Hi Michele, good catch: tomorrow I will fix it on the app introducing into it more nuances.
In Italy, indeed, swapping crypto for crypto of the same characteristics and functions (e.g., BTC → ETH) is not a taxable event — cost basis carries over.
Swaps become taxable when involving assets of a different nature (e.g., crypto → NFT), e-money tokens (USDC/EURC under MiCA), fiat conversion, or payments for goods/services.
This is codified in Art. 67(1)(c-sexies) TUIR and confirmed by Agenzia delle Entrate Circolare 30/E (2023).
Thanks for this great work and for sharing it!
Regarding Italy, you say that crypto-crypto exchange is taxable. Are you sure? That is not my understanding.
Hi Michele, good catch: tomorrow I will fix it on the app introducing into it more nuances.
In Italy, indeed, swapping crypto for crypto of the same characteristics and functions (e.g., BTC → ETH) is not a taxable event — cost basis carries over.
Swaps become taxable when involving assets of a different nature (e.g., crypto → NFT), e-money tokens (USDC/EURC under MiCA), fiat conversion, or payments for goods/services.
This is codified in Art. 67(1)(c-sexies) TUIR and confirmed by Agenzia delle Entrate Circolare 30/E (2023).