Italy reportedly plans to increase the capital gains tax on bitcoin to 42%, up from 26%, in an effort to fund costly election promises while reducing the fiscal deficit, Bloomberg reported. Prime Minister Giorgia Meloni’s government made the decision as the use of bitcoin continues to grow.

During a Wednesday conference call, Deputy Finance Minister Maurizio Leo highlighted the necessity of the tax increase, citing the growing adoption of BTC and stating the “phenomenon is spreading.” This move is part of broader financial measures designed to stabilize Italy’s economy.

The announcement comes as the European Union prepares to implement its Markets in Crypto-Assets Regulation (MiCA) by the end of the year. Previous attempts by other countries to tax digital assets have faced challenges, as investors shifted to offshore platforms to avoid high taxes. Italy is aligning its crypto regulations with the EU’s MiCA framework, which aims to establish a unified regulatory system focused on transparency and consumer protection in the cryptocurrency market.

Currently, capital gains from cryptocurrencies over €2,000 ($2,171) are taxed at 26% in Italy, classified as “miscellaneous income.” Additionally, income from activities like mining or non-fungible token (NFT) sales may incur income tax at rates between 23% and 43%. The 26% capital gains tax applies to profits from converting crypto assets into euros, trading NFTs for cryptocurrencies, or using crypto assets to purchase goods or services.

Despite the Italian government’s tax hike announcement, bitcoin’s value continued to rise, indicating strong investor sentiment despite regulatory pressures. At the time of writing, BTC is trading at $67,758.

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