conference call on Wednesday.
Previous attempts by other nations to tax cryptocurrency trading have not always been successful in boosting government revenue. For example, India’s introduction of heavy taxes on digital assets two years ago led to a sharp decline in trading volumes, as investors shifted to offshore platforms to avoid the taxes.
The announcement of Italy comes as the European Union prepares to implement its comprehensive crypto regulations, known as MiCA, by the end of the year. Despite the tax hike news, Bitcoin saw a 1.8% increase by 12 p.m. in London on Wednesday, continuing its upward trend with a 17% gain over the past month.
The post Italy to Increase Bitcoin Capital Gains Tax to 42% Amid Crypto Growth appeared first on UNLOCK Blockchain.
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