From January 1, 2025: the exemption threshold of €2,000 is eliminated. This means that any capital gain, even minimal, will be taxable.

5. Future scenarios and distinction between “classic cryptos” and euro tokens (2026 onwards)

According to the current regulatory framework, the taxation at 33% (from 2026) will apply to capital gains from “classic” crypto-assets (e.g., Bitcoin, Ethereum, non-euro stablecoins, NFTs, etc.).

However, the draft of the 2026 budget law (October 2025) includes a reduced rate of 26% for “electronic money tokens denominated in euros” (i.e., euro-compliant stablecoins, pegged to the euro, with reserves in euros in Europe).

The distinction is relevant: for these 'euro tokens', taxation remains lighter, indicating an attempt by the legislator to take stablecoins into account as special cases.

📌 In short — Where we are today

From January 2025: no more exemption threshold — every capital gain is potentially taxable.

2025: rate of 26% established.

From 2026: general rate of 33% on crypto-assets.

Exception: electronic money tokens in euros — for these, taxation could remain at 26%.

Possibility of revaluation on January 1, 2025, to reduce future taxable income, with a substitute tax of 18%.

Why and how we got here: key factors

The legislator wanted equal tax treatment for crypto-assets compared to other financial instruments, eliminating the 'discount' effectively represented by the threshold of 2,000 €.

The initial attempt for a drastic increase (42%) was motivated by the State's desire to increase revenue, but the measure faced criticism from the market and internal political tensions (even within the majority).

The 'medium' solution was therefore a middle ground: maintaining 26% for 2025, but eliminating the exemption threshold, and raising to 33% from 2026 — with a favorable treatment for euro tokens.

The revaluation on 1/1/2025 represents a tax planning option for those who have held crypto for a long time — a sign that the regulation seeks a balance between revenue and flexibility.

Conclusion: the new fiscal balance

What emerges is an evolving regulatory context, but with a clear direction: cryptocurrencies no longer benefit from particular advantages. Those who invest — or intend to invest — must face a stricter and more transparent tax regime:

🔥🔥🔥🔥NO EXEMPTION!!!

🔥🔥🔥🔥CERTAIN TAXATION!!!

rates close to those of traditional financial instruments.

At the same time, the legislator leaves some windows of flexibility (revaluation, euro tokens) and distinguishes between types of crypto-assets, providing for differentiated treatment.