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Italy Set to Scale Back Planned Tax Hike on Crypto Capital Gains: Reuters
The tax increase will be significantly reduced during parliamentary work, lawmakers said.
Dec 11, 2024, 10:29 a.m.
What to know:
- The Italian parliament is likely to trim the government's planned tax increase on crypto capital gains.
- In October, the government said it would raise the tax to 42% from 26%.
Italy is set to trim its planned tax increase on crypto capital gains, Reuters reported on Tuesday.
Two months ago, the government was intent on raising the tax to 42% from 26% by the end of December.
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"The tax increase will be significantly reduced during the parliamentary work," lawmakers Giulio Centemero and Federico Freni, a junior minister at the Treasury, said in a statement according to Reuters.
The decision to increase the capital gains tax was inspired by the rising popularity of investments in crypto, especially bitcoin, which climbed above $100,000 last week. The “phenomenon is spreading," Deputy Finance Minister Maurizio Leo told Bloomberg in October after announcing the news.
CoinDesk reached out to Centemero and Freni for a comment.
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Bank of America says U.S. banks are heading for multi-year onchain future
The Wall Street firm said faster U.S. stablecoin and charter rules are pulling crypto into the regulated banking system and pushing banks toward an on-chain future.
What to know:
- Bank of America said U.S. crypto rulemaking is set to accelerate as the OCC grants conditional national trust bank charters to five digital-asset firms.
- The bank expects the FDIC and Federal Reserve to follow with stablecoin capital, liquidity and approval rules under the GENIUS Act.
- Banks should embrace blockchain, the report said, citing JPMorgan and DBS pilots in tokenized deposits on public and permissioned blockchains.
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