Italy has decided to scale back a proposed increase in taxes on cryptocurrency capital gains. Initially, the government planned to hike the tax from 26% to 42%. However, Italian MP Giulio Centemero and Deputy Undersecretary of the Ministry of Finance Federico Freni announced that this increase will be significantly reduced during parliamentary discussions. They highlighted concerns that such a steep tax hike could push crypto activities into the shadow economy and emphasized that there is no longer any prejudice against cryptocurrencies.
