Italy Crypto Tax Guide 2026

Italy changed its crypto tax framework twice in three years. The 2023 Budget Law set a 26% rate with a €2,000 exemption. The 2025 Budget Law (Legge n. 207/2024) then raised the rate to 33% from 1 January 2026 and abolished the €2,000 exemption. The 2026 Budget Law added a narrow carve-out: MiCAR-compliant euro-denominated stablecoins are taxed at 26% rather than 33%. On top of all this, DAC8 reporting took effect 1 January 2026.

This guide covers what an Italian resident or business holding crypto needs to file in 2026 under the new rate, and how the rules differ in practice from neighbouring jurisdictions.

TL;DR

• Capital gains on disposals are taxed at 33% flat from 1 January 2026 (up from 26%).
• The €2,000 exemption is abolished — gains are taxable from the first euro.
• Carve-out: gains on MiCAR-compliant euro-denominated e-money-token stablecoins are taxed at 26%, not 33%.
• Quadro RW is the foreign-asset declaration. No de minimis threshold for crypto.
• Crypto wealth tax of 0.2% applies to foreign-held crypto, on year-end value.
• DAC8 from 1 January 2026 adds automatic data flows from EU CASPs to the Agenzia delle Entrate; first exchange by 30 September 2027.
• Step-up election (rivalutazione) remains available, with a fixed 18% substitute tax — a planning tool for older positions with low cost basis.

How Italy taxes crypto in 2026

Italy's framework rests on four pillars:

1. Capital gains tax at 33% on disposals (26% for the qualifying euro-stablecoin carve-out), from 1 January 2026.
2. Reporting via Quadro RW for foreign-held assets, no threshold.
3. Wealth tax at 0.2% on foreign-held crypto-asset value at year-end.
4. DAC8 automatic reporting from EU CASPs from 1 January 2026.

The 2023 Budget Law (Legge n. 197/2022, art. 1 commi 126-147) introduced the framework definition and the original 26% rate with a €2,000 exemption. The 2025 Budget Law (Legge n. 207/2024) raised the rate to 33% from 1 January 2026 and removed the exemption. The 2026 Budget Law introduced the 26% carve-out for MiCAR-compliant euro e-money tokens and confirmed the rivalutazione step-up election with an 18% substitute tax.

The rate change in detail

The transition matters for tax planning. A disposal realized in December 2025 is taxed at 26%; the same disposal in January 2026 is taxed at 33%. Holders planning large disposals around year-end 2025/2026 should model both scenarios.

What counts as a taxable disposal

Agenzia delle Entrate Circolare 30/E (27 October 2023) is the operative document. Taxable disposals include:

• Crypto-to-fiat sale
• Crypto-to-goods or services exchange
• Crypto-to-crypto swaps between assets of "different economic function"
• Crypto received as payment for services (also income at the receipt moment)
• Crypto received as airdrop (taxable at receipt at fair-market value)

Non-taxable events:

• Crypto-to-crypto swaps between assets of "same economic function" (stablecoin-to-stablecoin, native-to-wrapped of the same chain)
• Wallet-to-wallet transfers between addresses controlled by the same person
• Receipt of crypto from a hard fork (taxable only on subsequent disposal; cost basis = zero)

The MiCAR euro-stablecoin carve-out

The 2026 Budget Law introduced a reduced 26% rate for gains on MiCAR-compliant euro-denominated e-money tokens. The intent is to align with the EU regulatory perimeter and avoid penalizing regulated euro stablecoin use in payments. Practical points:

• Applies only to e-money tokens that are MiCAR-authorized and euro-denominated (EURC EU and equivalents).
• USD-denominated stablecoins (USDC, USDT) do not qualify — gains there are taxed at 33%.
• The carve-out is on the disposal gain, not a blanket exemption.

For a treasury or payments operation running on euro stablecoins, this carve-out is materially relevant and should be modelled explicitly.

Tax base computation: LIFO method

Italy mandates LIFO (last-in, first-out) for cost basis computation per "natura giuridica e funzione economica" — per asset type pooled across all wallets and platforms. This is the opposite of Spain (FIFO) and France (PMP). A holder with ETH on multiple exchanges and self-custody computes one LIFO pool for ETH globally.

The Quadro RW obligation

Quadro RW is the part of the Italian income tax return (Modello Redditi PF) that captures foreign-held financial assets. For crypto:

• Who files: every Italian tax resident holding crypto in foreign custody at any point in the year.
• What's "foreign custody": any custodial provider not located in Italy. Self-custody wallets are also reportable, with country attribution defaulting to (a) the wallet provider's HQ if identifiable, or (b) Italy if fully decentralized.
• Filing dates: Quadro RW is part of the annual income tax return (Modello Redditi PF), due in the autumn following the tax year per the Agenzia's annual calendar.
• What to report: per-asset year-end balance plus the highest balance during the year, in EUR.

There is no de minimis threshold for crypto in Quadro RW. A resident with €500 on Coinbase must file Quadro RW. This differs from the €15,000 threshold for foreign bank accounts and is a frequent source of non-compliance.

Penalties for non-filing range from 3% to 15% of the unreported amount, or 6% to 30% in case of holdings in non-cooperative jurisdictions.

The crypto wealth tax

A wealth tax applies at 0.2% (2 per mille) on the value of foreign-held crypto-assets, on the year-end fair-market value in EUR. Since the 2023 Budget Law this is structured as the imposta sul valore delle cripto-attività (practitioner materials sometimes still call it IVAFE by analogy with the foreign-financial-asset wealth tax). The rate is 0.2%.

Practical mechanics:

• Computed on the same scope as Quadro RW (foreign-held crypto).
• Paid alongside income tax on the next annual return.
• Self-custody crypto is in scope if the country attribution lands outside Italy under Quadro RW rules.
• Stablecoin holdings are in scope at face value.

A resident holding €100,000 in foreign-held crypto at year-end owes €200 (0.2% × €100,000), regardless of whether the crypto produced income or was disposed.

The rivalutazione (step-up election)

The Budget Laws preserved the option to step up the cost basis of crypto holdings by paying an 18% substitute tax on the step-up value. This is a planning tool, not a tax due automatically.

The mechanic for the 2026 reset:

• A taxpayer with low-cost-basis holdings elects to reset cost basis to the 1 January 2026 fair-market value.
• The election triggers an 18% substitute tax on the difference (new basis minus old basis).
• The substitute tax is payable per the schedule set in the relevant Budget Law (historically a lump sum or limited installments — confirm the current year's terms with a commercialista).
• Future disposals are computed against the new, higher cost basis.

With the headline rate now 33%, the rivalutazione is more attractive than under the old 26% regime. For a holder with €2M of BTC at €500 average price, the election trades ~18% substitute tax today against 33% capital gains on disposal — a larger saving than under the old rate.

What DAC8 changes for Italian residents in 2026

DAC8 was transposed into Italian law via the legislative decree implementing Council Directive (EU) 2023/2226 (the Italian DAC8 transposition decree, end of 2025). From 1 January 2026:

1. EU-authorized CASPs collect Italian-resident user transaction data annually.
2. CASPs report aggregate data to their home Member State authority.
3. Home-state authorities exchange data with the Agenzia delle Entrate by 30 September of the following year.

First reporting period: calendar year 2026. First cross-border exchange due by 30 September 2027. The Agenzia cross-references the received data against Quadro RW year-end balances, the crypto wealth tax base, and net capital gains declared on the annual return.

Practical workflow for Italian residents

1. Model the 26%→33% transition around year-end 2025/2026 for any planned large disposal.
2. Decide the rivalutazione election if you have low-cost-basis holdings — the election is time-bound and requires action by the deadline set in the Budget Law.
3. Identify any MiCAR euro-stablecoin gains — those qualify for the 26% carve-out, not 33%.
4. Aggregate transactions across all wallets with a LIFO cost basis per asset type pooled globally.
5. Identify Quadro RW scope — all foreign-held crypto, including self-custody.
6. Compute the 0.2% wealth tax base on year-end foreign-held value.
7. File the Modello Redditi PF including Quadro RW per the Agenzia's annual calendar.

How vendor tools handle Italian filing

Koinly supports the Italian regime with LIFO computation and Quadro RW aggregation, and updated its rate logic for the 33% change effective 2026. Validate that the tool applies the correct rate per disposal date around the 2025/2026 boundary and that the MiCAR euro-stablecoin carve-out is handled (newer feature — confirm before filing).

Young Platform is an Italian crypto exchange that includes basic tax-export functionality oriented at its own users. Useful for taxpayers whose entire activity is on the platform; weaker for multi-platform or DeFi users.

For Italian Web3 businesses, neither tool covers the entity-level accounting layer (journal entries, multi-chain reconciliation for ongoing operations, integration with Italian accounting systems like TeamSystem or Zucchetti).

How Wag3s helps

Wag3s Folio supports the Italian rules for individuals: LIFO cost basis, the 33% rate with date-aware application across the 2025/2026 boundary, the MiCAR euro-stablecoin carve-out, and Quadro RW aggregation.

Wag3s Ledger covers the entity-level needs:

• Multi-chain reconciliation across 20+ chains (see multi-chain reconciliation)
• LIFO cost basis pooled per asset type
• Quadro RW and wealth-tax base exports for entities with foreign-held positions
• DAC8 aggregation per Italian-resident user for CASPs

For comparison, Wag3s vs Koinly covers where each tool fits.

Further reading

• How to do crypto taxes: cost basis, taxable events, reporting
• Spain Crypto Tax Guide 2026 — neighbouring jurisdiction with FIFO instead of LIFO
• France Crypto Tax Guide 2026 — neighbouring jurisdiction with PMP
• DAC8 Compliance Guide 2026
• DAC8 vs CARF Difference
• Staking Rewards Tax by Jurisdiction

Sources

• Agenzia delle Entrate — Circolare 30/E del 27 ottobre 2023
• Legge di Bilancio 2023 — Legge n. 197/2022, art. 1 commi 126-147 (framework + original 26% rate)
• Legge di Bilancio 2025 — Legge n. 207/2024 (rate to 33% from 1 January 2026; €2,000 exemption abolished)
• Legge di Bilancio 2026 — MiCAR euro-stablecoin 26% carve-out; rivalutazione confirmation
• Italian DAC8 transposition decree implementing Council Directive (EU) 2023/2226
• Italy Crypto Tax Guide 2026 — Koinly