Cryptocurrency Taxation in Italy and the Impact of MiCA: What Changes from 2026

2026 marks a turning point for anyone holding or investing in crypto-assets in Italy. Three processes converge at the same time: a tougher tax regime, the closing of the European regulatory framework with the MiCA Regulation, and the start of the automatic exchange of tax information introduced by the DAC8 directive.

For private investors, entrepreneurs and holders of digital wealth, the room for tax opacity and regulatory arbitrage is shrinking dramatically, while the importance of proper planning grows. This article summarises the updated framework and analyses, in particular, the consequences for an Italian resident using a non-MiCA-compliant exchange.

The higher tax rate and the end of the exemption threshold

The organic tax regime for crypto-assets was introduced by the 2023 Budget Law (Law 197/2022), which added letter c-sexies) to Article 67, paragraph 1, of the TUIR (Italian Income Tax Code), classifying as “miscellaneous income of a financial nature” the capital gains and other proceeds realised through the sale for consideration, exchange, redemption or holding of crypto-assets.

From 1 January 2026, the substitute tax rate on capital gains rises from 26% to 33%, pursuant to Article 1, paragraph 24, of Law 207/2024 and as confirmed by Law 199/2025 (the 2026 Budget Law). The new rate applies to income realised from 1 January 2026, including capital gains accrued on assets purchased in previous years, where the sale or exchange takes place from 2026. No transitional regime or grandfathering mechanism has been provided.

In parallel, the annual exemption threshold of EUR 2,000 has been permanently abolished: every single euro of realised gain must be declared and taxed, with no de minimis threshold.

How the capital gain is calculated

The capital gain is calculated as the difference between the sale consideration (or the normal value at the date of withdrawal) and the purchase cost measured at the historical exchange rate. Where purchases were made at different times, the LIFO method applies: the last coin bought is the first deemed sold. In the absence of documentation on the cost, the lowest of the monthly exchange rates is taken as reference. Capital gains, converted into euro, must be reported in section RT of the Italian individual income tax return (or section T of the Modello 730).

A particularly relevant planning opportunity today is the step-up (affrancamento): Law 207/2024 allowed those holding crypto-assets as at 1 January 2025 to redetermine the tax cost by assuming the market value at that date, paying a substitute tax of 18%. The aim is to reduce the burden on future capital gains — a benefit that is all the more significant given the increase of the ordinary rate to 33%.

Not all transactions are taxed: the different use cases

One of the most common mistakes is to treat any movement as taxable. In reality it is necessary to carefully distinguish taxable events from neutral ones.

On the interpretative side, the key practice document remains Circular No. 30/E of 27 October 2023 issued by the Italian Revenue Agency. Staking deserves particular attention: in Ruling No. 437/2022, the Agency classified the rewards received by individuals as capital income pursuant to Article 44, paragraph 1, letter h) of the TUIR. If the rewards are credited by a platform resident in Italy, the latter applies a 26% withholding tax; if instead they arrive in a personal wallet, they must be declared directly by the taxpayer. Airdrops and cashback, finally, are taxed immediately on receipt, on the euro value at the day of crediting, regardless of any subsequent sale.

Focus on stablecoins

Stablecoins deserve a dedicated analysis, because they represent the only category with a differentiated tax regime from 2026 and because their treatment depends on the technical classification introduced by MiCA.

The Regulation distinguishes three main types. EMTs (e-money tokens) aim to maintain a stable value by referring to a single official currency and guarantee the right to redemption at par value (the case of USDC and EURC). ARTs (asset-referenced tokens) are pegged to a basket of currencies or assets, are not classified as electronic money and are not redeemable at par value. Alongside these are algorithmic stablecoins, generally treated as ARTs.

The 2026 novelty is a significant exception: euro-denominated stablecoins compliant with MiCA (euro EMTs) remain taxed at 26% rather than 33%. It is the sole exception to the new general rate, and converting a euro EMT into euro does not generate a capital gain, since it is an asset pegged to the par value of the currency.

Even more delicate is the difference in treatment of exchanges. According to the Italian Revenue Agency, the exchange between a cryptocurrency and an EMT (which guarantees the right to the par value against a fiat currency) is taxable; the exchange between a cryptocurrency and an ART, by contrast, is not taxable, because the ART is neither electronic money nor redeemable at par value.

In practice, selling Bitcoin to buy an EMT realises a taxable gain; the same swap into a token classified as an ART does not generate taxable income. A technical distinction with very concrete tax consequences for the planning of transactions.

Tax monitoring: the RW section and the wealth tax on crypto

Regardless of the taxation of capital gains, holding crypto-assets triggers tax monitoring obligations. Cryptocurrencies must be reported in section RW of the individual income tax return (or section W of the Modello 730), pursuant to Article 4 of Legislative Decree 167/1990. The obligation covers all crypto-assets — tokens, NFTs, decentralised finance instruments — regardless of value and place of custody: hot wallets, cold wallets, centralised and foreign exchanges.

Cryptocurrencies are not subject to IVAFE, which applies only to current accounts and bank deposits. There is, however, a specific wealth tax: the tax on the value of crypto-assets, equal to 2 per thousand (0.2%) per year on the value held at 31 December.

The penalties for failure to file or for incorrect filing of section RW range from 3% to 15% of the undeclared value for each year, doubled to 6%–30% for assets held in blacklisted countries. The Italian Supreme Court, in judgment No. 28077 of 30 October 2024, reaffirmed that this is a substantive and not merely formal violation. The voluntary disclosure mechanism (ravvedimento operoso) remains available to regularise past positions with reduced penalties.

The MiCA Regulation and the 1 July 2026 deadline

MiCA (EU Regulation 2023/1114) is the European Union’s unified legal framework for issuers and providers of crypto-asset services. The rules on stablecoins (Titles III and IV) have been in force since 30 June 2024; full applicability for service providers (CASPs) runs from 30 December 2024.

The decisive step is the end of the transitional period, set for 1 July 2026. From that date, no provider without CASP authorisation may offer services to EU clients. ESMA has confirmed that all national transitional arrangements end no later than 1 July 2026 and that, after that date, unauthorised entities that continue to provide services breach EU law and must cease their activity.

An important point: MiCA applies on the basis of the client’s location, not the company’s registered office. Non-EU platforms without an authorised branch in the Union are subject to the same wind-down obligations as unauthorised operators within the EU. Swiss structures, Canadian MSB registrations or old VASP authorisations do not equate to a MiCA licence. The only exception is so-called reverse solicitation (a client who actively seeks the service on their own initiative), interpreted however very restrictively.

DAC8: the end of tax anonymity

Alongside MiCA, the automatic exchange of information makes crypto-assets fully traceable. The directive (EU) 2023/2226 (DAC8) transposes the OECD’s Crypto-Asset Reporting Framework into the European legal order and was implemented in Italy by Legislative Decree No. 194 of 10 December 2025.

From 1 January 2026, authorised exchanges report to the Italian Revenue Agency personal data, balances and nine categories of transactions for each resident user. 2026 is the first data-collection year; the first report from exchanges is set for 30 June 2027, while the exchange with foreign tax authorities will take place by 30 September 2027. The obligations apply not only to MiCA-authorised providers, but also to non-authorised providers with a qualifying connection to Italy.

Using a non-MiCA exchange: what an Italian resident risks

This is the central issue for many investors, and it deserves a clear answer, distinguishing the different levels.

For the user, it is not illegal. MiCA regulates service providers, not individual users: no provision criminalises the individual who uses an unauthorised platform. What becomes illegal is the offering of services to EU clients by an operator lacking a CASP licence.

There remain, however, concrete operational risks, set to grow after 1 July 2026:

• a halt to new deposits and the inability to open new positions;
• restrictions on the EUR/SEPA circuit, among the first features at risk because it involves supervised European institutions;
• orderly wind-down procedures, with the transfer of assets to authorised operators or self-custody wallets;
• weaker legal protections and difficulties in recovering funds;
• the possible closure of European accounts by the exchange.

The most likely scenario is not a sudden freezing of funds, but the progressive limitation of services. On the tax side, moreover, nothing changes depending on whether the exchange is MiCA-compliant or not: the RW obligation and the DAC8 reporting network remain fully in place. Crypto held on foreign exchanges or in private wallets must still be declared every year, and capital gains remain taxable.

For those holding crypto as a long-term asset, the real dividing line is not so much MiCA versus non-MiCA, but rather third-party custody (exchange) versus self-custody (personal wallet with private keys). MiCA regulates intermediaries: if the keys are under the direct control of the holder, the regulation affects the ownership of the asset far less than it affects the operations of exchanges. Tax monitoring obligations, however, remain even in this case.

Conclusions

2026 brings an unprecedented convergence: a tougher tax regime, the closing of the European regulatory framework and the end of information opacity. For an Italian investor the combined effect is clear: tax planning becomes more relevant, while the space for anonymity narrows.

Three levers remain available and legitimate: the step-up of the tax cost to reduce future capital gains, the management of liquidity through euro EMT stablecoins (taxed at 26% and neutral on conversion) and self-custody for long-term assets. In any case, tax compliance — the RW section, the declaration of capital gains and the 2-per-thousand wealth tax — is now the non-negotiable condition, made verifiable by the DAC8 automatic exchange.

Taxdry assists private investors, entrepreneurs and holders of digital wealth in the tax planning of crypto-assets, in the proper management of filing and monitoring obligations and in analysing the regulatory impacts of MiCA, with particular attention to advance documentation and the management of audit risks.