Will Other EU Countries Follow Italian Example And Tax Bitcoin Profits At 26%?

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Last Updated on 3 January 2023 by CryptoTips.eu

The Dutch are very interested in crypto, according to all statistics. For a country of only 17.5 million people, it is remarkable to see the Netherlands take the top spot in terms of Bitcoin and crypto searches on the internet.

Unfortunately, this also means that if their government wants to look for new income, following Italy’s example seems a very easy solution. After all, Ms. Meloni, who recently became Prime Minister of Italy, wants to put a 26% tax on Bitcoin profits from now on. Let’s see if the EU parliament follows suit.

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1.4 million

Recently, a research team calculated which country searches for crypto prices the most. For this, the figures of the most famous searches (Google, Bing, Duckgogo, etc.) for the ten most popular currencies (Bitcoin, Ethereum, Dogecoin, …) were measured against the population of the country.

As noted before, the Netherlands took the top spot, with 1.4 million monthly searches for the most popular cryptocurrencies. This was equivalent to 8.2 per cent of its population. Turkey and Germany took the second and third places, with 4,663,600 (5.5 per cent of the population) and 4,236,800 (5.1 per cent) searches respectively.

The United States came no further than thirtieth place on that list and 7 countries from the top ten were European.

The EU has of course known these figures for some time. New rules have already been agreed in the European Union since the summer of 2022, which should come into force in 2024. Under the Markets in Crypto-Assets Regulation (aka MiCAR), crypto companies will be required to meet a number of requirements in order to operate on the European market. NRC Handelsblad explained this in great detail last week.

Italy’s crypto tax

A country that wants to get ahead of the EU with these new regulations is Italy. Even though the crypto trade there is still in its infancy and is not as popular as in the Netherlands, France or Germany, Prime Minister Giorgia Meloni does not want to miss the boat, and from now on levies 26% tax on every profit above 2,000 € regarding crypto trading.

The problem is that Italy has apparently not yet audited any crypto company operating in its territory. So apparently that is about to change.

Other large EU countries are watching with interest to see if that will yield any results.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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