Italian Officials to Prepare Bitcoin Tax Guidelines

Currently, Italy is dealing with a looming banking crisis. Most of the loans are not executed and are about to become worthless. Despite these concerns, the topic of Bitcoin and regulation is still being brought up. Local tax officials recently drafted a proposal to tax companies for Bitcoin transactions.

Like most other countries in the world, Italy has no clear legal definition of Bitcoin. It is not an official currency, nor is it a commodity. However, it has value, and things with value can be taxed. So far, the jury is still out on whether Bitcoin will be taxed in Italy.

Bitcoin taxation is coming

Before September 2, domestic Bitcoin sentiment was still optimistic. Now, the local tax authorities have drafted a proposal to tax Bitcoin, although it has not yet come into effect.

At the moment, the proposal appears to target only Bitcoin and other cryptocurrency companies. Such an approach is similar to that of most other countries. Assuming it becomes final law, consumers and other individuals who trade Bitcoin would not be subject to the proposal.

Although it is only a proposal now, it is contrary to the EU's Bitcoin management. Because the EU has determined that Bitcoin is tax-free. Italy seems to have violated the rules in this regard, and the final decision is not clear. News about the proposal will be announced through official channels.