Italië

Disclaimer: The regulatory information provided below is for general informational purposes only and may not reflect the most current legal developments. Cryptocurrency regulations are rapidly evolving and can change frequently. This information should not be considered legal or tax advice. Before making any business or investment decisions, please consult with qualified legal, tax, or financial professionals familiar with your specific jurisdiction and circumstances. Always verify current regulations with official government sources and regulatory bodies.

Legal Classification & Regulatory Framework

Cryptocurrency Status

Italy legally recognizes cryptocurrencies as “crypto-assets” (cripto-attività) under national legislation. While ownership and trading of cryptocurrencies such as Bitcoin and Ethereum are fully legal in Italy, they are not considered legal tender. The Italian legal framework, particularly through the 2023 Budget Law (Legge di Bilancio 2023), formally defined crypto-assets as a distinct category subject to their own special tax regime, treating them similarly to financial instruments rather than foreign currencies as was previously the case.

Italy has fully aligned its domestic cryptocurrency regulations with the European Union’s Markets in Crypto-Assets Regulation (MiCA) through Legislative Decree No. 129/2024. This landmark legislation brought Italian regulations in line with the comprehensive EU-wide framework for crypto-asset issuance and trading, establishing clear rules for investor protection, market integrity, and financial stability in the digital asset space.

Tax Treatment

Italy maintains a structured approach to cryptocurrency taxation administered by the Agenzia delle Entrate (Italian Revenue Agency). The current framework distinguishes between capital gains and income derived from crypto activities.

Capital gains from cryptocurrency disposals are subject to a substitute tax rate that has been set at 26%, with legislation indicating an increase to 33% for gains realized from January 2026 onwards. Previously, gains below €2,000 were exempt from taxation, though this threshold exemption has been abolished under more recent budget legislation. Taxpayers also have the option to elect an alternative flat tax on the declared value of their cryptocurrency portfolio as of January 1st of the tax year.

Taxable events in Italy include selling cryptocurrency for fiat currency (euros or other), using cryptocurrency to pay for goods and services, and receiving cryptocurrency as payment. Notably, crypto-to-crypto exchanges are generally not considered taxable events under Italian law, providing some flexibility for portfolio rebalancing.

Italy mandates the use of the LIFO (Last In, First Out) accounting method for calculating cost basis on cryptocurrency transactions, as recommended by the Agenzia delle Entrate. Income derived from cryptocurrency mining, staking rewards, and similar activities is subject to progressive personal income tax rates (IRPEF) ranging from 23% to 43%, depending on overall income brackets.

For corporate entities, cryptocurrency profits are subject to the standard corporate income tax (IRES) at 24%, plus the regional business tax (IRAP) at 3.9%. Italian residents holding cryptocurrency in foreign wallets or exchanges must also declare these holdings on Form RW and may be subject to the IVAFE wealth tax at 0.2% of market value.

Tax filings for cryptocurrency are submitted through the annual Modello Redditi PF, with Form RT used for reporting capital gains and Form RW for declaring foreign-held digital assets. The self-assessment system requires taxpayers to make advance payments and a final balance payment according to established deadlines.

Regulatory Oversight

Italy employs a multi-agency approach to cryptocurrency regulation, with several authorities sharing supervisory responsibilities:

CONSOB (Commissione Nazionale per le Società e la Borsa) serves as the primary securities market regulator responsible for investor protection and market integrity in the cryptocurrency space. CONSOB grants authorization to Crypto-Asset Service Providers (CASPs) and oversees compliance with conduct rules, market abuse regulations, and the public offering of crypto-assets other than stablecoins.

Banca d’Italia (Bank of Italy) exercises prudential supervision over crypto-asset service providers, focusing on organizational requirements, risk management, capital adequacy, and financial stability. The central bank is also the competent authority for oversight of asset-referenced tokens (ARTs) and e-money tokens (EMTs).

OAM (Organismo Agenti e Mediatori) maintains the national register of Virtual Asset Service Providers (VASPs) and enforces anti-money laundering compliance. All cryptocurrency service providers operating in Italy must register with the OAM and adhere to Know Your Customer (KYC) and AML requirements derived from the EU’s Fifth Anti-Money Laundering Directive (AMLD5).

Agenzia delle Entrate handles all tax-related matters concerning cryptocurrencies, including the enforcement of reporting obligations and the collection of applicable taxes on crypto transactions.

Agenzia per l’Italia Digitale (AgID) oversees technical aspects of distributed ledger technology (DLT) and smart contracts, working to promote the appropriate use of digital technologies throughout the country.

Business Environment

Banking Relationships

The relationship between traditional Italian banks and cryptocurrency businesses has evolved significantly alongside regulatory developments. Major Italian banking institutions have shown increasing openness to blockchain technology, with several participating in pioneering DLT projects. The Spunta Banca DLT initiative, promoted by the Italian Banking Association (ABI), has successfully implemented blockchain technology for interbank reconciliation processes, with over one hundred Italian banks operating the distributed ledger daily.

Traditional banks are increasingly exploring the provision of cryptocurrency-related services to their clients, though formal offerings remain more limited compared to some other European jurisdictions. The implementation of MiCA is expected to provide greater clarity and encourage more banks to develop crypto-friendly services as the regulatory framework matures.

Cryptocurrency businesses operating in Italy generally face standard banking requirements, though access to banking services may vary depending on the institution and the specific nature of the crypto business. Compliance with AML regulations and registration with the OAM are essential prerequisites for establishing banking relationships.

Licensing Requirements

Italy has transitioned from a relatively light-touch VASP registration regime to the more comprehensive CASP authorization framework under MiCA. Under the previous system, VASPs could begin operations within approximately 15 days of registering with the OAM. The new regime requires full authorization from CONSOB and the Bank of Italy, involving significantly more stringent requirements.

Crypto-Asset Service Providers seeking to operate in Italy must obtain authorization under MiCA, which involves meeting requirements for governance, capital adequacy, operational resilience, consumer protection, and conduct of business standards. The authorization process is led by CONSOB, which consults with the Bank of Italy before granting or denying licenses.

A transitional regime has been established for existing VASPs registered with the OAM, allowing them to continue operations while seeking CASP authorization. Firms that do not secure authorization or fail to submit applications within specified deadlines must cease Italian operations and return customer assets in an orderly manner.

Investment firms, banks, asset managers, and other already-regulated financial institutions wishing to provide crypto-asset services under MiCA must submit notifications to the appropriate authority (CONSOB or Bank of Italy) as specified in the implementing legislation.

Innovation Support

Italy has established itself as a supportive environment for fintech and blockchain innovation through several government-backed initiatives. The FinTech Sandbox Programme, established through MEF Decree 100/2021, provides a controlled environment where supervised entities and fintech operators can test innovative products and services in banking, financial, and insurance sectors for periods of up to 18 months under regulatory supervision.

The Bank of Italy operates several innovation-focused initiatives, including the FinTech Hub, which supports firms developing technology projects with appropriate quality and security standards, and the FinTech Channel, serving as a contact point for market players to present innovative projects in financial services and payments. Additionally, Milano Hub serves as the Bank of Italy’s innovation center, encouraging the digital evolution of financial markets and attracting talent and investment.

Italy was among the first EU member states to adapt its legal system to the EU DLT Pilot Regime Regulation through the Fintech Decree (Law Decree No. 25 of March 2023), enabling the issuance and circulation of financial instruments in digital form using distributed ledger technology. This progressive stance has facilitated groundbreaking transactions, including the first blockchain-based digital bond issued in Italy pursuant to the Fintech Decree.

The government has also provided tax incentives for investments in innovative startups and has included blockchain among the strategic sectors covered by foreign direct investment screening, reflecting its recognition of the technology’s importance to national interests.

Market Characteristics

Adoption Patterns

Italy has witnessed substantial growth in cryptocurrency adoption, driven by increasing awareness among retail investors, the proliferation of mobile trading applications, and growing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs). The country maintains one of the higher on-chain transaction volumes within the European Union.

Consumer adoption is particularly strong among younger, technology-savvy demographics and fintech users. Major cities such as Milan, Florence, and Rome have seen growing acceptance of cryptocurrency payments among merchants, though widespread retail adoption remains gradual. Factors driving Italian interest in cryptocurrencies include concerns about public debt levels, desire for financial autonomy, and broader economic uncertainty.

Institutional adoption is developing alongside regulatory clarity, with traditional banking groups launching fintech subsidiaries or units offering payment solutions and crypto exchange services. Some institutions have entered the market through cooperation agreements or white-label arrangements with established crypto players.

Industry Focus

Italy’s cryptocurrency and blockchain industry reflects the country’s broader economic characteristics, with a diverse ecosystem spanning various applications. The country’s strong SME sector has shown particular interest in blockchain solutions for supply chain transparency, traceability, and quality certification, particularly in sectors where Italy maintains global leadership such as fashion, food and agriculture, and manufacturing.

Security token offerings and the tokenization of traditional assets represent an area of growing interest, supported by progressive legislation on digital financial instruments. The country has also seen development in blockchain applications for public administration, with various municipal authorities participating in DLT pilot projects.

The insurance sector has engaged actively with blockchain technology, with projects focusing on digital sureties and guarantees receiving backing from both the Bank of Italy and the insurance regulator IVASS. These initiatives aim to address systemic challenges such as fraudulent banking guarantees through transparent, immutable record-keeping.

Regulatory Evolution

Italy’s approach to cryptocurrency regulation has evolved from initial guidance focused primarily on tax treatment and anti-money laundering compliance to a comprehensive framework aligned with EU standards. The journey began with ministerial resolutions clarifying tax treatment, progressed through the establishment of VASP registration requirements, and has culminated in full adoption of the MiCA framework.

As an EU member state, Italy’s regulatory trajectory is closely tied to European developments. The implementation of MiCA provides Italian crypto businesses with access to the entire EU single market through the passporting mechanism, whereby authorization in one member state permits operations across all 27 EU countries. This harmonized approach is expected to enhance regulatory certainty and attract international crypto businesses considering European operations.

Italian authorities have demonstrated a balanced approach, seeking to foster innovation while ensuring adequate investor protection and financial stability. The country has chosen to implement some of the stricter options available under MiCA, including a shortened transitional period for existing VASPs, reflecting a commitment to moving quickly toward the higher regulatory standards envisaged by the European framework.

Ongoing regulatory attention focuses on areas including stablecoin classification, DeFi governance, and the intersection between crypto-assets and traditional financial instruments. CONSOB has adopted guidelines from the European Securities and Markets Authority (ESMA) regarding the classification of crypto-assets, providing additional clarity for market participants.

For Current Information:

• CONSOB (Securities Market Regulator): https://www.consob.it
• Banca d’Italia (Bank of Italy): https://www.bancaditalia.it
• Banca d’Italia Regulatory Sandbox: https://www.bancaditalia.it/focus/sandbox/index.html
• OAM (VASP Register): https://www.organismo-am.it
• Agenzia delle Entrate (Tax Authority): https://www.agenziaentrate.gov.it
• Agenzia per l’Italia Digitale: https://www.agid.gov.it
• Ministry of Economy and Finance: https://www.mef.gov.it
• ESMA (EU CASP Register): https://www.esma.europa.eu