Cryptocurrency Taxation 2026: 26% or 33%? The truth about the New Budget Law

TL;DR:

• The 2026 Budget Law introduces a double tax rate.
• Facilitated rate confirmed at 26% only for E-Money Tokens (Euro stablecoins).
• For Bitcoin and other crypto-assets, the rate will probably rise to 33% (or 30%).
• Goodbye to the 2,000 euro exemption threshold: taxation from the first cent.
• Strengthened monitoring obligations with the adoption of the DAC8 directive.

The news circulating on the taxation of cryptocurrencies in 2026 is often contradictory. There is talk of a “reduction”, but the regulatory reality that emerges from the drafts of the Budget Law is more complex and hides a pitfall for many investors. The legislator has decided to abandon the single approach, creating a fundamental distinction between types of digital assets.

Understanding this bifurcation is essential: treating Bitcoin like a stablecoin in one’s tax return could be costly. The reform aims to reward European regulated instruments (MiCAR) while penalizing volatile and speculative assets.

The great news: 33% rate for Bitcoin and Altcoins

The most relevant, and perhaps least welcome, news is the increase in tax pressure on most of the market. While until 2025 all capital gains are taxed at 26%, from January 1, 2026, the basic rate for “other crypto-assets” (including Bitcoin, Ethereum and the vast majority of altcoins) is destined to rise.

Latest parliamentary discussions indicate a settlement of the rate at 33%, a middle ground between the current regime and the much more punitive 42% initially hypothesized. This increase of 7 percentage points directly impacts the net return of long-term investments, making an assessment of one’s portfolio urgent before the end of the current fiscal year.

Who is saved? The facilitated regime for E-Money Tokens

Where does the misunderstanding of “reduction” come from? From the treatment reserved for so-called E-Money Tokens (EMT), i.e., stablecoins anchored to an official currency (like the Euro) and issued in compliance with the European MiCAR regulation.

For these specific assets, the legislator seems intent on maintaining (or reducing compared to the 42% threat) the rate at 26%. The goal is clear: to encourage the use of regulated and transparent digital payment instruments, while discouraging the use of non-compliant stablecoins or those denominated in other currencies without the proper authorizations.

Attention to the 2,000 euro threshold

A technical detail that risks going unnoticed is the possible elimination of the threshold. Until today, capital gains lower than a total of 2,000 euros per year were exempt. With the new setting, every capital gain, even a minimal one, would become tax-relevant.

This scenario requires absolute accounting precision. It will no longer be possible to ignore small gains: every transaction must be tracked and calculated to the cent. For those operating with high volumes of micro-transactions, the support of experts like the Gruppo AQ team becomes no longer an optional but an operational necessity to avoid calculation errors.

Monitoring and DAC8: the Tax Authorities see everything

Parallel to the rates, the perimeter of control changes. 2026 will mark the full operability of the European DAC8 directive, which requires crypto service providers (exchanges) to automatically communicate users’ transactions to national tax authorities.

The RW framework will no longer be a “self-declaration” based on good faith, but a document that the Revenue Agency can cross-reference in real time with the data received from the platforms. Failure to match what is declared and the actual flows will trigger automatic checks. Transparency becomes the only effective defensive strategy.

Is it worth selling before 2026?

Faced with the increase in the rate to 33%, the question naturally arises: is it convenient to liquidate positions by December 31, 2025 to lock in taxation at 26%? The answer is not unique.

Selling means realizing the capital gain and paying taxes immediately, reducing the compound capital available for the future. Keeping the asset means postponing payment but accepting a higher future rate. Financial consultancy from Gruppo AQ can help you simulate the two scenarios, evaluating variables such as the investment’s time horizon and market growth expectations, to transform regulatory uncertainty into a conscious strategic choice.

In short

• The 2026 Budget Law distinguishes between Euro stablecoins and other cryptocurrencies.
• E-Money Tokens (MiCAR) taxed at 26%.
• Bitcoin, Ethereum and other crypto taxed at 33% (or more).
• Probable cancellation of the 2,000 euro exemption threshold.
• Automatic exchange of information (DAC8) between exchanges and the Tax Authorities arrives.

Did you know that

• The term “Fiat”, used for traditional currencies, derives from Latin and means “it shall be done”, indicating money created by government decree.
• It is estimated that approximately 20% of all existing Bitcoins have been lost forever due to lost private keys.
• The first conceptual “Blockchain” was described in 1991, long before the birth of Bitcoin in 2008.
• Italy is one of the European countries with the highest number of ATMs (automated teller machines) for cryptocurrencies.
• Cryptocurrencies “pegged” not only to currencies but also to gold or other physical assets exist.
• Taxation of cryptocurrencies varies enormously in the world: from 0% in Portugal (under certain conditions) up to 55% in Japan.

FAQ

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Sources

• Agenda Digitale – Cryptocurrency taxation 2026
• Sky TG24 – Cryptocurrency news 2026
• Fisco e Tasse – Crypto-activity Budget Law
• Gruppo AQ – Tax Services