Crypto tax in Italy 2026: 33% gains, RW and 0.2%

In short: for an Italian tax resident, crypto gains realized from 1 January 2026 are taxed at 33% (gains on euro stablecoins at 26%), the EUR 2,000 tax-free allowance no longer exists, and the holdings themselves are reported every year in quadro RW with a 0.2% tax on their value. The tax arises when you sell for euro, spend, or swap into a different kind of asset, not from simply holding. Below: a table of the rules as written in the law and in the Agenzia delle Entrate instructions (checked on 30.09.2026), a worked example with made-up numbers, what the chats say, and how to cash out legally to a SEPA account.

This summarizes official texts and community experience and is not tax or legal advice. Work out your own situation with a licensed accountant (commercialista). The article does not help anyone evade tax or hide income - it is about doing things transparently.

What taxes apply to cryptocurrency in Italy in 2026?

One rule for every resident, three duties: pay tax on the gain when you realize it, report the holdings in the return, and pay a small tax on their value. People most often confuse the first and second: you can sell nothing all year and owe no gains tax, yet RW still has to be filled in.

The Redditi PF 2026 return for tax year 2025 is filed between 15 April and 2 November 2026 (31 October fell on a Saturday), electronically only - as stated on the Agenzia delle Entrate page. The tax on the value of crypto-assets is paid on the same terms as income taxes.

The most common misunderstanding among new residents is this: they think that since the money was already theirs before the move, these are "old" savings and the tax office has no interest in them. Savings as such are indeed not taxed. But the moment you swap or sell something while already an Italian resident, a price difference appears, and that is what the Italian side counts. So know your purchase price in advance instead of reconstructing it after the fact.

How is tax on crypto gains calculated?

A gain is the difference between what you received (or the market value of what you received in a swap) and the purchase cost (TUIR art. 68 para. 9-bis, from 01.01.2027 art. 77 para. 11 D.Lgs. 117/2026). The law names redemption, sale for consideration, exchange and income-producing holding as taxable events. A swap between crypto-assets with the same characteristics and functions is not a taxable event (Law 197/2022, art. 1 para. 126), and from 2026 neither is a plain conversion of euro into a euro-pegged e-money token and its redemption at face value (Law 199/2025). Which pairs count as "the same" is covered by Agenzia delle Entrate circular 30/E of 2023 - in a borderline case your accountant decides.

Three rules that most often change the tax bill:

• No purchase document - zero cost. The Redditi PF 2026 instructions say it outright: the cost is proven with "certain and precise elements", and without them the tax is computed on the whole sale amount.
• Losses carry forward against later gains, but no further than the fourth year and only if the loss was reported in the return for the year it occurred. From 2025 the old EUR 2,000 threshold for carrying losses forward no longer applies either.
• Income from holding (for example staking rewards) is taxed in full, with no deductions - per the same instructions.

The main pain turned out to be not the rate but the fact that I kept no records. I bought bit by bit for several years on different platforms, and when it came to the return, reconstructing the price of each purchase was agony. From the second year I just kept a sheet: date, asset, amount in euro at that day's rate. It makes the accountant's job many times easier and raises fewer questions.

A worked example with made-up numbers

An Italian resident since 2025. In 2024 they bought crypto for EUR 10,000 and kept the exchange statements. On 31.12.2025 it was worth EUR 15,000; in March 2026 it was sold for EUR 16,000.

• Value tax for 2025: 15,000 x 0.2% = EUR 30; the asset is reported in RW of the 2026 return.
• Gains tax on the 2026 sale: (16,000 - 10,000) x 33% = EUR 1,980; reported in the return for tax year 2026.
• Without purchase statements: the cost is zero, and the tax becomes 16,000 x 33% = EUR 5,280.
• Had the sale happened in 2025, the rate would have been 26%: 6,000 x 26% = EUR 1,560.

The gap between the second and third line is EUR 3,300 - the price of a lost purchase history. If crypto is part of your freelance income, you can estimate the rest of your tax load in the calculator:

What the 2023, 2025 and 2026 reforms changed

Before 2023 crypto-assets had no rule of their own, and gains were taxed by analogy with foreign currency - hence the "51 thousand on the account" figures that still circulate in the chats. Then:

1. Law 197/2022 (budget for 2023) added letter c-sexies to TUIR art. 67, a 26% rate with a EUR 2,000 allowance, a 0.2% value tax in place of stamp duty, a one-off step-up at 14% and a procedure to disclose undeclared crypto.
2. Law 207/2024 (budget for 2025) removed the EUR 2,000 allowance for gains from 1.1.2025, raised the rate to 33% for gains from 1.1.2026 and opened a second step-up at 18% of the value on 1.1.2025.
3. Law 199/2025 (budget for 2026) kept 26% for euro e-money tokens and added crypto-assets and foreign balances to the wealth counted for ISEE (the method is set by a separate Labour Ministry decree) - more on the indicator itself in ISEE and DSU.
4. The new consolidated income tax code (Testo unico, Legislative Decree 117/2026, in force since 4 July 2026 but applied from 1 January 2027 - art. 377) gathered these rules into one text: the 33% and 26% rates sit in art. 304 para. 7, crypto-assets in art. 76 para. 1 letter i), the gain calculation in art. 77 para. 11. TUIR arts. 1-191 are repealed from the same date (art. 376). The rates are unchanged; 2026 gains are still reported under the TUIR, and documents for 2027 will cite the new numbers.

Cost basis step-up: the windows are closed

Twice the law allowed replacing the real purchase price with the market value on a set date by paying a substitute tax on it: 14% of the value on 1 January 2023 and 18% of the value on 1 January 2025 (payable by 30 November 2025, optionally in three yearly instalments with 3% annual interest). Both windows are closed. If you used one, note that a stepped-up value does not let you report a loss on that asset.

A step-up is worth running on actual numbers, not "just in case". If a client bought crypto for pennies many years ago and plans to sell soon at a large profit, fixing the base can pay off. If the asset was bought recently and close to the current price, there is almost no benefit, while the substitute tax still has to be paid. So I always ask for the full transaction history first and only then say whether it is worth it.

Quadro RW and the 0.2% tax on crypto value

Quadro RW (monitoraggio fiscale) is filled in by every resident with foreign assets and with crypto held in "wallets, digital accounts or other storage systems" - the wording of the Redditi PF 2026 instructions. What matters for crypto:

• There is no amount threshold. The exemption for balances up to EUR 15,000 is described on the precompilata site only for foreign bank accounts and deposits.
• The section is filled in even if the asset was sold before year end. The precompilata site says explicitly that it is needed even when the asset is no longer held on 31 December. The popular chat advice "buy and spend within the year and there is nothing to declare" does not match this.
• The value tax is 0.2% (2 per thousand) of the 31 December value as quoted by the exchange where the asset was bought, pro rata to days held and share; F24 code 1727. If an Italian intermediary already applied stamp duty, the value tax is not paid again. A wealth tax paid abroad on the same crypto is credited.
• Since 2024 foreign assets and crypto can be reported directly in the 730 (the Estero e cripto attività section of the precompilata), without a separate Redditi return.

Do not carry the EUR 34.20 figure seen next to RW over to crypto: it is the flat amount for foreign bank accounts, not for crypto-assets.

The most underestimated part for relocators is not the tax on trades but the reporting of foreign assets. A person declares a modest Italian income while a large sum sits on an exchange and pays for their life. To the tax office that is a visible contradiction. So I ask for Quadro RW to be filled in even in a year with no sales: showing the asset is not about "paying more now", it is about a clean history that will not raise questions later.

Forms, filing deadlines and penalties for missing them are in Tax return: 730, Redditi PF, deadlines and penalties.

Exchanges and platforms for a resident of Italy

The general picture from the community:

• Regulated centralized exchanges with full KYC verification - the baseline for an EU resident: they keep the transaction history you will need both for the gain calculation and for RW. Citizens of some countries face restrictions on currencies and services.
• Fintech services with built-in crypto exchange - let you swap crypto for euro and immediately have an IBAN and a card. Which ones are accepted and where they get blocked is covered in Revolut and Wise in Italy.
• P2P platforms and exchange offices - more ways to swap, but higher risk and weaker traceability; safe-trade rules are in P2P without being scammed.

As an EU resident I found that my usual exchange had closed part of the ruble operations. I solved it by moving to another platform. The advice is simple: do not tie yourself to one service. Keep a couple of verified accounts on different exchanges and know which one actually works for you in Italy and for which currency.

We do not recommend specific brands: availability depends on citizenship and residence and changes. Choose by full verification, export of transaction history and the ability to receive euro legally on your own IBAN.

How to cash out stablecoins to a SEPA account

The typical legal chain described by the community:

1. Move the crypto (often a stablecoin like USDT or USDC) onto a regulated platform or fintech with verification.
2. Exchange it for euro at the visible rate.
3. Withdraw the euro by SEPA transfer to your own IBAN.

The key is not the route but the paperwork: purchase date and price, exchange and withdrawal statements. You need them for the tax calculation (without them the cost is zero) and in case the bank asks about the source of funds.

I cashed out through a fintech with a card: crypto from the wallet, exchange into euro, and straight away SEPA to my main account. The main lesson: do not chase the cheapest rate through dubious exchange offices, choose a transparent route that leaves a trail. When I later had to show where the money came from, everything was exported by date and the question closed quickly.

If the money comes from Russia or through a third country, routes and their risks are covered in Moving money from Russia to Italy and Getting money out of Russia.

Source of funds and the risk of a block

Banks in Italy follow antiriciclaggio (anti-money-laundering) rules: a large or unusual transfer, especially from a stranger (the typical case is P2P), can be suspended while the bank asks for documents. In the chats for 2022 - June 2026, account blocks next to crypto come up in 23 messages. Banks usually ask for:

• the purchase history of the crypto and statements for the exchange and the withdrawal;
• for money saved before the move - a tax return or income certificate from the country it came from;
• an explanation of the transfer if it was a P2P trade.

A source-of-funds request is a routine procedure, not an accusation. The protection is a complete, documented chain of transactions.

I tell clients one thing about crypto: do not bury your head in the sand. If the bank asks about the source of funds, that is normal - answer with documents, not silence. A transparently reported asset and tax paid on the gain are your insurance. Attempts to bring in large sums "quietly", bypassing the return, almost always cost more: both the risk of a block and the penalties later.

Accounts, refusals and answering the bank are covered in Bank in Italy: account, cards, transfers and sanctions.

DAC8: crypto exchanges start reporting

If you top up an EU-regulated crypto fintech with crypto, be ready to explain to the tax office where the crypto came from (where it was bought) and what the source of funds for it was.

If you have not declared it before

A common question in the 2025 - 2026 chats: does anyone actually pay tax on crypto, or does everyone "just get by"?

I have not paid a single tax on crypto. I am not even sure anyone pays tax on crypto. The main problem is that I have no idea how to pay tax on it. The laws for it are not fully written.

The laws are in fact written - see the table above. The special disclosure window (regolarizzazione) closed on 30 November 2023, so what remains are the ordinary routes: correcting or supplementing returns (ravvedimento operoso, dichiarazione integrativa). A commercialista prices this for your case, and in the community's experience it costs less than dealing with a tax office inquiry.

You cannot legally pay large sums in cash - there is a cash payment limit (the chats cite around EUR 5,000, check the current figure). Anything above goes by bank transfer. Walk into a bank and you will be asked where the cash came from, and that information will very likely reach the tax office - followed by questions about why the crypto was not declared.

A short checklist for a resident with crypto

• Collect your purchase history before your first sale as a resident: without it the cost is zero.
• Keep the three duties apart: tax on gains (26% for 2025, 33% from 2026), quadro RW and the 0.2% value tax.
• Do not count on a EUR 2,000 allowance - it has not existed since 2025.
• Report losses in the return for the year they occur, or you cannot carry them forward.
• Cash out transparently: verified platform, exchange into euro, SEPA to your own IBAN, statements kept.
• Check with an accountant and on agenziaentrate.gov.it - this is not tax advice.

Related articles

• Tax return: 730, Redditi PF, deadlines and penalties - where quadro RW and RT live and how to file.
• Taxes for the self-employed: forfettario and INPS - the regime and rates if crypto is part of your income.
• Moving money from Russia to Italy - routes, stablecoins and proof of source.
• Getting money out of Russia - the Russian side: limits and currency control.
• Revolut and Wise in Italy - where a fintech account and card are accepted.
• Bank in Italy: account, cards, transfers and sanctions - accounts, refusals and answering the bank.
• P2P without being scammed: how to swap crypto safely - escrow, test amount, red flags.
• Scams when moving to Italy: schemes and where to report - what shows up most often in the chats.
• ISEE and DSU - the indicator that from 2026 also counts crypto-assets.
• Flat tax for wealthy new residents - a fixed tax on foreign income.

Official sources

• Agenzia delle Entrate: Redditi PF 2026 form and instructions - quadro RT section V-A (crypto gains), lines RT118-RT119, quadro RW and the 0.2% tax (code 1727).
• Agenzia delle Entrate: Redditi PF 2026 filing dates - 15 April to 2 November 2026.
• Precompilata: the Estero e cripto attività section - crypto and foreign assets in the 730, the EUR 15,000 threshold only for accounts.
• Agenzia delle Entrate: regolarizzazione delle cripto-attività - the disclosure procedure and the 30.11.2023 deadline.
• Normattiva: Law 207/2024 - art. 1 paras. 24-29: the 33% rate, removal of the EUR 2,000 allowance, the 18% step-up.
• Normattiva: Law 199/2025 - art. 1 para. 28 (26% for euro e-money tokens) and para. 32 (crypto in ISEE).
• Normattiva: Law 197/2022 - art. 1 paras. 126-147: definition of crypto-assets, value tax, 14% step-up, disclosure.
• Normattiva: Legislative Decree 117/2026 - the new income tax Testo unico (applied from 1.1.2027, art. 377), art. 304 para. 7: 33% from 1.1.2026 and 26% for euro e-money tokens.
• EUR-Lex: Directive (EU) 2023/2226 (DAC8) - exchange of crypto transaction data from 2026.

Frequently asked questions

What is the tax on cryptocurrency gains in Italy in 2026?

For an Italian tax resident, crypto gains (plusvalenze) realized from 1 January 2026 are taxed with a 33% substitute tax (Law 207/2024, art. 1 para. 24; from 01.01.2027 the same rate sits in art. 304 para. 7 of the new Testo unico, Legislative Decree 117/2026). Law 199/2025 kept 26% for gains on euro-denominated e-money tokens, and a plain conversion between euro and such a token is not a taxable event. Gains realized in 2025 were taxed at 26%. This summarizes the law and is not tax advice: have a commercialista run your own numbers.

Is there still a EUR 2,000 tax-free threshold?

No. The EUR 2,000 yearly allowance on total gains was removed by Law 207/2024 (art. 1 para. 25) for gains realized from 1 January 2025. The Redditi PF 2026 instructions say it plainly: gains up to 31.12.2024 are taxed above EUR 2,000, gains from 1.1.2025 with no minimum. A net loss can be carried forward up to the fourth following year if it is reported in the return for the year of the loss. This is not tax advice.

Do I have to declare crypto that I only hold?

Yes. An Italian tax resident reports crypto-assets held in wallets and on exchanges in quadro RW of the Redditi PF return, and since 2024 it can also be done in the 730 (the Estero e cripto attività section). The EUR 15,000 threshold below which the section is skipped applies only to foreign bank accounts and deposits, not to crypto. Separately there is a tax on the value of crypto-assets: 0.2% a year of the 31 December value, pro rata to the days held, F24 code 1727. This is not tax advice.

What happens if I cannot prove what I paid for my crypto?

Under the Agenzia delle Entrate instructions for Redditi PF 2026 the purchase cost must be documented with certain and precise evidence, and without it the cost is zero. The tax is then computed on the whole sale amount, not on the difference. Collect exchange statements, bank transfer confirmations and a purchase log before your first sale as a resident. This is not tax advice.

Can I still step up my cost basis at a reduced rate or use an amnesty?

Not now. The law already ran a step-up at 14% of the value on 1.1.2023 and at 18% of the value on 1.1.2025 (payable by 30.11.2025, in up to three instalments), and both windows are closed. The voluntary disclosure (regolarizzazione, called sanatoria in the chats) for crypto held by 31.12.2021 was accepted by PEC until 30.11.2023. What remains are the ordinary ways to correct past returns, which a commercialista prices for your case. This is not legal advice.

Will the tax office learn about my crypto exchange activity?

For platforms operating in the EU, yes, under the DAC8 directive (EU 2023/2226). It applies from 1 January 2026: crypto-asset service providers collect data on client transactions, and tax authorities exchange it within nine months after the end of the year, so 2026 data reaches the tax office of your residence by September 2027. This is not legal advice.

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Documents for this topic

• Guide to Binance, OlduBil, and Pyypl for Russians Abroad (2022)
• Certificate of Tax Residency in Italy (Attestato di Residenza Fiscale - Agenzia delle Entrate)
• Document Checklist for Admission to Italian University (Master's, Non-EU Citizens)