42% Capital Gains Tax on Crypto starting next year

Announced by Deputy Minister of Economy Leo: The new tax could be implemented as early as 2025

A fiscally discriminatory and likely unconstitutional initiative

CheckSig reaffirms its commitment to supporting clients on tax matters

Today, Deputy Minister of Economy Maurizio Leo announced that the upcoming financial law will raise the tax on crypto capital gains to 42%, up from the current 26%, which is typically applied to financial income.

Since January 2024, CheckSig has been the first international operator to act as a crypto tax withholding agent for its clients. We have always been at the forefront of ensuring tax compliance and offering high-quality services to crypto investors. For this reason, we do not hesitate to denounce the unfair nature of this initiative and reaffirm our commitment to supporting clients with their tax obligations.

”The 42% substitute tax announced for 2025 by Deputy Minister Maurizio Leo is fiscally discriminatory and therefore unfair, likely even unconstitutional,” said Ferdinando Ametrano, CEO of CheckSig. ”It would have the damaging effect of driving crypto capital that can leave out of Italy and encouraging others to realize capital gains by the end of 2024, creating clear market distortions. Moreover, it would create an unreasonable imbalance compared to financial instruments like derivatives, ETPs, ETCs, and crypto ETFs, which are taxed at 26%, putting Italy’s crypto services industry in serious difficulty.”

Ametrano emphasized the need for a more balanced approach: ”We hope for a constructive dialogue with the Ministry of Economy and Finance to find solutions that, while improving tax collection efficiency, do not unfairly penalize investors and the Italian crypto industry.”

Meanwhile, CheckSig continues to provide its clients with tax support, assisting them with compliance and offering comprehensive services for managing and protecting their crypto assets.