital gains, on the other hand, will have rate at 26%but only when exceeding 2 thousand euros per year.
Furthermore, the one defined by some as “amnesty”, which, through the payment of asubstitute tax at 3.5%allows anyone who had made a cash out prior to 1 January 2021 to be in order, offering the possibility of redeeming the value as of 1 January 2023 by paying 4.67% per year for 3 years.
The capital gains subject to taxation, specifically, are calculated as the difference between the consideration received and the purchase cost or value, while any capital losses exceeding 2 thousand euros can be fully deducted from the capital gains of subsequent years, no later than the fourth .
As for the “donation” of a crypto asset, on the other hand, the law establishes that the purchase cost of the donor is assumed. In this sense, those relating to cases of transfer to subjects other than the holders will be considered capital gains.
From a more general point of view, the Budget Law also undertook to define some guidelines for the regularization of activities that have taken place before its entry into force. For those who have not indicated the cryptocurrencies held as of December 31, 2021 (and in the absence of cash out), it will therefore be possible regularize the position by paying a fine for failure to declare the reduced amount of the 0.5% for each year on the value of undeclared assets. In case of cash out to be declared, however, asubstitute tax of 3.5%.
As already anticipated, it is also provided for by the law revaluation of the value of crypto-assets held as of January 1, 2023. Instead of the purchase cost or value, it is possible to assume the value at that date through the payment of a substitute tax of 14% of income taxes, payable in 3 annual installments, with the first installment to be paid by 30 June 2023.
It is therefore granted “faculty” to re-determine the load cost through the payment of the tax, which could be convenient in case of holding many stablecoins and in the presence of few investment transfers made.
NB: remains thestamp duty of 2×1000 on the value of crypto-assets.
Basically, those who have not declared anything will pay 0.5% on the value of the cryptocurrencies held on January 1st of the years in question. In the case of undeclared cash outs prior to 1 January 2021, the substitute tax will be 3.5% on the latter. All those who record book values lower than the current value will be able to revalue the capital as of 1 January 2023, paying the AdE 14% of the value of the appraised capital (over 3 years). Finally, capital gains made from 1 January 2022 are taxed at 26%.
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The new cryptocurrency law is now official – The Crypto Gateway
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