A recent coverage by Bloomberg informed that the Italian authorities are working on a crypto bill that could be implemented as of January 1, 2023.

The legislation, submitted by Prime Minister Meloni’s cabinet, will require local cryptocurrency investors to pay 26% tax on their digital asset revenue, should it exceed $2,090 per year. 

Consumers who disclose the valuation of their digital asset holdings until the beginning of next year will be subject to 14% taxation. The government raised hopes this discount could encourage locals to reveal the amount of cryptocurrencies they own.

However, residents who earn less than €2,000 ($2,090) per year from dealing with bitcoin or altcoins will be excluded from the possible upcoming legislation.