Italy crypto tax guide for 2025
Sep 22, 2025・8 min read
Cryptocurrencies have come a long way since the early days, when cypherpunks ruled the scene and tax agencies paid little attention to the digital assets market. Now there's no denying crypto’s a global phenomenon, and many countries have introduced clear taxation rules for investors, including Italy.
In this Italy crypto tax guide for 2025, we’ll explain the ins and outs of filing there this year, including taxable events, how to calculate gains, and key deadlines and reporting requirements. Whether you’re trading Bitcoin (BTC), staking Ethereum (ETH), or minting non-fungible tokens (NFTs), here’s what you need to know.
Is crypto taxable in Italy?
Yes, crypto is taxable in Italy. In October 2023, the Agenzia delle Entrate – Italy’s tax authority – published Circolare N. 30/E, official guidance that outlines how digital assets fall under the 2023 Budget Law (Legge di Bilancio 2023) and sets rules for applying capital gains and losses to taxpayers who hold cryptocurrency. The document states that Italy defines crypto-assets as a distinct category ‘cripto-attività,’ subject to its own special tax regime. Once likened to foreign currency, their tax treatment is now largely analogous to that of financial assets.
How much tax do you pay on crypto in Italy?
The capital gains tax rate for cryptocurrencies in Italy is 26% when your total gains exceed
€ 2.000 in a tax year. Gains below this threshold are tax-free. This substitute tax (imposta sostitutiva) replaces Italy's standard progressive tax rates (IRPEF) that normally apply to other types of income.
However, starting in January 2026, the capital gains tax rate will increase to 33% and the
€ 2.000 exemption will no longer apply, meaning that even a € 1 gain will be taxable. The original 2025 budget proposal set the rate at 42%, but the industry pushback prompted lawmakers to lower it.
Alternatively, investors can opt in to a substitute tax on the overall value of their crypto assets, calculated without regard to the purchase price. Under the 2025 Budget Law (Legge di Bilancio 2025), this step-up substitute tax is set at 18%.
In addition to buying, trading, or selling digital assets, other crypto-related activities – such as mining or the creation and sale of NFTs – may be taxed as ordinary income rather than as capital gains. In such cases, progressive IRPEF rates ranging from 23% to 43% apply to each taxpayer according to their total income, irrespective of marital status.
Personal Income Tax Rates in Italy for the 2025 Tax Year
Source: Agenzia delle Entrate - Aliquote e calcolo dell'Irpef
Example: If your total income, including crypto, is € 52.000, you pay 23% on the first € 28.000, 35% on the next € 22.000, and 43% on the € 2.000 above € 50.000.
Who collects crypto taxes in Italy?
In Italy, the Agenzia delle Entrate enforces and collects taxes on all assets, both fiat and digital. It also imposes penalties for misreporting or non-compliance. All crypto-related filings and payments must go through this agency.
How are crypto gains and losses taxed in Italy?
Tracking your crypto gains and losses accurately and comprehensively is key to ensuring you report your taxes correctly and avoid penalties. Notably, crypto-to-crypto trades are usually not taxable in Italy, while crypto-to-fiat transactions are.
If you may owe crypto taxes in Italy, here’s how to get started with calculating your tax liability.
What’s the formula to calculate capital gains?
To calculate your capital gains or losses, subtract your cost basis (the original purchase price) from the proceeds of the sale. Remember, for the 2025 tax year, taxpayers only need to report annual gains above € 2.000.
Gain/Loss = Sale proceeds – Cost basis
Apply this formula to each taxable event, and then aggregate the results to calculate your total annual gain or loss.
Which cost basis method does Italy use?
While many jurisdictions allow FIFO (first-in, first-out), Italian tax law requires LIFO (last-in, first-out) to calculate the cost basis for your crypto assets. That means the coins you most recently purchased are treated as the first ones sold.
For example, let’s say you buy 1 BTC for € 100.000 in January 2025, 1 BTC in May 2025 for
€ 104.000, and 1 BTC in August 2025 for € 120.000. Then, in December 2025, you sell 2 BTC for € 300.000.
To calculate your cost basis using LIFO, add the prices of the last two crypto purchases:
€ 120.000 + € 104.000 = € 224.000
Then, subtract the cost basis from the sale price to determine your capital gain:
Sale price (€ 300.000) – Cost basis (€ 224.000) = Capital gain (€ 76.000)
Can you report crypto losses in Italy?
Yes, you can claim capital losses from cryptocurrency to offset capital gains from other financial assets in the same category. Losses greater than € 2.000 can reduce your taxable gains, and you can carry unused losses forward for up to four years to offset future gains.
For example, if you realize € 7.000 in crypto gains and € 3.000 in losses in 2025, you can deduct the € 3.000 loss from the € 7.000 gain, leaving € 4.000. Because only net annual gains above € 2.000 are taxable, your taxable gain is € 2.000, taxed at 26%.
Alternatively, if you realize € 3.000 in crypto gains and € 7.000 in losses, you end the year with a net loss of € 4.000. Since losses exceed gains, you can carry the € 4.000 forward and deduct it from gains in future tax years.
What about stolen or lost crypto?
The Agenzia delle Entrate hasn’t issued clear guidance on the deductibility of stolen or lost crypto, so, for now, the safest way to avoid problems is to treat losses as non-deductible. For advice on individual situations, consider consulting a qualified tax professional (commercialista).
Which crypto transactions are taxable in Italy?
It’s important to understand which events trigger taxation in Italy. Taxable events include:
Selling crypto for fiat
Disposing of crypto in exchange for euros or other fiat currency is a taxable event if you realize a gain.
Spending crypto on goods or services
Using crypto as payment is treated as a disposal. Any gain realized is taxable.
NFT sales
Italy also taxes profits from selling NFTs similar to cryptocurrency gains (26% in 2025 and 33% beginning in 2026).
2025
Crypto Tax
Guide is here
CoinTracker's definitive guide to Bitcoin & crypto taxes provides everything you need to know to file your 2024 crypto taxes accurately.
Which crypto transactions are non-taxable in Italy?
The good news for Italian crypto investors is that not every crypto transaction is taxable in Italy. Non-taxable events include:
Buying crypto with fiat
Purchasing crypto with euros or other fiat currency is tax-free.
Transferring between your wallets
Moving crypto between wallets you own and control, such as from an exchange to a hardware wallet, is not taxable.
HODLing (holding long-term)
Keeping crypto in your wallet without selling or swapping it is always non-taxable. Price changes alone don’t trigger tax obligations.
Certain crypto-to-crypto trades
Exchanges between digital assets with “equal characteristics and functions” are not taxable.
For example, BTC ↔ ETH.
Gifting crypto
A gift or donation of crypto is never considered taxable for the donor.
Receiving crypto gifts below the exemption thresholds
Gifts of up to € 1.000.000 from spouses, parents, or children, and gifts of up to € 100.000 from siblings are not taxable.
What’s considered taxable income in Italy?
Some crypto activities generate ordinary income rather than capital gains. These fall under Italy’s progressive personal income tax (IRPEF) or, in some cases, corporate tax.
Mining
Crypto earned through mining is considered taxable income, valued at its fair market value (FMV) at the time it is received.
Staking
Rewards from staking are also treated as taxable income at FMV when you receive them. For example, if you earn € 2.000 worth of ETH from staking, that amount is included in your taxable income.
DeFi, airdrops, and hard forks
Official guidance here remains unclear. A conservative approach is to treat tokens from these events as taxable income at FMV when you receive them. If you instead treat them as non-taxable, their cost basis defaults to € 0, which makes the full amount taxable upon disposal.
Because the Agenzia delle Entrate hasn’t issued comprehensive rules for every scenario, taking a cautious, case-by-case approach and consulting a commercialista for tailored advice is best practice.
Are there any other taxes to consider?
Yes, in some cases, crypto may be subject to additional Italian taxes:
Wealth tax
Crypto-assets held with Italian intermediaries are subject to an automatic 0.2% stamp duty on their value. When they are instead held directly by the taxpayer or through foreign intermediaries, they are subject to IVAFE (Imposta sul Valore delle Attività Finanziarie detenute all’Estero), a 0.2% wealth tax on the value of financial assets held abroad. For example, holding € 10.000 in a foreign exchange results in an IVAFE liability of € 20.
Inheritance and gift tax
Italy levies this tax when crypto is transferred by inheritance or gift. The rate depends on the amount received and the relationship between the donor and the recipient.
Transfers from spouses or direct relatives are taxed at 4% on amounts exceeding an exemption of € 1 million. Transfers from siblings are taxed at 6% on amounts above an exemption of
€ 100.000. Relatives up to the fourth degree are also taxed at 6%, but without any exemption. All other recipients are subject to an 8% rate.
How do you report and file crypto taxes in Italy?
How you report and file your crypto taxes in Italy depends on the complexity of your situation. In most cases, the standard forms below are sufficient, but more complex circumstances may require professional assistance.
There are two main forms for filing crypto taxes in Italy: Modello 730 and Modello Redditi Persone Fisiche (PF).
Modello 730
This simplified form applies to individuals with straightforward income sources such as employment income. For 2025 declarations on income earned in 2024, it includes Quadro T, which reports crypto capital gains taxed at the 26% substitute rate.
Modello Redditi Persone Fisiche (PF)
This comprehensive form covers more complex tax situations. It includes the following sections:
- Quadro RT: for capital gains and losses from crypto sales or swaps.
- Quadro RW: for declaring crypto held abroad or in self-custody.
- Quadro RL/RE: for other types of crypto income classified as self-employment or other taxable income categories.
When do you pay crypto taxes in Italy?
Italy’s tax year runs from 1 January to 31 December, and taxpayers make advance payments – for both fiat and crypto income – on 30 June and 30 November of the current year. The final tax balance is due by 30 June of the following year to reconcile any unpaid taxes.
When’s the tax filing deadline in Italy?
Italy sets different filing deadlines depending on the form you use. Modello 730 is due by 30 September of the year after the tax year (for example, 2024 income must be filed by 30 September 2025). Modello Redditi PF is due by 31 October of the following year.
Filing methods
There are several ways to submit a tax return in Italy, including:
- Commercialista: Many Italians hire a commercialista to handle filings, especially for more complex situations or heavy crypto activity.
- Online: Taxpayers can file directly through the Agenzia delle Entrate portal, but this DIY option assumes strong knowledge of tax rules and forms. Remember, mistakes can result in penalties.
Crypto taxes in 2025: Simple and secure with CoinTracker
Crypto taxes are rarely straightforward, and Italy’s system has its own complex rules. CoinTracker helps simplify the process by automatically syncing your wallets and exchanges, tracking every trade, and generating detailed reports of your crypto income and gains.
While it doesn't directly fill Italian tax forms, CoinTracker provides precise figures in line with Agenzia delle Entrate guidelines, so you and your commercialista can file with confidence.
Create a free CoinTracker account today and discover how easy tax reporting can be.
Disclaimer: This post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.