Italy Crypto Tax 2026: The Capital Gains Rate Rises to 33%

From 1 January 2026, Italy applies a higher tax to gains on crypto-assets: the substitute tax rate rises from 26% to 33%. This article explains what changed, who is affected, the key dates, and how gains are declared. It is educational and is not tax advice; it describes the rules so you can meet them correctly, and it does not describe ways to reduce or avoid tax that is due. Every figure below is dated and attributed, because tax rules change — treat this as a snapshot as of 16 July 2026 and verify the current position with the Agenzia delle Entrate or a qualified professional.

What changed

Under Italian law, profits from crypto-assets are taxed as a category of financial income through a imposta sostitutiva (substitute tax). The change is a rise in that rate:

• 2025: the substitute tax on crypto capital gains was 26%.
• From 1 January 2026: the rate is 33%.

The increase was set by Law 207/2024 (the 2025 Budget Law, Legge di Bilancio 2025), Article 1, paragraph 24, and confirmed by Law 199/2025 (the 2026 Budget Law). Two related points matter:

• The €2,000 exemption is gone. The former annual tax-free threshold of €2,000 of gains was permanently abolished (already removed from 2025). Every euro of realised gain is now taxable.
• One exception at 26%. Euro-denominated e-money tokens (euro stablecoins) that comply with the EU's MiCA regulation remain taxed at 26% — reported as the sole exception to the new 33% general rate.

Who this affects

The 33% rate applies to Italian tax residents who realise a capital gain on crypto-assets — for example by selling crypto for euro, or by exchanging one type of crypto-asset for a different type. As a general principle under the current rules, a crypto-to-crypto exchange between assets with the same characteristics and functions is not itself a taxable event, whereas converting to fiat or to a differently-featured asset can be. Gains from trading crypto derivatives, including crypto futures, are financial gains that must be accounted for as well. Because the boundaries are technical, confirm your specific situation with the Agenzia delle Entrate or a professional.

The optional 18% step-up (affrancamento)

Separately, Law 207/2024 offered an optional 18% substitute tax to "step up" (redetermine) the cost basis of crypto held as of 1 January 2025 to its market value on that date. This is an elective mechanism defined by the law, not a loophole; whether it is relevant depends entirely on individual circumstances and timing, and the election conditions and deadlines should be checked against the current Agenzia delle Entrate instructions.

How gains are declared

Crypto taxation in Italy has two reporting touchpoints on the annual income tax return (the Redditi Persone Fisiche, or the Modello 730):

• Quadro RT (capital gains). Realised gains, converted into euro, are reported in quadro RT of the Redditi PF return (or section T of the Modello 730), where the substitute tax is calculated.
• Quadro RW (monitoring). Crypto-assets are also subject to the fiscal-monitoring obligation and are reported in quadro RW (or section W), which is also where the annual levy on the value of crypto-assets is settled — check its current rate with the Agenzia delle Entrate.

The substitute tax is paid through the ordinary income-tax payment calendar (via the F24 form) that accompanies the annual return. Because the exact payment dates shift year to year, verify the current-year deadline with the Agenzia delle Entrate rather than assuming a fixed date.

Keeping records

Accurate records make correct declaration possible: dates, amounts, euro values at the time of each transaction, and the counterpart of every trade. Realised losses can generally be set against gains within the rules, so a bad trade — for instance a leveraged position that ended in liquidation — still needs to be documented. Most platforms let you export your transaction history; if you trade perpetual futures on WEEX, export your history for your records. Keeping complete records is a compliance step, not a way to reduce what is owed. For the broader Italian framework beyond the 2026 change, see the complete Italy crypto tax guide.

Key takeaways

• From 1 January 2026, Italy's substitute tax on crypto capital gains rises from 26% to 33% (Law 207/2024, confirmed by Law 199/2025).
• The €2,000 annual exemption is permanently abolished; MiCA-compliant euro e-money tokens remain at 26%.
• Gains are reported in quadro RT; holdings are monitored in quadro RW, on the annual Redditi PF return.
• This is a dated snapshot (16 July 2026) — verify the current rules and deadlines with the Agenzia delle Entrate.

Record of revisions

• 16 July 2026: Initial version. Rate change 26%→33% effective 1 January 2026 verified against Law 207/2024, Law 199/2025 and dated coverage. This page joins the monthly refresh cycle; each review updates this log and the "as of" date.

This article is for informational and educational purposes only and does not constitute tax, legal, financial or investment advice. It does not describe any means of avoiding or minimising taxes due. Tax rules change and the position described is a snapshot as of 16 July 2026. For your specific situation and the current rules, consult the Agenzia delle Entrate (agenziaentrate.gov.it) or a qualified tax professional. Cryptocurrency trading — especially futures trading with leverage — carries a high level of risk.