Italy Crypto Tax Guide 2026

Crypto has become a familiar part of everyday finance for Italian investors, whether it is held for the long term, managed across exchanges and wallets, or earned through a platform. This guide covers individuals taxed in Italy outside a business or professional activity. In this Italy crypto tax guide for 2026, we make the filing season easier to navigate by separating the activities that change your tax position from those that do not, then showing what to report and when.

For most individual investors, Italy's tax authority, Agenzia delle Entrate, applies a straightforward core rule. An ordinary fungible crypto-for-crypto swap is non-taxable when the assets have equal characteristics and functions. Bitcoin for Ether is the tax authority's example, and an ordinary stablecoin swap has the same result when both tokens meet that test. Selling crypto for euros or spending it is a taxable disposal. An NFT or another asset with materially different rights is a narrow, separate analysis.

Qualifying 2025 gains use the 26% rate; from January 1st, 2026 the general rate is 33%, and the old €2,000 threshold is gone. Holding crypto is separate: it can still require Quadro RW or Quadro W monitoring and a 0.2% crypto-asset value-tax check.

Quick answer

Selling crypto for euros usually requires a gain or loss calculation. Spending crypto uses the same comparison for the crypto transferred, based on the documented euro value received.

An ordinary fungible crypto-to-crypto exchange is non-taxable when the assets have equal characteristics and functions. Agenzia delle Entrate Circular 30/E illustrates the rule with Bitcoin for Ether. Stablecoin exchanges have the same ordinary result when both tokens meet that test. Check rights and functions, not a ticker, peg, or label. Crypto exchanged for an NFT is tax-relevant because the asset and rights change.

Buying crypto with euros, holding it, and transferring the same asset between wallets you beneficially own do not themselves realize a gain. Held-only crypto can still require Quadro RW or Quadro W monitoring and a 0.2% crypto-asset value-tax check when the appropriate intermediary bollo has not already applied.

For a 2025 transaction reported in 2026, the qualifying rate is 26%. The 2026 rate is 33%, and the €2,000 threshold was removed January 1st, 2025. Eligible 730 is due September 30th, 2026, and electronic Redditi PF filing is due November 2nd, 2026.

Is crypto taxable in Italy?

Crypto is taxable in Italy when a transaction realizes a relevant gain or other proceeds. Buying with euros, holding, and same-owner wallet transfers do not by themselves produce a gain. A sale, merchant payment, or crypto exchanged for an NFT can create the calculation. For individuals outside a business or professional activity, Agenzia delle Entrate applies the TUIR framework for qualifying crypto-asset gains and other proceeds.

Ask what crypto you gave up, received, and each side's euro value, then whether functions or legal rights materially changed. Keep held-balance monitoring and value tax separate from realization.

What changed for Italy crypto tax in 2026?

The important change is a year boundary, not a filing-year shortcut. A 2026 return normally covers 2025 transactions, whose general qualifying gains and proceeds use 26%. Qualifying gains and proceeds realized from January 1st, 2026 use 33% under Law 207/2024.

The former €2,000 annual threshold does not apply to 2025 or 2026 activity. Do not apply 33% to a 2025 sale because you file in 2026, or use 2026 forms to report 2026 transactions.

The one-off January 1st, 2025 revaluation

Law 207/2024 gave holders of crypto on January 1st, 2025 a one-off election to use that date's value instead of historic tax cost. The 18% substitute tax could not create a usable loss. The statutory first-payment date was November 30th, 2025. Because that date fell on a Sunday, the next-business-day rule made an F24 payment on Monday, December 1st, 2025 timely. Up to three annual instalments were allowed, with 3% annual interest on later instalments.

The election is now past, but its payment and reporting consequences can continue. Report an election in RT118/RT119 under the Redditi PF 2026 instructions or T118/T119 under the eligible 730/2026 instructions, and retain the January 1st valuation and F24 evidence.

How much crypto tax do you pay in Italy?

For a qualifying private-investor gain or other crypto proceeds, the general rate is 26% through 2025 and 33% from January 1st, 2026. Calculate proceeds or normal value less documented acquisition cost in euros. The activity year controls the rate.

Italy also has a 0.2% annual crypto-asset value tax when Italian stamp duty (imposta di bollo) has not already been applied to the same holding. An Italian intermediary may have applied that stamp duty, so do not pay both charges on the same crypto. Otherwise, including for self-custody or crypto held through a foreign platform, check Quadro RW/W monitoring and the value tax. Agenzia's Quadro RW guidance explains the route. This is not a capital-gains tax or IVAFE.

Euro e-money tokens need special care. Law 199/2025 creates a narrow 26% exception only for a euro-denominated EMT with a stable euro anchor and reserves entirely in euro-denominated assets held with EU-authorized entities. A EUR label alone does not establish that result. Euro conversion into a qualifying token and nominal redemption are non-realizing, but crypto surrendered to acquire it follows the general realization-year rule.

Which crypto transactions are taxable, non-taxable, or fact-dependent?

Start with the ordinary result. A sale for fiat or a merchant payment can require a euro gain calculation. Buying, holding, and same-owner transfers do not themselves realize a gain. Ordinary fungible crypto swaps are non-taxable; crypto exchanged for an NFT is the clear narrow exchange exception.

Buying crypto

Buying crypto with euros does not by itself realize a gain. It establishes the date, quantity, euro amount, exchange or wallet, and acquisition lot for a later calculation. Keep the original trade confirmation even if an exchange later displays a different average cost.

If you hold the asset through the year, include it in your held-balance inventory and check the value-tax and bollo position separately.

Holding crypto

Holding crypto does not by itself realize a gain, but it can require monitoring and a 0.2% value-tax check when appropriate intermediary bollo has not already applied. A balance that never moved can require a filing entry or annual value review.

Build a year-end inventory by wallet, exchange, token, and storage arrangement.

Selling crypto

Selling crypto for fiat usually requires a gain or loss calculation. Use euro proceeds less the documented cost of the LIFO lot for the same denomination in the declaration regime. The general qualifying rate is 26% for a 2025 realization and 33% for a 2026 realization.

Save the order confirmation, euro proceeds, and acquisition trail. If you cannot prove acquisition cost, the statutory result uses zero cost.

Spending crypto

Spending crypto is a taxable disposal. Calculate gain or loss by comparing the documented euro price or normal value of the goods or services received with the documented cost of the crypto transferred. This does not create a separate tax on the item you bought.

Keep the merchant invoice, transfer quantity, euro value, and LIFO lot.

Crypto-to-crypto swaps

Ordinary fungible crypto-to-crypto exchanges are non-taxable when the assets have equal characteristics and functions, as Circular 30/E illustrates with Bitcoin for Ether.

The result changes when the exchange gives you an asset with materially different functions or legal rights. Crypto exchanged for an NFT is the clear example.

Retain the two assets, timestamp, quantities, and a short comparison of their functions and rights.

Stablecoins

A stablecoin-for-stablecoin exchange is non-taxable when the tokens have equal characteristics and functions. An asset-referenced token is not taxable merely because of its label. A name, ticker, or peg does not prove the test: compare the issuer obligation, redemption rights, reserves, custody, and actual token function.

A qualifying euro e-money token must meet statutory euro-anchor and reserve conditions. Do not assume a EUR-labelled stablecoin meets them. Euro conversion into a qualifying token and nominal euro redemption are non-realizing. Crypto exchanged for it still requires a gain calculation on the crypto surrendered.

Own-wallet transfers

A transfer between wallets you own and control is not a realization. Circular 30/E expressly treats same-taxpayer transfers between wallet types as not fiscally relevant. Keep sending and receiving addresses, the transaction hash, chain, date, quantity, and exchange-transfer record.

Crypto fees

A separately recorded exchange, network, or protocol fee paid in crypto is a taxable disposal. Its gain or loss is the euro value of the crypto used for the fee less that crypto's basis.

Keep a separate record of the fee asset, quantity, euro value, and LIFO lot.

How do you calculate crypto gains and losses in Italy?

Calculate the result in euros. For a sale, use euro proceeds less documented acquisition cost. For a merchant payment or a relevant exchange, use normal value or documented euro value less documented cost.

Cost basis and LIFO

For ordinary Italian retail declaration-regime records, LIFO is the required method: when you hold multiple units of the same crypto asset, match the most recently acquired documented lot first. Keep dated records to prove each acquisition cost.

Rebuild the LIFO lot trail from dated confirmations. If acquisition cost is unproven, the statutory calculation uses zero cost.

Valuation and gain calculation

Calculate proceeds or normal value less documented acquisition cost in euros. The resulting taxable gains are plusvalenze. Use a consistent, retained valuation source for the transaction timestamp, especially when the consideration is not euros. The rate comes after the gain calculation: 26% for a qualifying 2025 realization and 33% for a qualifying 2026 realization.

Worked calculation example

The later October 18th lot is the required LIFO lot. The euro gain is €3,850 minus €3,100, or €750. As the transaction occurred in 2025, the general qualifying rate is 26%, not 33%. Retain the acquisition and sale confirmations, timestamps, quantities, euro values, and wallet or exchange records.

Capital losses

Under TUIR's crypto-gain calculation and compensation rule, reported crypto losses, or minusvalenze, offset crypto gains and excess reported losses carry forward for four following tax years. Report the loss in the realization year and retain the LIFO and euro-valuation calculation.

Do not use excess crypto losses against unrelated employment, business, or other income. If the loss never appears in the required return process, it does not create the supported four-year carryforward.

How is crypto income taxed in Italy?

Crypto received for work follows the underlying employment, professional, or business income category. Staking rewards and lending interest are taxable income or other proceeds at fair value when credited or effectively available, and that value becomes future basis. Mining rewards, airdrops, and blockchain-fork tokens follow the same receipt-and-basis rule.

Crypto received for work or services

Crypto received for work or services follows the income category matching the service, not an automatic private-investor result. Identify whether tokens paid an employee, professional, or business. Employment-income, professional-income, and normal-value rules apply because the token payment was remuneration.

Keep the contract, payer, receipt date, token amount, and euro or normal-value evidence. Then separately analyze a later disposal.

Staking rewards

Ordinary staking rewards are taxable gross as holding proceeds when received. Keep the reward receipt separate from the principal you staked, and do not net a platform fee against the reward.

Record the receipt date, asset, quantity, euro value, validator or platform record, and any fee separately.

Crypto-lending principal and rewards

Lending principal paid in and later returned is ordinarily non-taxable with basis continuity. Lending interest and rewards are taxable income or other proceeds at fair value when credited or effectively available, and that amount becomes the basis for a future disposal.

Keep principal and rewards separate. A distinct lending token or claim with materially different rights needs a functions-and-rights analysis, so preserve the lending terms, rights received, dates, quantities, euro values, and withdrawal history.

Mining and validator activity

Mining and validator rewards are taxable income or other proceeds at fair value when credited or effectively available. That value becomes the basis for a future disposal. A business or professional operation follows its underlying income category rather than the ordinary retail return path.

Record the activity, reward dates, token amounts, euro values, and related facts.

Airdrops and hard forks

Airdropped tokens and tokens received from a blockchain fork are taxable income or other proceeds at fair value when credited or effectively available. That value becomes the basis for a future disposal.

Keep the announcement, eligibility evidence, wallet receipt, timestamp, token quantity, and value source.

Referral and promotional rewards

A standalone referral or promotional token reward follows the receipt-time rule: it is taxable income or other proceeds at fair value when credited or effectively available, and that amount becomes future basis. A rebate directly tied to a purchase or fee can instead affect the related transaction's cost.

Keep the offer terms, referral or promotion record, receipt date, token quantity, euro value, and any record showing whether the token was a standalone reward or a transaction-linked rebate.

How are DeFi, NFTs, and advanced crypto transactions taxed?

Decentralized finance (DeFi) does not make an ordinary movement of principal taxable by itself. Depositing, withdrawing, wrapping, bridging, or receiving the ordinary token that records the same position is generally non-taxable when the asset received does not have materially different characteristics, functions, or rights. Keep separately credited interest, staking rewards, pool fees, and other rewards separate because they are taxable when received.

DeFi lending and borrowing

DeFi lending and borrowing are generally non-taxable when they move principal and do not give you a token with materially different characteristics, functions, or rights. Depositing crypto, receiving an ordinary receipt token such as an aToken, borrowing genuine loan principal, and withdrawing your deposited principal do not create a gain. The original basis stays with the lending position. Lending interest and rewards are taxable when credited or effectively available.

Keep repayment and collateral separate from principal. Crypto used to repay debt, collateral transferred away, or collateral liquidation can be a separate disposal. A token that provides a materially different claim beyond the lending position needs separate treatment.

Record each action separately. Keep contract terms, token addresses, collateral and debt movements, hashes, position statements, rewards, liquidations, repayment evidence, and euro values.

Liquidity pools and LP tokens

Adding crypto to a liquidity pool and receiving the LP token is generally non-taxable when the LP token does not give you materially different characteristics, functions, or rights beyond that pool position. The LP token records the pool position, and the cost basis of the deposited crypto follows that position. An ordinary withdrawal of that pool principal is also generally non-taxable on the same basis.

Pool fees, incentive tokens, and other rewards are taxable when received. A withdrawal that delivers a materially different asset, a separate claim, or additional consideration needs separate treatment.

Keep the pool terms, contributed assets, LP token details, fees or rewards, hashes, and withdrawal records.

Liquid staking

Liquid staking is generally non-taxable when you deposit crypto and receive a liquid-staking token, such as stETH or sETH, that does not give you materially different characteristics, functions, or rights beyond the staked position. Unstaking or redeeming that position is also generally non-taxable, and the original cost basis follows the position. Staking rewards are taxable when received.

An unusual token that gives rights materially beyond the staked position needs separate treatment.

Retain the protocol terms, deposit and withdrawal records, received-token details, reward receipts, and euro values.

Wrapping and bridging

Wrapping, unwrapping, and bridging are generally non-taxable when they preserve the same asset exposure and do not add materially different characteristics, functions, or rights. For example, converting ETH to WETH or BTC to WBTC ordinarily keeps the same position and cost basis. The same applies when a bridge moves the asset to another chain without changing that exposure.

A wrapped token with a separate issuer claim, a yield feature, or materially different rights needs separate treatment.

Keep the origin and destination chain, original and received token addresses, bridge route, hashes, timestamps, quantities, and euro values.

NFTs and creator activity

Exchanging crypto for a non-fungible token (NFT) is tax-relevant because the NFT has different functions and rights from the crypto transferred. Record the crypto lot, euro value, NFT description, marketplace confirmation, and transaction hash.

NFT minting

A crypto-funded NFT mint is tax-relevant: crypto transferred to acquire the NFT is a disposal, using the same gain-or-loss calculation as any crypto-for-NFT exchange. A separately recorded crypto gas fee is its own fee disposal.

An NFT received as an airdrop, reward, or grant follows the receipt-time income rule. Italian guidance gives no category-specific result for a true free mint that is neither a reward nor purchased with crypto. Keep the mint terms, gas fee, reward eligibility, and euro-value evidence.

Creator, professional, and repeated trading activity can follow different income categories from a private buyer's acquisition. Keep creator contracts, marketplace statements, royalty records, and activity facts before placing proceeds in a private-investor calculation.

Derivatives, futures, margin, and perpetuals

A gain or loss from a crypto future, perpetual, option, or similar derivative contract is generally taxable for an Italian private investor. The calculation uses the contract's net positive or negative differentials and related proceeds and costs, including settlement, funding, and liquidation amounts. It is generally analysed under Italy's derivative-contract rule in Article 67(1)(c-quater), rather than automatically as an ordinary crypto-asset capital gain.

If margin finances a direct crypto purchase or sale, apply the ordinary crypto rule to that underlying transaction. If it is part of a cash-settled future, perpetual, option, or similar derivative contract, calculate and report the derivative result. A business or professional trading activity can follow a different income category.

Retain the full contract, collateral and margin movements, entry and exit prices, funding payments, liquidations, settlement records, counterparty or venue, and euro valuations.

How are gifts, donations, and inherited crypto taxed?

A direct, genuine transfer of crypto for no consideration does not itself create Italian crypto capital-gains tax, whether you give it to another person or donate it to charity. Italy taxes a crypto redemption, sale for consideration, or taxable exchange, not a gratuitous transfer. If you sell crypto before donating the euros, that sale is a separate tax event.

Gifted crypto carries donor cost, while inherited crypto uses inheritance-tax or declared value. Gift and inheritance tax can apply separately, so identify the transfer type, relationship, value, and documents.

Gifts

Confirm that the transfer was genuinely gratuitous, then keep the donor's dated acquisition confirmations, euro cost, transfer evidence, wallet addresses, and documents relevant to gift-tax facts.

When the recipient later sells or uses the crypto in a relevant transaction, those donor-cost records support the LIFO and gain calculation. A missing donor basis can create a zero-cost problem.

Donations

A direct charitable crypto donation is not a capital-gains event. Separately, it can potentially qualify for Article 83 of the Third Sector Code income-tax relief only when the recipient and the in-kind donation conditions are met. Confirm that the recipient is an eligible noncommercial Italian Third Sector entity that accepts the asset for its statutory activity. Do not claim that treatment for any other recipient.

Keep the recipient's acknowledgement, a written donor-and-recipient statement, the token and quantity, wallet transaction, date, and value evidence. To support Article 83 relief, obtain a sworn appraisal if the in-kind donation exceeds €30,000 or its value cannot be determined using objective criteria.

Inherited crypto

Inherited crypto uses the inheritance-tax or declared value as its acquisition value. Keep the succession filing, valuation, wallet or exchange evidence, quantities, ownership records, and support for the declared value.

The later sale, merchant payment, or relevant exchange needs its own gain calculation. Do not replace the succession value with an exchange's current display price.

What happens to lost, stolen, hacked, or inaccessible crypto?

Lost and stolen private keys, hacks, and inaccessible crypto

A lost or stolen private key is not a realization or an automatic deductible crypto loss. Circular 30/E treats private-key loss or theft as not fiscally relevant. A hacked wallet, scam, frozen account, or exchange insolvency needs separate facts and evidence.

Preserve wallet addresses, transaction hashes, platform correspondence, incident reports, dates, asset quantities, and proof of ownership. Do not record a loss simply because the balance is inaccessible.

Can Agenzia delle Entrate see your crypto?

D.Lgs. 194/2025 requires covered providers to report 2026 activity. Under the DAC8 exchange timetable, the first automatic exchange of that data is due by September 30th, 2027. That does not make provider reporting universal or real time, and it does not replace your own return obligations.

A held balance can still require work even without a sale. Where appropriate intermediary bollo has not applied, self-custody wallets, digital accounts, and other storage systems follow the RW or W monitoring and 0.2% value-tax route. Exchange balances need the same check against any Italian bollo already applied.

Which Italy crypto tax forms or return sections do you use?

For 2025 activity, Redditi PF 2026 instructions use Quadro RT for gains and losses and Quadro RW for monitoring and crypto-asset value tax. Eligible 730 filers use Quadro T and Quadro W under the 730/2026 instructions. The choice follows filing eligibility, not the exchange or wallet used.

Do not copy a line number from a prior year or assume that a prefilled return includes every transaction. Gather gains, losses, holdings, values, days held, and bollo evidence before selecting the route.

Use the Agenzia filing guidance for Modello Redditi PF 2026 and the 730 filing guidance to confirm the current route and submission instructions. The 2026 forms report 2025 activity, not 2026 transactions.

How to file Italy crypto taxes

File Redditi PF electronically through Agenzia services or an authorised intermediary. Eligible 730 filers can use the direct filing route, an employer or pension provider, a CAF, or an authorised professional. Submission is separate from paying any balance or advance through F24.

Before filing, prepare a transaction ledger, LIFO calculation, income receipts, held-balance inventory, euro valuation evidence, and RT/RW or T/W data. An exchange report can help reconstruct data, but it does not decide Italian classification.

Reconcile transfers before adding totals. Confirm beneficial ownership, asset received, and any change in rights before placing an entry in the gain calculation.

Italy crypto tax filing deadlines and payment dates

For 2025 activity, eligible Modello 730 filing is due September 30th, 2026, and electronic Modello Redditi PF filing is due November 2nd, 2026. Filing and F24 payment are separate actions. The June and July balance dates for 2025 tax and first-advance dates for 2026 tax have passed. The November advance date can still matter where it applies.

Do not use a payment date as a proxy for the return deadline.

What crypto tax records should you keep, and how do you correct errors?

Keep records that reproduce each result in euros. Tie each acquisition lot to its disposal, payment, swap, reward, or held balance, and retain asset-rights evidence when relevant.

For omitted or incorrect 2025 crypto information, identify the return filed. Use Redditi correttivo by November 2nd, 2026; after that, Redditi integrativo within the statutory deadline, generally December 31st, 2031. An unfiled return follows the tardivo route through February 1st, 2027. A 730 filer uses the current 730 corrective or integrative process, or Redditi PF where required. A correction increasing tax can require tax, daily legal interest, and a reduced ravvedimento penalty.

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Disclaimer: This post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.

Italy crypto tax FAQs

Which rate applies to crypto activity reported in a 2026 return?

For general qualifying gains and proceeds realized during 2025, the rate is 26%. A 2026 return normally reports 2025 activity, so the filing year does not by itself make the rate 33%.

When does the 33% rate apply?

The 33% general rate applies to qualifying gains and proceeds realized from January 1st, 2026. Those transactions will use 2027 filing materials when they are published.

Do I need to report crypto if I only held it?

Possibly. Holding crypto does not itself realize a gain, but RW/W monitoring and the 0.2% crypto-asset value-tax analysis can apply when appropriate intermediary bollo has not already applied.

Is Bitcoin exchanged for Ether taxable in Italy?

No, an ordinary BTC-for-ETH exchange is not tax-relevant when the assets have equal characteristics and functions.

Are stablecoin swaps taxable in Italy?

A stablecoin-for-stablecoin exchange follows the ordinary non-taxable rule when the tokens have equal characteristics and functions.

Which cost basis method do I use for Italian crypto gains?

Use LIFO. For multiple units of the same crypto asset in the ordinary declaration regime, match the most recently acquired documented lot first.

Can a crypto loss reduce other income?

No. A reported crypto loss offsets crypto gains, and excess reported losses can carry forward for four following tax years. It does not offset unrelated employment, business, or other income.

Should I use Quadro RW or Quadro RT for crypto?

For 2025 activity, the default Redditi PF route uses Quadro RT for gains and losses and Quadro RW for monitoring and crypto-asset value tax. Eligible 730 filers use Quadro T and Quadro W.

When is the 2025 crypto return due?

Eligible Modello 730 filing is due September 30th, 2026. Electronic Modello Redditi PF filing is due November 2nd, 2026.

When are the 2025 crypto tax payments due?

Payment is separate from filing. The 2025 tax balance was due June 30th, 2026, or July 30th with 0.40%. Separate 2026 advances can apply then and, where applicable, on November 30th, 2026.

Does DAC8 mean I do not need to file my own return?

No. Covered providers report 2026 activity, and the first automatic exchange is due by September 30th, 2027. DAC8 does not replace your own reporting and filing obligations.