The Italian Revenue Agency has released Circular No. 30/E, providing comprehensive guidance on the taxation of crypto assets, including digital currencies. The circular covers various aspects of crypto asset taxation, including income tax, VAT, stamp duty, and related definitions. It also discusses the impact of EU Council Directive 2023/2026 (DAC8) on automatic exchange of information (AEOI) rules for crypto asset transactions.
Notably, the circular outlines the tax regime for crypto asset holders both before and after January 1, 2023, addressing issues such as capital gains, substitute tax rates, and cost redetermination for entities that held crypto assets on January 1.