- Italy will extend the 26% tax on capital gains to crypto trading profits larger than 2,000 euros.
- United Kingdom Economic Secretary Andrew Griffith stated the country would push forward with the aim of becoming a crypto hub.
- FTX founder and ex-CEO Sam Bankman-Fried stated that he wasn’t aware of the misuse of customers’ funds.
Italy is set to bring taxation to digital assets following in the footsteps of other countries such as Portugal. The downfall of the crypto market that began after FTX’s collapse put digital assets at the front and center of governments’ concerns. Regardless, the United Kingdom intends to move forward with its agenda to become a crypto hub.
Italy to tax crypto traders
Italy recently announced a provision in the country’s proposed budget for 2023, which will extend the capital gains tax to crypto trading profits as well. The 26% tax will be levied on digital assets gains higher than 2,000 euros.
In addition, Italian Prime Minister Giorgia Meloni’s government put forward a new bill. The draft law will give taxpayers an option to declare their digital asset holdings in their tax returns. This would result in the citizens paying a 14% tax on the value of assets held by them as of January 1, 2023. The proposal also includes disclosure obligations and extends stamp duty to crypto assets.
United Kingdom focuses on becoming a crypto hub
Following FTX’s collapse, a lot of countries changed their optimistic stance about crypto into scrutiny. However, the United Kingdom will not be taking a step back despite fears of contagion across crypto companies. The UK Economic Secretary, Andrew Griffith, stated that the country would not change its course and would continue building on its crypto plans. At TheCityUK’s National Conference, Griffith said,
“We’re driving forward this agenda, and I continue to chair the crypto-engagement group to hear from industry and share progress. The Financial Services and Markets Bill already enables us to establish a framework for regulating crypto assets and stablecoins in the UK, and we will be consulting on a world-leading regime for the rest of the crypto-asset market later this year.”
Griffith admitted that there might be doubts about the future of crypto but not exploring the potential of the underlying technology would be foolish.
FTX founder Sam Bankman-Fried denies knowledge of fraud
FTX’s ex-CEO Sam Bankman-Fried continued to defend himself in an interview with Good Morning America. The former head of the bankrupt exchange stated that he was unaware of any improper use of customer funds in regard to Alameda Research.
Sam Bankman-Fried’s comments came a day after he confessed to failure of oversight as he unknowingly commingled funds. Bankman-Fried is consistently facing criticism for his comments, as he also said in the interview,
“I think I got a little cocky.”
Regardless, as recently stated by FTX’s new CEO, John Ray, Sam Bankman-Fried and his associates are no longer involved in the day-to-day operations of the company.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.