FAQs Taxes on Cryptocurrency

Download the free e-book in Italian about taxation in Italy 'Aspetti fiscali: Criptovalute e Bitcoin' edited by Dr Giorgio D'Amico, available at this link.

The entire content of this page is based on interpretations which, even if carefully considered and authoritatively agreed upon, could in the future be contradicted by legislation.

If you live in Italy, we advise you to consult your accountant, also taking with you this short guide to filling in the RW and RT forms. Click here to download the free e-book in Italian.

No, your account is not considered a bank account, so you do not have to declare it as such for tax purposes.

This information concerns only Italian residents. If the value of your cryptocurrencies exceeds €51,645.38 for more than 7 continuous business days, you are required to complete the RT framework. Therefore, to determine whether you are required to file the RT framework, you need to refer only to the total amount of your investment in cryptocurrencies (and any investments in foreign currencies such as dollars) held during the year. The amount of gains realised counts for nothing: the 'threshold' does not apply to gains. Capital gains must be taken into account when exceeding €51,645.38 for more than 7 continuous working days, in order to calculate the amount due in tax. This information is taken from the e-book 'Aspetti fiscali: Criptovalute e Bitcoin' edited by Dr Giorgio D'Amico, available at this link.

This information concerns only Italian residents. The regulations state that capital gains are NOT taxable (i.e. you do not have to pay tax on them) if your holdings of cryptocurrencies have not exceeded certain thresholds. This means that you do not have to declare your cryptocurrencies if their total value has never exceeded €51,645.38 for more than 7 continuous business days. This exemption only covers the purchase and sale of cryptocurrencies. For other types of transactions (forwards, futures, CPDs, options, etc.) capital gains are always taxable regardless of the amounts. This information is taken from the e-book in Italian 'Aspetti fiscali: Criptovalute e Bitcoin' edited by Dr. Giorgio D'Amico, available at this link.

This information concerns only Italian residents. If the countervalue exceeds the threshold of €51,645.38 (even several times and for high amounts), but each time for less than 7 continuous working days, the compilation of the RT framework is NOT required. On the other hand, if the countervalue exceeds the threshold of € 51,645.38 (even several times and for high amounts) for more than 7 working days, the compilation of the RT framework is required. This information is taken from the e-book 'Aspetti fiscali: Criptovalute e Bitcoin' edited by Dr Giorgio D'Amico, available at this link.

This information concerns only Italian residents. The RW form must be completed whatever the amount of cryptocurrencies held during the year. The RW form must be filed for monitoring purposes only. IMPORTANT: it should NOT be filled in if the cryptocurrencies are held with Italian exchanges, as it is a 'credit' towards a resident entity, which cannot therefore qualify as a 'foreign asset'. This information is taken from the e-book 'Aspetti fiscali: Criptovalute e Bitcoin' edited by Dr Giorgio D'Amico, available at this link.

This information concerns only Italian residents. All capital gains for the year must be calculated because they are taxable and must be declared. For the purposes of verifying that the threshold of €51,645.38 is exceeded, the amount of the investment must be determined using, as the cryptocurrency price, the price recorded at the beginning of the year. Thus, for example, for the purpose of establishing the taxability of capital gains for 2020 (Unico 2021 declaration to be filed by 30 September 2021) the conversion into Euros of the amounts of cryptocurrencies held during 2020 must be made on the basis of the crypto prices on 1 January 2020. This information is taken from the e-book 'Aspetti fiscali: Criptovalute e Bitcoin' edited by Dr. Giorgio D'Amico, available at this link.

This information concerns only Italian residents. Give your accountant your transaction history, which can be downloaded directly from your account settings. Please note! If you use both Young Platform and Young Platform Pro, make sure you download the transaction history from both platforms. This information is taken from the e-book 'Aspetti fiscali: Criptovalute e Bitcoin' edited by Dr. Giorgio D'Amico, available at this link.

This information concerns only Italian residents. Income deriving from cryptocurrency trading, as 'capital gains of a financial nature', falls within the RT framework of the UNICO model, and therefore cannot be declared with Form 730. The ordinary deadline for submitting the UNICO form is 30 November each year.

Download the step-by-step guide to completing the RW framework by clicking here.

Download the step-by-step guide to completing the RT framework by clicking here.