According to Bloomberg, Italy will begin taxing capital gains from cryptocurrencies at a rate of 26% from 2023 on. The country’s lawmakers are proposing the tax levy in its 2023 budget plans. The tax will only apply to profits greater than 2,000 Euros.

Taxpayers will also have the option to declare the value of their assets as of Jan. 1, 2023. They will pay a 14% tax rate on these returns. This is similar to the new tax laws that were imposed on India earlier this year. The Indian government allowed the citizens to declare their holdings early before the heavier tax rate was implemented.

(By Rahul Nambiampurath)