Guide to Crypto Taxes in Italy for 2026

Yes. Gains from selling crypto and income from holding it, such as staking rewards, are taxed as miscellaneous financial income (redditi diversi) at a flat substitute tax. The rate is 33% on gains and income realized from January 1, 2026, and there is no longer an annual exemption. Crypto received as salary or business payments is taxed as ordinary income.

• Gains and income from holding crypto (from January 1, 2026): 33%, with no annual exemption. Gains realized in 2025 were taxed at 26%.

• MiCA-compliant euro stablecoins (e-money tokens): 26% on gains and income. Converting between euros and these tokens is not a taxable event.

• Salary or business income paid in crypto: progressive IRPEF rates of 23%, 33%, and 43% for 2026.

• Companies: 24% IRES plus IRAP, generally 3.9%, on crypto profits. Regions can raise or lower the IRAP rate.

• Tax on the value of crypto-assets (IVCA): 0.2% a year of market value at December 31, for crypto not held through an Italian intermediary.

Italy taxes crypto with both capital gains and as income, depending on the nature of the transaction. Italian taxpayers should be aware of the tax consequences of their crypto transactions and include them in their calculations and planning. Here’s a breakdown:

Buying and holding cryptocurrency

Simply purchasing crypto with euros and transferring it between wallets you control is not taxable because no disposal occurs and no income is realized. Nevertheless, Agenzia Entrate expects you to keep the exchange invoice or on-chain evidence that proves acquisition cost, since that figure will become the cost basis when you eventually sell, swap, or spend the coins. You must also report crypto held on foreign exchanges or in private wallets on Form RW and pay the 0.2% IVCA on its value. This doesn't apply to crypto held with an Italian intermediary that handles the tax for you.

Selling cryptocurrency

Converting crypto to euros or spending it on goods and services triggers a capital gains calculation. Your gain is the euro proceeds minus the cost of the coins, which is determined using the LIFO method. Every gain is taxable from the first euro and is taxed at 33% for sales from January 1, 2026. Report the figure on Form RT of Modello Redditi PF, or in the equivalent section of Modello 730.

Mining and staking cryptocurrency

For individuals who aren't staking as a business, staking rewards count as income from holding crypto. They are taxed at the 33% substitute tax, not at IRPEF rates, and on the full amount received, with no deduction for any share the platform keeps. The euro value of the rewards when received becomes their cost basis for a later sale.

Staking or mining carried out as a business is taxed as business income at IRPEF or corporate rates.

Crypto-to-crypto trades taxed

Since 2023, swapping one crypto-asset for another with the same characteristics and functions is not a taxable event. For example, trading bitcoin for ether creates no gain or loss. You pay tax only when you convert to euros, spend the crypto, or swap into an asset with different characteristics and functions, such as an NFT or a stablecoin like USDC. Agenzia Entrate treats a swap from crypto into a stablecoin as taxable.

Receiving cryptocurrency as payment

If you accept crypto for goods, services, or employment, the euro value on the invoice or payslip date is ordinary business or self-employment income. Declare it in the relevant income section of Modello 730 or Modello Redditi PF and charge VAT if you are a VAT-registered vendor. Any change in the coin's value after receipt is ignored until you dispose of it, at which point you calculate a separate gain or loss taxed at 33%.

• Selling crypto for euros or other fiat currency

• Swapping crypto for an asset with different characteristics and functions, such as an NFT or a stablecoin

• Paying for goods and services with crypto

• Receiving staking rewards or other income from holding crypto

• Earning crypto as salary, bonuses, or business income

Capital gains tax on crypto in Italy

Offset gains with crypto losses from the same year, then pay 33% on the net gain. There is no annual exemption. Net losses can be carried forward for four years.

Crypto losses offset crypto gains realized in the same year. Losses you can't use can be carried forward for the next four years, provided you report them on your return. Crypto losses can't offset gains on other investments or salary, rental, or business income. Losing access to your private keys or having them stolen doesn't constitute a deductible loss.

Agenzia Entrate has not published a dedicated rule for airdrops, and Circolare 30/E/2023 does not expressly address their treatment upon receipt. Italy's general substitute-tax rate for crypto-asset gains and other covered proceeds is 33% from 2026, subject to exceptions including qualifying euro-denominated e-money tokens. Because an airdrop's treatment can depend on the facts and legal characterization, do not state categorically that every airdrop is taxable on receipt or only when disposed of. Get Italian tax advice for material amounts.

Returns from holding crypto in DeFi, such as lending interest, liquidity incentives, and staking rewards, are taxed at the 33% substitute tax when received, not at IRPEF rates.

Swapping one token for another with the same characteristics and functions isn't taxable. Converting to euros, swapping into a stablecoin, or spending tokens is, and the gain is calculated with LIFO and taxed at 33%.

For companies, realized gains and losses on cryptocurrencies are included in ordinary taxable income. The corporate tax framework applies 24% IRES and IRAP, generally 3.9% depending on the region, to net profit. Capital losses may offset gains in the same year; any remaining loss carries forward indefinitely but may offset only up to 80% of taxable income in a future year, with the balance carried further forward.

The most recent option to reset the cost basis of crypto held on January 1, 2025, in exchange for an 18% substitute tax, closed on November 30, 2025.

Only providers authorized under the EU's MiCA regulation can offer crypto services to EU customers. In Italy, Consob authorizes them in coordination with the Bank of Italy. Providers on the old OAM register could keep operating only until December 30, 2025, or until June 30, 2026 if they had applied for MiCA authorization. Individual taxpayers must report crypto held abroad or in private wallets on Form RW and pay the 0.2% IVCA.

For violations since September 1, 2024, the penalty is 70% of the unpaid tax for an inaccurate return and 120% for a return not filed at all. Leaving crypto off Form RW carries a separate penalty of 3% to 15% of the unreported value.

Deducting crypto losses in Italy

Transaction fees on exchanges, blockchain network fees, and professional-adviser charges directly attributable to crypto trades form part of the acquisition or disposal cost and reduce taxable gains.

To secure the deduction, keep invoices or on-chain receipts, and realize loss positions before the tax year ends so they can offset current gains or gains in the next four years.

When a business or freelancer accepts cryptocurrency as consideration, the euro value at the time of the transaction is included in turnover and subject to VAT and income tax in the usual way. The coins received adopt that euro figure as their cost basis.

If you later convert or use them, any change in value since receipt is a gain or loss taxed at 33%, after deducting any available crypto losses.

1. Export all trades and earnings in euros.

2. Separate staking and other income from holding crypto, gains from sales, and salary or business income.

3. Calculate the cost of coins sold using LIFO.

4. Offset the year's losses and any losses carried forward from the previous four years.

5. Apply 33% to net gains and holding income, or 26% for euro stablecoins.

• Swap between crypto-assets with the same characteristics and functions instead of cashing out, since those swaps aren't taxable. Swapping into a stablecoin is taxable.

• Harvest crypto losses to offset gains, and track losses you carry forward before their four years run out.

• Hold euro stablecoins rather than other stablecoins when you park funds, since their income is taxed at 26% rather than 33%.

• Report everything accurately, including Form RW, to avoid penalties.

Crypto received as salary, bonuses, freelance fees, or business income is taxed as ordinary income, not under the crypto substitute tax. Convert each receipt to euros on the date received and report it in the relevant section of Modello 730 or Modello Redditi PF.

For 2026, that income is taxed at progressive IRPEF rates of 23% up to €28,000, 33% from €28,000 to €50,000, and 43% above €50,000. The euro value you report becomes the cost basis for the coins, and a later sale is taxed at the 33% crypto rate.

Under the EU's DAC8 rules, centralized exchanges and other crypto service providers now automatically send Agenzia Entrate their users' identity details, balances, and transactions. Crypto held abroad or in private wallets must still be reported on Form RW.

For violations since September 1, 2024, understating taxable crypto gains carries a penalty of 70% of the unpaid tax, and failing to file a return carries a penalty of 120%, plus interest. Leaving crypto off Form RW adds a penalty of 3% to 15% of the unreported value for each year. Large cases can also lead to criminal charges.

• Buying crypto with euros

• Transfers between wallets you control

• Swaps between crypto-assets with the same characteristics and functions

• Converting between euros and MiCA-compliant euro stablecoins

Keep for at least five years:

• Transaction dates and IDs

• Coin amounts and euro values

• Exchange and wallet statements

• Proof of cost basis and fees

• Modello 730: September 30 of the following year.

• Modello Redditi PF: October 31 of the following year.

• Payments: balance and first advance by June 30, second advance by November 30.

Private investors report crypto gains on Form RT of Modello Redditi PF. Crypto held on foreign exchanges or in private wallets goes on Form RW, which is also where the 0.2% IVCA is calculated. Employees and pensioners can use Modello 730, which now includes Section W for crypto and foreign assets and Section T for financial gains.

1. Calculate gains, income from holding crypto, and any salary or business income in crypto.

2. Fill in Form RT for gains and Form RW for crypto held abroad or in private wallets (Sections T and W in Modello 730).

3. Pay the 0.2% IVCA on crypto not held with an Italian intermediary.

4. Submit through Agenzia Entrate's online portal or via a CAF.