BTC & ETH shine, the crypto market rises meanwhile Italian crypto traders to pay 26 percent tax from 2023
In this newsletter :
Italy has approved a 26% cryptocurrency capital gains tax.
Days before the end of the year, on December 29, 2022, the Italian Senate approved the budget for 2023, which included an increase in taxation for cryptocurrency investors: a 26% capital gains tax on transactions involving crypto assets worth more than 2,000 euros (roughly $2,13 at the time of publication).
Crypto assets are "a digital representation of value or rights that can be exchanged and maintained electronically, utilising distributed ledger technology or comparable technologies," according to the legislation that has been adopted. Prior to now, the nation considered cryptocurrencies as foreign currencies with lower taxes.
Tax amnesties to lower penalties for late tax payments, financial incentives for job creation, and a lowering of the retirement age are some of the additional changes made by the budget bill. Tax incentives totaling 21 billion euros ($22.4 billion) are also included for people and businesses struggling with the energy crisis.
Cryptocurrency prices today: Gains in Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies help the market rise.
Due to advances in Bitcoin (BTC), Ethereum (ETH), and other altcoins, the cryptocurrency market was trading in the green on Monday evening. The market capitalization of all cryptocurrencies was $807.18 billion, up 1.48 percent. In the past 24 hours, the entire volume of the crypto market climbed by 21.51 percent, reaching $22.34 billion.
In the previous day, Bitcoin increased 1.06 percent to $16,742.22. It had a market value of $332.25 billion. The day's peak was $16,754. BTC's trading volume grew by 9.34%. To $11.37 billion,
Ethereum: As of Monday night, the price of Ethereum had increased by 1.71 percent to $1,217.94 over the previous day. Market capitalization for ETH was $149.04 billion.
To $3,474,399,886 it saw a 24.54 percent increase in trading volume.
Solana’s (SOL) price hikes by 11.91 per cent to $11.09 on January 2, 2023.
Dogecoin (DOGE) was up by 3.20 per cent to $0.072. Its 24-hour trading volume rose 56.15 per cent to $354.81 million.Shiba Inu rose by 1.65 per cent to $0.000008204.