Ametrano: "With the Bitcoin Tax, the Government Targets Young People and Industry Businesses"

According to the CheckSig’s CEO, “a virtuous path is being disrupted,” and capital that would have emerged in Italy risks fleeing to Germany or Switzerland

MILAN – Ferdinando Ametrano, how do you explain the increase in taxes on crypto capital gains?
As Consob Commissioner Federico Cornelli has clarified, it’s believed that investment in crypto has no social utility. The EU, however, in the MiCA regulation, argues that it promotes economic growth and job opportunities. In Italy, they want to discourage investment in the most profitable asset class of the last decade, forgetting that the Constitution protects all forms of savings.

An asset class often linked to the underground economy…
The underground economy exists because, until 2023, there was no clear tax framework, which this government has commendably introduced. Today, a virtuous path is being disrupted: large crypto capital will flee to Germany or Switzerland, where capital gains are not taxed; others will use ETFs taxed at 26%, offered by major foreign groups.

Are young people being penalized?
Yes, because 60% of Italian crypto investors are under 40 (Oam data). We have a government that claims it doesn’t want to raise taxes but does so for the 3.6 million Italians who invest in crypto, primarily affecting young people and businesses in the sector.

However, the Lega disagrees, as Deputy Centemero, referencing Trump and Musk, has stated. Will there be changes?
We all hope so. Regardless of political alignment, 42% is unfair and discriminatory compared to the 26% on financial income: anyone free from prejudice can see this.

Bitcoin is often used in illicit activities, which does not help eliminate prejudices.
Bitcoin is the digital equivalent of gold. What the Internet is for the transmission of information, Bitcoin is for the transmission of value: all tools have always had both legal and illegal uses.

Interview by Carlotta Scozzari, published on Affari&Finanza (La Repubblica)