From 2024 beginning till the end of Q3, 2024 over 10 nations have upgraded their tax slabs for cryptocurrencies, especially for BTC, some of them reduced the imposed taxes and others have tightened their slabs.
As per a fresh update, the government of Italy is geared up to raise its capital gain taxes over the investment in Bitcoin, the pioneer of the crypto market. Maurizio Leo the Deputy Economy Minister of Italy argues that the earlier imposed tax on crypto was 26% but now it will be 42% after this amendment.
In a press conference on October 16, 2924, Leo read the new budget bill approved by the Council of Ministers that notes that the capital gains tax on Bitcoin in the nation should rise to 42%.
He further said that this bill would trash the minimum amount of revenues for “web tax,” or the Digital Services Tax (DST) in Italy. The DST was introduced by the nation in the budget of 2019.
“On capital gains from Bitcoin, the withholding tax increases from 26% to 42%. On web tax revenues we are working to eliminate the ceiling of 750 million euros and 5 million in Italy, therefore we are eliminating the thresholds,” Leo quoted.
The move by the nation to impose a surged capital gain tax on Bitcoin could likely fuel bleeding in the national crypto market. It is worth noting that there is no regulation over the gains from cryptocurrency mining in Italy.
DST Exemption Could Fuel the Downfall of Crypto in Italy!
Available information states that DST (Digital Services Tax) was introduced in the budget of the nation of 2019 it is a type of tax levied on companies providing digital services.
However the exemption of DST will not affect the crypto adoption rate in Italy, but several factors could likely trigger the growth. It is claimed by the market experts that the amendments in DST will hit the market of the nation hard and an initial downfall is expected.
The pdf by Italy Finance Ministry notes that “The DST applies to companies that, during the previous calendar year, generated €750 million or more in “worldwide” revenues and €5.5 million or more in revenues “deriving from the provision of digital services,” as defined by the DST, in Italy.”
Statista data notes that the revenue of the Italian cryptocurrency market is expected to be $1,247 million by the end of 2024. On the other hand, the user base is expected to roughly mark the milestone of 12 million by the end of the next year.
Crypto Market Price Updates
As of writing the cryptocurrencies market capitalization was $2.33 trillion above 20, 50, 100, and 200 days EMA. Per the data from TradingView, a whopping spike of 7.70% has been seen in the past seven days.
Despite the surged inflow and bullishness in prices of major cryptocurrencies the fear and greed index remains steady and was at 58 reflecting neutrality in the sentiments.
Until publishing Bitcoin was trading at $67, 912 after adding 3.38% in the past 24 hours and it surged 9.69% in a week. The current trading price of BTC is above 20, 50, 100, and 200 days EMA the price for the second time has crossed the market of $66k since the beginning of 2024.
Dogecoin (DOGE) the oldest memecoin of the market has gathered huge spotlights in the past 30 days as its price reached $0.1259 after growing 11.25% intraday and 24.12% in a month.
The trading volume of DOGE surged 95.31% in the past 24 hours reaching the mark of $2.11 Billion making it the 8th most traded in the market.
