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Italy: devastating impact on crypto with the increase of taxes

Author: Content Editor
The Italian crypto sector is concerned about the potential devastating impact of proposed tax increases on crypto capital gains. The measure, presented by the Italian Deputy Minister of Economy, would raise the tax rate on capital gains from the sale of cryptocurrencies from 26% to 42%. The increase would only affect the Italian crypto sector and could harm technological innovation, investment, and competitiveness in the industry. The open letter sent to the Ministry of Economy and Italian Government argues that the tax increase would disadvantage the Italian crypto services industry and encourage a "brain drain" to countries with more favorable regulations. However, not all politicians support the measure, with some intending to present amendments to prevent its approval. The final budget will be approved in December, and it remains to be seen if the proposed tax increase will be included.

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