Crypto Taxes Italy

26% capital-gains, €2,000 exemption, Quadro RW, 0.2% annual wealth tax.

Tax year 2025 · filing year 2026

Reviewed by Stephan Kulik · Last updated: 2026-04-21 · How we rank

Short answer

Italy taxes crypto disposals at 26% flat capital-gains under the 2023 Budget Law regime. Annual €2,000 exemption threshold applies. Crypto-to-crypto swaps are tax-neutral (same-nature rule). Foreign holdings must be declared in Quadro RW with penalties 3-15% for non-declaration. Annual 0.2% wealth tax on year-end value. Staking = 26% at receipt. Not tax advice — consult a commercialista.

The 2023 reform

Pre-2023, Italian crypto tax was ambiguous — crypto was partially fitted into foreign-currency rules with a €51,645.69 threshold that was both unclear in application and unsuitable for typical crypto activity. The 2023 Budget Law (Legge di Bilancio 2023) created a dedicated crypto-asset regime:

26% flat capital-gains on disposals
€2,000 annual exemption threshold
Crypto-to-crypto swaps tax-neutral under "same nature" rule
One-time 3.5% substitute tax that allowed holders to reset cost basis to January 1, 2023 values (window closed for most taxpayers)
Quadro RW clarified for crypto foreign-holding declaration

The 26% rate

Applies to gains on crypto disposals. Flat — no progressive schedule, no short-term/long-term distinction. The €2,000 exemption applies before the rate: if your total yearly gains are under €2,000, no tax. Above €2,000, the 26% applies on the full gain (not just the excess above €2,000 — verify with commercialista for your specific year).

What counts as a disposal

Selling crypto for EUR or other fiat → disposal, taxable
Swapping BTC for ETH (both crypto-assets) → tax-neutral, same nature
Swapping BTC for a stablecoin (if classified as crypto-asset) → typically tax-neutral; verify status of specific stablecoin post-MiCA
Purchasing goods or services with crypto → disposal at EUR FMV, taxable
Converting crypto to euro CBDC (if issued) → disposal, taxable

Quadro RW — foreign-asset declaration

Italian tax residents holding crypto at foreign custodians (non-Italian exchanges, foreign wallets) must declare in Quadro RW as part of their annual Modello Redditi Persone Fisiche. No de minimis threshold for the reporting obligation itself.

Penalties for non-declaration:

3-15% of undeclared value per year
Doubled if holding is in a tax-haven jurisdiction
Extended prescription period

Annual wealth tax (0.2%)

Italian residents pay an annual 0.2% wealth tax (imposta di bollo / IVAFE-equivalent) on year-end crypto value. This is separate from the 26% capital-gains tax on disposals. It applies regardless of whether you realize gains — simply holding crypto triggers this. Reported in Quadro RW section II.

Staking and other activities

Staking rewards: 26% on FMV at receipt
Lending interest: typically 26% (crypto capital income)
Mining: commercial activity if organized; partita IVA
Airdrops: if earned via action — income at receipt; if passive — carryover basis

Declaration workflow

Aggregate transactions via a crypto-tax tool with Italian support (CoinTracking, Koinly, Young Platform Tax)
Calculate gains applying FIFO
Check if total gains exceed €2,000 (below = no tax but still report if required)
File Modello Redditi Persone Fisiche including crypto section
File Quadro RW for foreign holdings including 0.2% wealth tax
Pay by deadline

Where to hold crypto from Italy

Italian-domiciled exchanges with OAM registration (Young Platform, Conio, The Rock Trading) simplify compliance — they may provide pre-filled reports. Foreign exchanges require Quadro RW. See best crypto banks in Italy, MiCA-licensed crypto banks.

Disclaimer

This page is general information only. Italian tax law evolves with each Budget Law; Agenzia delle Entrate guidance refines the regime. Consult a commercialista familiar with crypto. See terms.

Frequently asked questions

Come sono tassate le cripto in Italia? +

Italian Budget Law 2023 (Legge di Bilancio 2023) introduced a specific framework: gains on crypto disposals are taxed at 26% (capital-gains rate for financial income). An annual €2,000 exemption threshold applies (verify current, may have changed in subsequent budget laws). Disposals include sell-for-fiat and swap-for-non-crypto-equivalent (e.g., swap to USDC may be exempt if both are "crypto-assets"; swap to a CBDC may be a disposal). The 26% rate is flat — no short-term/long-term distinction.

What is the RW declaration? +

Quadro RW is Italy's foreign-asset declaration, filed as part of the annual income tax return (Modello Redditi Persone Fisiche). Italian tax residents holding crypto at foreign custodians must declare in RW. No minimum threshold for the reporting obligation itself (unlike Spain's €50k), though the wealth tax (IVAFE / IVIE equivalent for digital assets — currently 0.2% per year on the value held) may have practical thresholds. Non-declaration penalties: 3% to 15% of undeclared value per year, potentially doubled for tax-haven jurisdictions.

What was the 2023 reform? +

Before 2023, Italy had no crypto-specific framework — crypto was partially fitted into foreign-currency rules (Art. 67 TUIR) with a notorious €51,645.69 threshold for continuous holding over 7 days triggering taxation. Many holders fell into ambiguity. The 2023 Budget Law created a dedicated crypto-asset tax regime: 26% flat capital-gains rate, €2,000 annual exemption, RW reporting clarified, and a one-time 3.5% substitute tax allowing holders to "reset" cost basis at January 1, 2023 value (that window has largely closed). The regime is much clearer post-2023.

How is crypto-to-crypto taxed in Italy? +

Under the 2023 regime, swaps between crypto-assets of "the same nature" (both are crypto, neither is a financial instrument) are tax-neutral. Swap BTC for ETH: no immediate tax. Swap BTC for USDC (stablecoin): this has historically been treated as tax-neutral if USDC is classified as a crypto-asset (not e-money). Swap BTC for fiat (EUR): taxable disposal. The "same nature" interpretation has some ambiguity — verify with a commercialista.

Is there a wealth tax on crypto in Italy? +

Yes. Italian residents pay an annual "imposta di bollo" (stamp duty) or IVAFE-equivalent on crypto holdings, currently around 0.2% of the year-end value. This applies in addition to the 26% capital-gains tax on disposals. The wealth tax applies whether or not you realized any gains — simply holding crypto triggers this annual 0.2%.

How are staking and airdrops taxed? +

Staking rewards: at receipt, FMV as income. The 26% flat rate typically applies. Airdrops: if claimed via action, income at receipt; if received passively, carryover basis (no immediate tax). Mining: commercial activity if organized.