Lưu trữ cho từ khóa: Italy

Bitcoin

Italy mulls raising Bitcoin capital gains tax above 40% as crypto gaining momentum: report

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Italy is considering raising its capital gains tax on crypto to 42% as part of efforts to reduce the fiscal deficit.

Bitcoin (BTC) holders could soon face nearly two-fold tax increase in Italy, as the government plans to raise the capital gains tax on crypto from 26% to 42%, Bloomberg reports.

During a conference call on Wednesday, Italy’s deputy finance minister Maurizio Leo noted that the government is responding to the rapid growth of crypto usage, stating that the phenomenon is “spreading” quickly. The report did not provide a timeline though for when the new tax might be implemented though.

Italy is not alone in its approach to crypto taxation. Other nations, like India, have also grappled with similar issues, resulting in declines in local trading volumes as investors shift to offshore markets.

Italy treading well-established track

As crypto.news reported earlier, crypto trading and mining profits in India are subject to a flat 30% tax. Staking income is also taxed, though based on the individual’s income tax slab, potentially offering a lower rate.

The potential tax increase coincides with Italy’s preparations to adopt the European Union’s Markets in Crypto-Assets regulations, scheduled to take effect by the end of 2024.

The proposed changes could potentially reshape Italy’s crypto landscape. Earlier in July, Bank of Italy Governor Fabio Panetta suggested that MiCA, which includes provisions for electronic money tokens and asset-referenced tokens, may conflict with existing Italian law, hinting at a selective implementation of these guidelines.

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Bitcoin

Italy’s historic Banca Sella to begin offering Bitcoin trading

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Italian banking institution Banca Sella has announced the introduction of Bitcoin trading services on its mobile banking platform, Hype.

Banca Sella, leveraging its historic reputation, announced on Monday its entry into the crypto market. The bank, which currently serves 1.4 million customers, will gradually roll out Bitcoin (BTC) trading services to its users. 

The new service, currently in beta testing for Hype Plus customers, will soon be available to all Hype users. It allows clients to buy, sell, and send Bitcoin directly within the app, eliminating the need for external exchanges. Users can perform transactions and make purchases wherever cryptocurrency payments are accepted.

Trading limits

To manage risk, the bank has implemented trading limits: Hype Start accounts are capped at $2,700 annually, while Plus and Premium accounts have a $54,000 limit.

This move comes amidst Italy’s stringent lockdown measures due to the COVID-19 pandemic, which has driven increased demand for alternative financial solutions.

This development is part of a broader trend of institutional adoption of cryptocurrency. Global financial institutions like J.P. Morgan Chase, BlackRock and Greyscale have all embraced pro-crypto practices, notably in the form of spot BTC ETFs. 

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Pháp Lý

Italy teases selective implementation of MiCA guidelines: report

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Bank of Italy Governor Fabio Panetta announced guidelines focusing on bank-issued electronic money tokens under new E.U. crypto asset rules to stabilize the payment system.

The Bank of Italy is set to introduce guidance on crypto for financial institutions to clarify the European Union’s rules regarding crypto assets, aiming to safeguard the stability of the payment system, Reuters reports.

Speaking at the Italian Banking Association, Bank of Italy governor Fabio Panetta teased that the E.U.’s Market in Crypto Asset Regulation (MiCAR) regulation, which recognizes electronic money tokens (EMTs) as well as asset-reference tokens (ARTs) for use as means of payment, might go against Italy’s law.

According to MiCAR, issuers of ARTs and EMTs are required to hold the “relevant authorization” to carry out activities in the E.U. The relevant requirements are set out in the Markets in Crypto-assets Regulation (MiCAR) and are complemented by technical standards and guidelines developed by the European Banking Authority. However, Panetta signaled that Italy is likely to allow only EMTs, without giving the green light to ARTs.

“Our assessment is that the only instruments that can fully preserve public trust as means of payment are EMTs, which can be issued by banks or electronic money institutions.”

Fabio Panetta

While Italy’s decision to adopt MiCAR selectively remains unclear, the country is also reportedly considering tougher penalties for crypto-related offenses to combat market manipulation, as proposed legislation aims to impose fines ranging from €5,000 to €5 million ($5,400 to $5.4 million) for offenses like insider trading and unauthorized disclosure of inside information.

The decree assigns oversight of crypto activities to the Bank of Italy and market regulator Consob, empowering them to maintain financial stability and ensure market orderliness.

In early 2023, the Bank of Italy emphasized the need for a strong and risk-based regulatory framework surrounding stablecoins, aiming to avert a potential worst-case scenario of a destabilizing “run” on these digital assets. The financial regulator particularly highlighted the need for regulatory attention, particularly towards stablecoin issuers, due to their close ties with decentralized finance.

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Pháp Lý

Italy considers $5.4m in penalties for crypto insider trading: report

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Italy is reportedly considering increasing fines for crypto crimes as part of measures to reduce market manipulations.

Italy‘s government is mulling tougher penalties for those who manipulate the crypto market, Reuters has learned, citing a draft decree.

The proposed legislation, if approved, would impose fines ranging from €5,000 to €5 million (,400 to .4 million) for crimes such as insider trading, unauthorized disclosure of inside information, and market manipulation. The decree designates the Bank of Italy and market regulator Consob as the primary overseers of crypto activities, with a mandate to maintain financial stability and ensure the orderly functioning of markets.

In early 2023, the Bank of Italy emphasized the need for a strong and risk-based regulatory framework surrounding stablecoins, aiming to avert a potential worst-case scenario of a destabilizing “run” on these digital assets. The financial regulator particularly highlighted the need for regulatory attention, particularly towards stablecoin issuers, due to their close ties with decentralized finance.

Later on, Italy’s central bank announced the creation of a supervisory environment in anticipation of the Markets in Crypto-Assets Regulation (MiCA), the European Union’s forthcoming regulatory standards for the crypto industry.

However, it remains unclear whether this supervisory framework has been fully implemented. At that time, Ignazio Visco, then-governor of the Bank of Italy, noted that the central bank’s surveys indicated only about 2% of Italian households held “modest amounts, on average” of crypto, with the exposure of Italian financial intermediaries to the crypto market also being very limited.

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Theo Crypto News