Quick answer
From 1 January 2026, Italy taxes crypto gains of resident individuals at a flat 33% substitute tax, up from 26% in 2025, with no tax-free threshold. Losses carry forward four years. You also pay a 0.2% yearly tax on the value of your holdings and must report them in quadro RW. Non-residents are generally outside the net.
Last reviewed: November 2026 · Reviewed by Stéphane Gombauld, tax expert, technologist and digital nomad
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Find my savings →You hold Bitcoin, Ether, stablecoins or staking positions, and Italy is (or is about to be) your tax home. After this guide you will know what triggers tax, the 2026 rate, the reporting duties and the legal ways to pay less.
Italy cryptocurrency taxes in 2026: the key figures
| Item | Rule for tax year 2026 |
|---|---|
| Rate on crypto gains (individuals) | 33% substitute tax (imposta sostitutiva), up from 26% in 2025 |
| Euro-denominated e-money tokens (EMTs) | Reportedly kept at 26% |
| Tax-free threshold | None since 2025 (the old EUR 2,000 threshold was abolished) |
| Taxable events | Sale for fiat, payment for goods or services, swap between assets with different characteristics |
| Crypto-to-crypto swap of similar assets | Not taxable |
| Capital losses | Offset against other financial "other income", carried forward 4 years |
| Holding tax | 0.2% a year on the value at 31 December (imposta sul valore delle cripto-attività) |
| Reporting | Quadro RW of the Redditi PF return, every year, whatever the amount |
Is this guide for you?
Read on if you…
- live in Italy, or plan to, and own crypto on exchanges or self-custody wallets;
- earn staking, lending or airdrop income and wonder how it is taxed;
- are deciding whether to sell before or after you move to Italy.
Probably not your case if you…
- trade crypto through an Italian company. Your profits fall under corporate income taxes in Italy;
- live outside Italy with no Italian ties. Your home country's rules apply, not Italy's.
How much tax do you pay on crypto in Italy in 2026?
Since 2023, crypto gains have their own legal category. Law 197/2022 added cripto-attività to the list of financial "other income" in article 67 of the TUIR, the Italian income tax code. That means a flat substitute tax, not your progressive IRPEF brackets.
The rate was 26% for 2023 to 2025. Law 207/2024, the Budget Law 2025, raised it to 33% for gains realised from 1 January 2026. Euro-denominated e-money tokens were reportedly left at 26%.
Here's the catch. The EUR 2,000 tax-free threshold also disappeared in 2025. Every euro of gain is taxable, even small ones.
How is the gain calculated?
Gain = amount received minus the documented purchase cost. If you cannot prove the cost, the Agenzia delle Entrate can treat it as zero. So keep exchange statements, wallet exports and bank records.
Law 207/2024 also offered a one-off "step-up". Residents could revalue crypto held on 1 January 2025 by paying an 18% substitute tax on that value. The deadline was 30 November 2025, so it is closed for 2026.
Which events trigger tax?
- Selling crypto for euro or another fiat currency. Taxable.
- Paying for goods or services with crypto. Taxable, as a disposal at market value.
- Swapping one token for another with different characteristics and functions. Taxable.
- Swapping between tokens with the same characteristics and functions. Not taxable, for example BTC to ETH, according to the Agenzia's guidance.
- Moving coins between your own wallets. Not taxable, but keep the trail.
The line between "same" and "different" characteristics is not fully settled. Swaps from a volatile coin into a stablecoin are usually treated as taxable. Check your own case.
How are staking, mining and airdrops taxed?
Staking and lending rewards are generally treated as financial "other income" at the substitute rate. They are taxed on their value when you receive them. That value then becomes your cost base when you sell.
Mining done occasionally follows the same logic. Mining done as an organised, regular activity is business income, taxed at IRPEF rates of 23% to 43% plus social contributions. If you mine at scale, you need a VAT number.
Airdrops and free tokens are a grey zone. A token received for nothing has no cost base, so the whole sale price is a gain when you sell.
What must you report every year?
Two separate duties apply to every Italian tax resident, even with zero gains.
Quadro RW and the 0.2% holding tax
You must list every crypto holding in quadro RW of the Redditi PF return. This applies to Italian and foreign exchanges and to self-custody wallets. On the value at 31 December you pay a 0.2% tax, the imposta sul valore delle cripto-attività. If an Italian intermediary holds your coins, it may charge an equivalent stamp duty instead.
Forget the RW and the penalty runs from 3% to 15% of the undeclared value per year. It doubles for assets in black-list countries. See specific taxes in Italy for IVAFE and the other holding taxes.
Quadro RT and payment dates
Gains go in quadro RT of the same return. You pay the substitute tax with the income-tax balance, by 30 June of the following year. Gains realised in 2026 are paid by 30 June 2027.
Good news: the reporting net is tightening, so being clean now is cheap. Under the EU DAC8 directive, crypto platforms collect user data from 1 January 2026 and share it with tax authorities.
What changes if you move to or leave Italy?
Italy has no split tax year for individuals. If you pass the residence tests in tax residency in Italy, you are resident for the whole year. Every gain of that year falls under Italian rules, including January sales made before you arrived.
There is no step-up on arrival either. Coins bought years ago abroad are taxed on their full historical gain when you sell as an Italian resident. Honestly? For large unrealised gains, selling before you become resident is often the cleanest option.
Leaving works the other way. Italy has no exit tax on privately held crypto. Once you are genuinely non-resident, later gains are outside Italian tax. Italian citizens moving to black-list countries are presumed still resident, so document the move. The steps are in ceasing your tax residency in Italy.
Wealthy newcomers under the flat tax regime pay a fixed lump sum on foreign income. Foreign crypto gains are generally covered, and RW reporting is waived. Details are in tax incentives for expats and digital nomads in Italy.
How can you legally pay less?
- Realise losses before 31 December to offset gains in the same year. Losses on shares and bonds can offset crypto gains too.
- Use carried-forward losses before their four-year expiry.
- Time your residency. Sell large positions before you become Italian resident, or after you have genuinely left.
- Prefer like-for-like swaps when rebalancing, if they qualify as same-characteristic swaps.
- Compare neighbours. Cryptocurrency taxes in Portugal exempts many holdings kept over 365 days, and taxation of cryptocurrencies in Spain uses progressive savings rates.
Example – Giulia, remote UX designer, Italian resident since 2023
In 2026 Giulia sells 0.5 BTC bought for EUR 12,000 at EUR 40,000, a EUR 28,000 gain. She also closes an altcoin position with a EUR 6,000 loss. Net gain: EUR 22,000. At 33%, tax is EUR 7,260, paid by 30 June 2027. Her remaining holdings are worth EUR 50,000 at 31 December, so she adds EUR 100 of holding tax. Without the loss sale, she would have paid EUR 9,240.
Giulia saved EUR 1,980 by timing one loss. Your crypto setup probably has room too.
Get a personalised review of your Italian crypto taxes and reporting before you sell.
Find my savings →Common mistakes (and what they cost)
- Skipping quadro RW because "nothing was sold". Penalties of 3% to 15% of the holding value per year, plus the unpaid 0.2% tax.
- Losing purchase records. Without proof of cost, the whole sale price can be taxed at 33%.
- Assuming the old EUR 2,000 threshold still applies. Small gains are taxable since 2025, and late payment adds penalties and interest.
- Selling right after arrival in Italy. Years of foreign growth are taxed at 33% because there is no step-up.
- Treating stablecoin swaps as tax-free. Many are taxable disposals, so the gain is assessed later with a 70% unfaithful-return penalty.
Frequently asked questions
What is the crypto tax rate in Italy in 2026?
Resident individuals pay a 33% substitute tax on crypto gains realised from 1 January 2026, under Law 207/2024. The rate was 26% for 2023 to 2025. Euro-denominated e-money tokens were reportedly kept at 26%. There is no tax-free threshold. The rate does not depend on your other income, so it is the same for a student and a CEO.
Is swapping one crypto for another taxable in Italy?
Only when the two assets have different characteristics and functions. A swap between two similar tokens is not a taxable event, according to the Agenzia delle Entrate. Converting crypto into fiat, paying with crypto or swapping into a different type of asset is taxable. The boundary is not fully settled, so document your reasoning for each swap.
Do I have to declare crypto in Italy if I did not sell?
Yes. Every Italian tax resident must list crypto holdings in quadro RW of the Redditi PF return, whatever the amount and wherever the coins sit. You also pay a 0.2% tax on the value at 31 December. Missing the RW costs 3% to 15% of the undeclared value per year, doubled for black-list countries.
How is crypto staking taxed in Italy?
Staking and lending rewards are generally treated as financial "other income", taxed at the substitute rate on their value when received. That value becomes your cost when you later sell the tokens. Large-scale, organised activity can instead count as business income. The exact timing rules for rewards should be checked with an adviser before filing.
Can crypto losses offset other gains in Italy?
Yes. Crypto losses belong to financial "other income", like losses on shares and bonds. They can offset gains in that category in the same year and the four following years. They cannot offset dividends, interest or employment income. Unused losses expire after four years, so plan sales before they lapse.
Do non-residents pay crypto tax in Italy?
Generally no. Italy taxes non-residents only on Italian-source income, and crypto held on foreign platforms or in self-custody is not Italian-source. Once you genuinely leave Italy, your later crypto gains are taxed where you live. Italian citizens moving to black-list countries must rebut a presumption that they are still resident.
Related guides
- Capital gains tax in Italy: rates for shares, funds and property
- Tax residency in Italy: the 183-day test and domicile rule
- Specific taxes in Italy: IVAFE, IVIE, stamp duty and inheritance
- Tax incentives for expats and digital nomads in Italy
- Cryptocurrency taxes in Portugal
- Taxation of cryptocurrencies in Spain
- Tax landscape overview of Italy
- All country tax guides
Sources
- Agenzia delle Entrate – official portal
- Normattiva – TUIR (Presidential Decree 917/1986), Law 197/2022 and Law 207/2024
- Gazzetta Ufficiale – Budget Laws 2025 and 2026
- Ministry of Economy and Finance – Dipartimento delle Finanze
- EUR-Lex – Council Directive (EU) 2023/2226 (DAC8)
- PwC Worldwide Tax Summaries – Italy
This guide is general information, not personalised tax advice. See how we research and review.
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