Italy increases Bitcoin capital gains tax from 26% to 42%.

- Deputy Finance Minister Maurizio Leo announced the move at a press conference on October 16.

- The move comes in response to the rise of Bitcoin.

- The new tax rate could make Italy one of the countries with the highest taxes on cryptocurrency.

- Critics say it will scare away investors and stifle innovation.

While Italy is tightening its taxation on cryptocurrencies, the UAE is exempting digital assets from VAT starting November 15, 2024.