- Italy announced that it would reduce the percentage of crypto tax from 42%.
- Several countries have begun reexamining their crypto stance amid the historic market bull run.
The USA has been shifting major blocks within the crypto regulatory landscape over the last few days alone. Particularly, President-elect Donald Trump in the last 24 hours, announced the initiation of the Department of Government Efficiency (DOGE) appointing Elon Musk and Vivek Ramaswamy in leading positions.
On the other hand, these positive movements are taking effect on the European end. Italy’s government recently stated that it is considering reducing crypto taxes. Bloomberg reported that sources have confirmed the Italian Prime Minister Meloni’s recent discussions on cutting the tax. This news comes in between several countries hitting new milestones with their Bitcoin reserves.
Moreover, Meloni’s government, as per reports, might cut the tax rate down to 28% from 42% on crypto earnings. The country has shown hostility to cryptocurrency in the past few months. Recently, on October 31st, the country’s finance minister expressed concerns about digital assets holding ‘high levels of risk’ and reaffirmed the 42% tax.
However, the current change of attitude was initiated by the League, a coalition of Meloni who filed an amendment to limit the tax increase. Meanwhile, another Italian party has advocated for the complete removal of tax increases and even suggested tax exemptions until particular profit margins.
Is Italy a Stand Alone in Nations’ Attitude Change to Crypto?
The past week particularly, the last few days has been crucial for the cryptocurrency sector. Bitcoin’s change in value has seen several nations such as Bhutan and El Salvador hike in their Bitcoin reserves. Moreover, Tesla’s BTC holdings also hit new milestones. This has caused other anti-crypto nations to reexamine their skepticism towards digital assets.
Additionally, market experts have stated that several other countries can be expected to initiate Bitcoin reserves and store capital in digital asset forms. Italy, in the past, had shown stringent attitudes towards crypto regulations.
Recently, in July, the Bank of Italy announced the launch of MiCA crypto regulations. These regulations were aimed at ‘protecting the holders’ as per reports.
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