Italy Boosts Bitcoin Tax to 42%

Italy is planning to raise the capital gains tax on Bitcoin from 26% to 42%, as part of the government’s efforts to finance costly election promises and reduce the fiscal deficit. Deputy Finance Minister Maurizio Leo announced the change during a conference call on Wednesday. The move is in response to the increasing popularity of Bitcoin, which Leo referred to as a “spreading phenomenon.” The European Union is preparing to implement new regulations for cryptocurrencies, known as MiCA, which is expected to be fully in effect by the end of this year. Despite the tax increase, Bitcoin’s value has risen, with the cryptocurrency experiencing a 17% increase in value over the past month.

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