Cryptocurrencies: clarifications by the Agenzia delle Entrate on declaration and stamp duty due

Cryptocurrencies represent an increasingly relevant issue in the Italian tax landscape. With the publication of answer no. 181 of 12 September 2024, the Agenzia delle Entrate has provided important clarifications for taxpayers holding cryptocurrency assets on an exchange under Italian law. In particular, it reiterated the obligation to declare such assets in the RW Box of the tax return for tax monitoring purposes.

A crucial aspect concerns stamp duty: if the Italian-registered exchange at which cryptocurrencies are held has already paid this tax, amounting to 2 per thousand of the value of the crypto-assets, the taxpayer is not required to pay further tax on the value of the assets. The tax position of traditional currency amounts temporarily present in the statement issued by the exchange has also been clarified: these amounts do not have to be declared in the RW Form and are not subject to stamp duty, as they do not represent financial products.

These clarifications are based on the regulations introduced by the Budget Law 2023 and subsequently detailed by Circular No. 30/2023. The tax obligations apply to all Italian tax residents, regardless of whether the crypto-assets are held with Italian or foreign financial intermediaries.

In conclusion, for taxpayers holding cryptocurrencies, it is essential to closely monitor regulatory developments and ensure that they comply with all reporting and tax obligations, to avoid future penalties.