Guide to Crypto Taxes in Italy for 2026

Yes. Agenzia Entrate treats crypto as a financial asset. Gains above the annual €2,000 threshold incur capital‑gains tax, while income from mining, staking, airdrops, or salary is subject to ordinary income tax.

• Capital gains over €2,000 in a tax year: 26%.

• Substitute value tax: elective 14% on declared crypto portfolio value as of January 1st.

• Ordinary income (mining, staking, salary): progressive IRPEF 23–43%.

• Companies: 24% IRES plus 3.9% IRAP on crypto profits.

• Wealth tax (IVAFE) on foreign‑held wallets: 0.2% of market value, due with annual return.

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 tax implications in their calculations and planning. Here’s a breakdown:

Buying and holding cryptocurrency

Simply purchasing crypto with euro and transferring it between wallets you control is not taxable, because no disposal takes place 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 include foreign-custodied balances on Form RW for wealth-tax purposes and pay IVAFE (0.2%) if the wallet is held outside Italy.

Selling cryptocurrency

Converting crypto to euro, spending it, or sending it to another party triggers a capital-gains calculation. Work out the gain by subtracting the historical cost (determined on a FIFO basis unless you have maintained consistent LIFO records for all assets) from the euro proceeds. If your net gains for the tax year exceed the €2,000 exemption, the excess is taxed at 26% or, if elected, at 14% under the substitute-tax regime. Report the figure in Form RT of Modello Redditi PF (or the capital-gains box in Modello 730).

Mining and staking cryptocurrency

Coins received from proof-of-work crypto mining, on-chain staking, or custodial staking pools are treated as miscellaneous income on the day they enter your wallet. You must convert their fair-market value to euro and include that amount in the “Altri redditi” section of your return, subject to the progressive IRPEF scale of 23-43%. When you later dispose of those coins, the previously declared euro value becomes their cost basis for the 26% capital-gains test.

Crypto-to-crypto trades taxed

Italy treats a token-for-token swap (for example, ETH for ADA) as a barter transaction: you are deemed to have sold the outgoing asset at its euro market value and purchased the incoming asset at the same value. The difference between the deemed sale price and your FIFO (or consistent LIFO) cost basis is a capital gain or loss. Include such trades in your annual gain-loss tally, apply the €2,000 exemption, and pay 26% on any taxable surplus.

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 compute a separate capital gain or loss under the 26% regime.

• Selling crypto for cash

• Trading one digital asset for another

• Paying for or receiving goods and services in crypto

• Earning via crypto mining, staking, airdrops, salary, or bonuses

Capital gains tax on crypto in Italy

Offset gains with crypto losses from the same year, then apply the €2,000 exemption. Net losses above €2,000 may be carried forward for up to five years.

Capital losses on digital assets are tracked separately from ordinary income and may be used only against future capital gains of the same category (redditi diversi di natura finanziaria). After the €2,000 annual exemption has reduced your net gains for the tax year, any excess loss carries forward for up to five years. Within that window, you can offset those carried-forward losses against subsequent taxable crypto gains before the 26% imposta sostitutiva is applied. If the losses are not used within five years they expire and cannot be applied to salary, rental, or business income.

When you receive tokens for free through an airdrop, the fair-market value on the delivery date is treated as miscellaneous income (redditi diversi) and taxed at your marginal IRPEF rate of 23–43%.

That euro value also establishes the token’s acquisition cost. If you later sell, swap, or spend the airdropped coins, the disposal falls under the 26% capital-gains regime. First, deduct any unused capital losses and the annual €2,000 exemption, then apply the 26% rate to the remaining gain.

Income-style returns from decentralised finance platforms (interest from lending pools, liquidity incentives, crypto staking rewards) are classified as ordinary income and taxed at progressive IRPEF rates in the year they are earned.

Capital movements inside the protocol, such as swapping one token for another or redeeming liquidity-pool tokens, are disposals for capital-gains purposes. Once cumulative crypto gains exceed €2,000 in the tax year, the net profit calculated under FIFO or consistently applied LIFO is subject to the flat 26% imposta sostitutiva.

For companies, realized gains and losses on cryptocurrencies flow into ordinary taxable income. The corporate tax framework applies 24% IRES and 3.9% IRAP 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.

Corporations may also elect the 14% one-off valuation of crypto positions held on January 1st, paying that substitute tax in two equal instalments due in June and November.

Domestic and foreign crypto-asset service providers that serve Italian residents must enrol in the special register maintained by the Organismo Agenti e Mediatori (OAM) and comply with Italian anti-money-laundering rules. Individual taxpayers must complete Form RW to declare foreign-custodied wallets and pay the 0.2% IVAFE if applicable.

Agenzia Entrate cross-checks these filings with data obtained from exchanges and can impose penalties ranging from 120-240% of the undeclared tax, plus accrued interest, for omissions or false statements.

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, you must keep invoices or on-chain receipts and, where possible, realize loss positions before the tax year ends so that they can offset current or future gains within the five-year window.

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 capital gain or loss subject to the 26% regime after taking the €2,000 annual exemption and available capital-loss offsets into account.

1. Export all trades and earnings in euro.

2. Separate gains from ordinary income.

3. Apply FIFO or LIFO consistently.

4. Subtract €2,000 exemption from net gains.

5. Compute 26% tax or elect the 14% substitute tax by June 30th advance payment deadline.

• Keep annual gains within the €2,000 exemption.

• Opt for the 14% substitute tax when it lowers liability.

• Use loss harvesting to offset gains.

• Donate crypto to approved charities for an income‑tax deduction.

Crypto earned through mining, staking, airdrops, salary, or the sale of goods and services is treated as ordinary income. Convert each receipt to euros using the Banco d’Italia exchange rate for the date on which the coins enter your wallet. Include the total in the “Altri redditi” section of Modello 730 (employees and pensioners) or Modello Redditi PF (self-employed and investors).

After allowable deductions such as social-security contributions or business expenses, the net amount is taxed at the progressive IRPEF bands of 23%, 25%, 35%, and 43%. Because this income sets the acquisition cost of the coins, keep detailed records so that any future disposal can be measured correctly for the 26% capital-gains tax.

Agenzia Entrate receives trading data from domestic exchanges and, under the Common Reporting Standard and anti-money-laundering agreements, can request account information from many foreign platforms. Individuals must disclose foreign-custodied wallets on Form RW, and crypto-asset service providers operating in Italy must register with the OAM.

Suppose you omit or understate taxable crypto gains or foreign holdings. In that case, the agency may issue an assessment with penalties ranging from 120-240% of the undeclared tax, plus late-payment interest calculated at the legal rate. Accurate, timely reporting and retention of exchange statements, crypto wallet logs, and valuation evidence are therefore essential to avoid costly audits.

• Annual gains up to €2,000

• Wallet transfers you control

• Gifts below annual donation thresholds

• Coins valued under €51,645.69 held under seven consecutive days before 2023 (grandfathered rule)

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 30th of the following year.

• Modello Redditi PF/RT: November 30th.

• Advance payments: 40% by June 30th, 60% by November 30th.

Private investors file crypto disclosures through Modello Redditi PF. Report annual trading profits or losses on Form RT, showing each coin’s purchase cost, sale proceeds, and resulting taxable gain after the €2,000 exemption. If you keep crypto on foreign exchanges, wallets, or custodians, list the year-end values on Form RW so the tax authority can assess any 0.2% IVAFE wealth tax.

Employees and pensioners who typically use the simplified Modello 730 may continue to do so, but they still need to add the RT and, when relevant, RW schedules; the e-Filing system will attach these forms automatically when you select the “redditi diversi di natura finanziaria” and “monitoraggio fiscale” sections.

1. Calculate gains and income.

2. Decide between 26% gains tax or 14% substitute tax.

3. Fill in Form RT (gains) and Form RW (foreign assets) within the chosen return.

4. Pay any IVAFE wealth tax.

5. Submit through Agenzia Entrate’s online portal or via CAF.