Italy plans to increase capital gains tax on bitcoin and other cryptocurrencies to 42%, Vice Economy Minister Maurizio Leo said during a press conference on the country’s budget for 2025, according to local newspaper Il Sole 24 Ore.

"We foresee an increase in the tax on bitcoin capital gains from 26% to 42%," Leo said, per a translation of the report, presenting measures approved by the Council of Ministers on Tuesday evening, aimed at generating resources to support families, youth and businesses.

Since the 2023 tax year, capital gains above €2,000 ($2,180) were taxed at 26% after several new rules for cryptocurrency taxation were introduced. However, that is now set to significantly increase, mirroring recent reports that UK Chancellor Rachel Reeves may be considering raising capital gains taxes, including those on cryptocurrencies, from 20% to 39%.

Leo also said that Italy was planning to crack down on cash usage to combat tax evasion, according to the report.

Earlier on Tuesday, Italy Prime Minister Giorgia Meloni had said there would be no new taxes for citizens.

“As we promised, there will be no new taxes for citizens. In addition, we will make the tax cut on workers structural, and 3.5 billion from banks and insurance companies will be allocated to Healthcare and the most vulnerable,” Meloni posted on X.

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