Young Platform rebels against the tax increase to 42% on crypto capital gains

Young Platform has published the open letter written for the Ministry of Economy and Finance and the Italian Government, against the increase of taxes to 42% on crypto capital gains. Together with other Italian protagonists and experts, the exchange defines the new rate as discriminatory and unfair, which harms technological innovation in Italy. 

Young Platform says no to the new 42% rate on crypto capital gains in Italy

Young Platform joins the group of experts and key figures from the entrepreneurial, professional, and academic world to rebel against the new 42% tax rate on crypto capital gains in Italy. 

In fact, on October 17, an open letter was sent to the Ministry of Economy and Finance and the Presidency of the Council of Ministers (government) of Italy to express dissent on the tax increase.

In practice, the new measure illustrated by the Deputy Minister of Economy Maurizio Leo, provides that the tax rate on capital gains from the sale of crypto will increase from 26% to 42%.

The open letter states that the increase of such a rate harms technological innovation in Italy. 

In fact, when all is said and done, in the Bel Paese there are already 150 VASP (Virtual Asset Service Providers) registered in the official OAM register. Not only that, the crypto sector generates a revenue of about 2.7 billion euros, with an increase of 85% compared to 2023. 

In the post by Young Platform that shares the open letter, Andrea Ferrero, co-founder and CEO of the crypto-exchange, is also among the signatories.

Young Platform against the Italian Government that wants to increase taxes on crypto capital gains

Young Platform has shared its free event DYOR 2024, which is taking place these days. DYOR stands for the famous acronym in the crypto sector: Do Your Own Research. 

In particular, for tomorrow, October 23rd at 5:30 PM, the meeting “Tavola Rotonda” is scheduled, which brings together experts and communicators to analyze the current situation, especially regarding the increase in the tax rate on crypto capital gains. 

È il momento di fare chiarezza su questo scenario che sta scuotendo l’intero settore Crypto italiano

In questi giorni, l’intero panorama crypto, sia italiano che globale, è focalizzato sulla folle intenzione del nostro governo di aumentare le imposte sulle plusvalenze… pic.twitter.com/DscmbNDDlg

— Young Platform (@youngplatform) October 18, 2024

Among the participants, there is also Marco Cavicchioli, author of The BitcoinLinux. To attend the event, it is possible to reserve your own free ticket.

How the amendment works

At the moment, what Deputy Minister Leo has presented is a proposal that has not yet been approved.  and not the final draft. In fact, from the presentation, it emerged that some Italian politicians do not agree, such as Giulio Centemero from the Lega. 

In any case, should it be approved, this measure would end up in the 2025 financial maneuver, which must be approved by December 31, 2024. 

From now until the end of the year, therefore, the Parliament will be able to amend the draft text, including this proposed measure that increases the rate to 42% on crypto capital gains. 

In the course of the next few days, it will be known both if the amendment will be presented and put to a vote, and what it officially entails, with the intervention of other political forces as well.