Cryptocurrency in Italy: regulation, taxes and stablecoin rules
In short. Italy raised its crypto tax to 33% on 1 January 2026, up from 26%, and then carved out one exception: euro stablecoins that comply with the European regime keep the old 26%. Swapping one crypto asset for another of the same kind stays outside the tax altogether. Cashing out to euros is what triggers the bill.
- GAINS ON CRYPTO
- 33%substitute tax, since 1 January 2026
- EURO STABLECOINS
- 26%if they comply with the EU regime
- SWAP BETWEEN LIKE ASSETS
- Not taxedthe exchange stays neutral
- CASHING OUT TO EUROS
- Triggers the 33%this is the taxable moment
- MEANS TESTING
- Countedcrypto joins the ISEE calculation
- PLATFORM LICENCE
- MiCAissued by the national regulators
The rate went up, with one door left open
Parliament announced the increase in the 2025 budget and set it to arrive later, which it did on 1 January 2026.
Gains and other income from crypto assets now carry a substitute tax of 33%, replacing the 26% that applied before. The statute reaches gains realised from that date, so a position sold in December 2025 and one sold in January 2026 face different rates on the same profit.
The exception is narrow and someone chose it on purpose. A euro-denominated stablecoin that complies with the European crypto regulation keeps the 26% rate on gains from holding it, selling it or using it. Lawmakers built a preference for the instrument Europe wants people to use, and the compliance test decides whether you qualify.
Swapping is still free
Exchange one crypto asset for another with the same characteristics and Italy treats the move as fiscally neutral, so no tax event occurs at all.
The increase left that rule alone, and it changes where the 33% lands. Trading within crypto costs you nothing; converting to euros is when the substitute tax applies. Rebalance a portfolio for years and cash out once, and you pay on the whole journey at the exit while paying nothing along the way.
France works the same way, while Spain treats every swap as a sale, which is worth knowing if you are weighing southern European destinations against each other.
Crypto entered the means test
The same budget law brought crypto assets into the ISEE, the indicator Italy uses to means-test access to public benefits, reduced fees and social support.
Your holdings now count as movable wealth in that calculation, with implementation left to a ministerial decree. A household applying for support can now find its crypto balance changing what it qualifies for, whether or not anything was sold.
Who watches the market
A permanent supervisory forum sits above the market, bringing together the finance ministry, the financial police, the securities regulator, the central bank, the financial intelligence unit and the revenue agency, alongside industry associations and academics.
Platforms serving Italian clients need authorisation under the European regime, and a licence granted in any member state works across the union. The forum handles oversight and coordination rather than licensing.
What this means if you are moving there
At 33%, Italy now charges more on crypto gains than most of its neighbours, and the way it charges softens the blow for patient holders.
Two things follow. Trading inside crypto stays free, so an active portfolio accumulates no tax until the exit, which suits anyone building a position over years. And euro stablecoins meeting the European standard put part of your portfolio at 26% instead of 33%. Check the compliance status of the particular stablecoin rather than assuming it, since the rate hangs on that.
Allowed
- Swap one crypto asset for another of the same kind without triggering tax
- Hold compliant euro stablecoins at the lower 26% rate
- Use any platform licensed under the European regime in any member state
- Offset losses against gains under the substitute tax rules
Restricted
- Cashing out to euros without accounting for the 33% substitute tax
- Assuming any stablecoin qualifies for 26%, since compliance decides it
- Leaving crypto out of the means-test calculation now that it counts
- Using a provider without authorisation under the European regime
How the rules took shape
Italy writes crypto into the tax code and sets the substitute tax at 26%, leaving like-for-like swaps neutral.
The budget announces the increase to 33% with a delayed start.
The 33% rate takes effect. Compliant euro stablecoins stay at 26%.
Crypto assets enter the ISEE means-test calculation as movable wealth.
The European transition closes: only authorised providers may serve clients in the EU.
Worth knowing
From 2026 the tax on crypto gains rose from 26% to 33%, and the €2,000 threshold disappeared a year earlier. The budget originally proposed 42%; the industry argued it down.
Common questions
What rate applies to my crypto gains?
Thirty-three percent as a substitute tax on gains realised from 1 January 2026. Euro stablecoins complying with the European regulation keep the earlier 26%.
Do I pay tax when I swap one coin for another?
No, when the two assets share the same characteristics. Italy treats that exchange as fiscally neutral, and the tax arrives when you convert to euros.
Why do stablecoins get a lower rate?
Lawmakers wrote a preference for euro-denominated stablecoins that meet the European regulation, keeping them at 26% while everything else moved to 33%.
Does crypto affect my ISEE?
Yes. The 2026 budget brought crypto holdings into that calculation as movable wealth, with the detail set by ministerial decree.
Which platforms may serve me?
Those authorised under the European regime. A licence from any member state covers Italy, which is the point of the single framework.
Sources
Related reading
Other countries
Updated 20.08.2026 · this is reference material, not investment or tax advice