Italy’s economy minister backs crypto tax hike in new budget
Economy minister Giancarlo Giorgetti argues higher cryptocurrency taxes are needed, citing their risk and disconnection from tangible assets.
Italy‘s economy minister Giancarlo Giorgetti has defended plans to raise taxes on cryptocurrency capital gains as part of the country’s 2025 budget, despite facing opposition from members of his own League party. The proposal would increase the tax rate on cryptocurrency profits from 26% to 42%, a move expected to generate an additional €16.7 million per year.
Giorgetti, speaking at a banking conference in Rome, argued that cryptocurrency investments present a higher level of risk than other assets and lack connection to tangible projects. He urged investors to distinguish between traditional investments and cryptocurrencies, citing the volatility of digital assets as a primary concern.
The tax increase has drawn criticism from League lawmaker Giulio Centemero, who described it as ‘counterproductive’ and called for further consultation with market players. The proposal coincides with the European Union‘s implementation of its Markets in Crypto-Assets (MiCA) regulation, which mandates licensing for crypto firms and enforces anti-money laundering measures across member states.
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