Introduction
Living in Italy and wondering what you have to declare on your crypto? Good news: the rules are clearer than they look. As long as you hold your crypto, you owe nothing. Tax only triggers at specific moments, and an annual allowance protects small amounts. This module walks you through it simply, so you stay compliant and relaxed. Important: this content is educational, not personalised tax advice — consult a commercialista (accountant) for your situation.
The principle: only certain operations are taxed
In Italy, like in many countries, you're only taxed when you realise a gain — that is, when you convert your crypto into euros or otherwise step out of the crypto world. As long as you hold your crypto, even if its value climbs, you have nothing to declare on that unrealised gain.
The key Italian feature: an annual allowance (franchigia) of €2,000 on your total crypto gains accumulated over the year. If the sum of your realised gains for the year stays at or below €2,000, you pay no tax. Above that, the 26% rate applies.
The moment I touch my crypto, I owe 26%.
Actually : Not quite. The €2,000 allowance protects your small gains: if your total gains for the year stay below that threshold, you pay nothing. And simply holding your crypto without selling triggers no tax at all.
The 26% rate and the €2,000 allowance
The Italian regime applies a 26% flat rate on crypto capital gains. This rate doesn't kick in from the first euro: you first have to exceed the €2,000 allowance (franchigia) of cumulative annual gains.
In practice: the allowance applies to your total crypto gains for the year, not transaction by transaction. You add up all your realised gains, and only the portion beyond the threshold matters for deciding whether you're taxable.
- Cumulative annual gains ≤ €2,000: no tax.
- Cumulative annual gains > €2,000: 26% flat.
- The threshold applies to the yearly total, not per transaction.
Heads up: the rule changes in 2026
From 2026, under the budget law, the allowance disappears and the rate rises to 33% — check the latest rules, as the law keeps evolving. Before any decision, confirm the framework in force with a commercialista.
Crypto-to-crypto swaps, the bollo and the substitute regime
On swaps between crypto-assets, stay cautious: a swap between crypto-assets with the same characteristics may not be taxable, but converting to euros or to a stablecoin is taxable. Situations vary — check yours with a professional before drawing conclusions.
Beyond capital gains, Italy also applies an annual tax on the value of crypto held: a 'bollo' of 0.2% (IVAFE equivalent). It's based on the value of your holdings, whether or not you've sold anything.
Finally, there's an option: the substitute regime (imposta sostitutiva / rivalutazione). It lets you pay a substitute tax on the value as of 1 January to reset your cost basis. It's an option to weigh up for your situation, not an obligation.
- Crypto → crypto with the same characteristics: potentially not taxable (to be checked).
- Converting to euros or to a stablecoin: taxable.
- Annual bollo of 0.2% on the value of crypto held.
- Substitute regime: option to reset your cost basis at 1 January.
How to declare in practice
Your crypto gains are declared on the Quadro RT (financial income) of the Redditi PF return, filed with the Agenzia delle Entrate. That's where you report your realised gains once the allowance is exceeded.
Deblock is French-regulated, but as an Italian resident it's up to you to declare your own gains to the Agenzia delle Entrate via the Quadro RT. Keep a clean history of your operations (buys, sells, dates, amounts): third-party tools can help you consolidate it all at declaration time.
- Gains declared on the Quadro RT of the Redditi PF return.
- Filed with the Agenzia delle Entrate.
- Deblock French-regulated ≠ you still declare your own gains.
This module is not tax advice
Thresholds, rates and rules change (notably the announced 2026 change). This content is educational: for your specific situation, consult a commercialista and check the latest rules with the Agenzia delle Entrate.
What you should remember
- 0126% flat on crypto gains, but only above €2,000 of cumulative gains for the year.
- 02The €2,000 allowance applies to the annual total, not per transaction.
- 03Declared on the Quadro RT of the Redditi PF return (Agenzia delle Entrate).
- 04From 2026, the allowance disappears and the rate rises to 33% — check the latest rules.
Simplified calculation
- Annual gain ≤ €2,000: no tax.
- Annual gain > €2,000: 26% on the portion above the threshold.
- Declared on Quadro RT (financial income).
- From 2026: 33% flat with no allowance (2025 budget law).
€2,000 threshold
The threshold applies to total annual crypto gains, not per transaction.
Annual bollo
An annual 0.2% wealth tax applies to the value of crypto held (IVAFE equivalent).
Substitute regime
Optional regime to apply the rate to the value declared on January 1, without computing a capital gain.
Check with the local tax authority. This page stays educational and does not replace personalised advice.
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