How is crypto taxed in Italy?
Italy taxes personal crypto gains through a substitutive tax collected by the Agenzia delle Entrate. As of May 2026 the rate is 33 percent on gains realised from 1 January 2026, up from 26 percent in 2025, under the 2026 Budget Law. The former exemption for gains under 2,000 euros no longer applies, so a taxable gain of any size counts, and crypto held abroad must be declared for monitoring on the RW section of the tax return.
The tax in detail
Italy treats gains on crypto assets as a category of financial income subject to a substitutive tax administered by the Agenzia delle Entrate. As of May 2026, under the 2026 Budget Law (Law 199 of 2025), the rate on crypto capital gains is 33 percent, applied to gains realised from 1 January 2026. In 2025 the rate was 26 percent. The exemption that previously left annual gains below 2,000 euros untaxed was removed from 2025, so there is no longer a small gains allowance, and a taxable gain of any amount must be declared. The exact figures change each year and your position depends on your circumstances. Verify before filing.
What counts as a taxable event
A taxable disposal generally arises when you sell crypto for euros or another fiat currency, or when you use crypto to pay for goods or services. As of May 2026 a swap between crypto assets that have the same characteristics is generally not treated as a disposal, so exchanging one crypto for another similar crypto may not trigger tax by itself, while converting to fiat does. Because the boundary between similar and dissimilar assets can be a matter of detail, keep full records of every transaction so you can support your return.
Stablecoins and electronic money tokens
As of May 2026 electronic money tokens denominated in euros that comply with MiCA are reported to be taxed at 26 percent rather than the 33 percent that applies to other crypto gains. This is a narrow carve out for a specific token type, so confirm whether a particular token qualifies before assuming the lower rate applies.
Monitoring, holding charges, and the optional step up
Beyond tax on gains, Italian residents who hold crypto through foreign platforms or in self custody generally have a monitoring obligation, declared on the RW section of the annual return, and an annual charge on the value of crypto holdings can apply in the form of a stamp style duty. Separately, the rules introduced an optional regime that let holders revalue, or step up, the cost basis of their holdings as at 1 January 2025 by paying an 18 percent substitute tax, which can reduce a future gain calculated at the higher 33 percent rate. These obligations and options are detailed and time limited, so check the current position with the Agenzia delle Entrate or a qualified professional.
How and when to file
Residents report crypto gains and holdings on the annual income tax return. As of May 2026 the substitutive tax and the RW monitoring are declared through the Redditi return, with the filing calendar set each year by the Agenzia delle Entrate. From 2026, under European Union reporting standards, crypto asset service providers also report user data to tax authorities, so figures you declare may be cross checked. Keep euro records of acquisitions, disposals, and balances at year end.
Compare available exchanges in Italy
If you buy or sell crypto in Italy, a platform that reports under the local framework can make record keeping and filing easier. These platforms serve Italy residents under MiCA as of May 2026. We list a platform here only where it is genuinely available to this country.
Regulator and sources
The tax authority is the Agenzia delle Entrate. The market regulator for crypto services is CONSOB, with the Banca d'Italia covering prudential and anti money laundering aspects.
- Agenzia delle Entrate, on the substitutive tax on crypto gains, the RW monitoring obligation, and the holding charge.
- Law 199 of 2025 (the 2026 Budget Law), on the increase of the crypto gains rate to 33 percent from 1 January 2026 and the optional step up.
- European Union Regulation on Markets in Crypto Assets (MiCA), on the treatment of electronic money tokens.
Frequently asked questions
- What is the crypto tax rate in Italy in 2026?
- As of May 2026 the substitutive tax on crypto capital gains is 33 percent on gains realised from 1 January 2026, up from 26 percent in 2025, under the 2026 Budget Law. The authority is the Agenzia delle Entrate.
- Is there still a tax free allowance for small crypto gains in Italy?
- No. The exemption that previously left gains under 2,000 euros untaxed was removed from 2025, so as of May 2026 a taxable gain of any amount must be declared.
- Do I pay tax when I swap one crypto for another in Italy?
- As of May 2026 a swap between crypto assets with the same characteristics is generally not treated as a disposal, while converting crypto to euros or using it to pay for goods or services is taxable. Keep records and confirm borderline cases.
- Do I have to report crypto held abroad in Italy?
- Generally yes. Residents who hold crypto through foreign platforms or in self custody usually have a monitoring obligation declared on the RW section of the return, and a holding charge can apply. Confirm your position with the Agenzia delle Entrate.
- What is the optional 18 percent step up?
- The rules let holders revalue the cost basis of their crypto as at 1 January 2025 by paying an 18 percent substitute tax, which can lower a future gain taxed at 33 percent. It is optional and time limited, so check the current terms before relying on it.