2026-01-02 14:22:59

European regulation is tightening again. On January 1st, Italy's cryptocurrency tax reform officially took effect, and this reform is quite significant.

**Shift in Tax Policy**

The new tax rate increased directly from 26% to 33%, meaning one-third of investment gains are taxed. More strictly, the tax exemption threshold was sharply lowered—assets previously ignored below €2000 annually now require reporting even if just €1. The government set a "buffer period" last year: crypto assets held before January 1, 2025, could be taxed at a one-time rate of 14.5%. This window has now closed, and all subsequent holdings are taxed at 33%. This reflects the tightening of global crypto tax compliance regulations.

**Changes in Traditional Financial Institutions' Strategies**

Interestingly, while retail investors face tax pressures, Italy's traditional financial institutions are quietly taking action. UniCredit, a century-old bank, launched several blockchain-based financial products at the end of last year. They first partnered with government agencies to issue a €5 million tokenized bond on a public blockchain; then they introduced tokenized structured notes for high-net-worth clients, utilizing a regulated blockchain registration system.

These moves indicate a clear direction: on-chain assets (RWA, real-world assets) are gradually evolving from crypto concepts into formal tools for traditional financial institutions. They are tokenizing traditional assets like bonds and notes to enable on-chain circulation.

**Insights from the Dual Trends**

On one side, government regulation is tightening and tax pressures are increasing; on the other, institutions are entering the market through compliant channels on a large scale. This seemingly contradictory situation actually outlines the core logic of the next cycle. For ordinary participants, simply tracking small altcoins is no longer enough; focus should shift to on-chain financial products backed by compliance and real assets. This may be a more stable approach during market cycles.

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GasFeeNightmare

· 8h ago

With a 33% tax rate, my holdings are directly reduced by one-third... Luckily, I've been so broke for a long time that there's not much to tax haha UniCredit issues bonds on-chain, while we retail investors pay gas fees here—what a huge gap This is the current situation, right? Institutions enter compliantly, and we pay taxes cautiously. Where's the decentralization we promised? Watching the gas tracker late at night, it's more frequent than watching candlestick charts. Saving a few gwei ended up costing me time... how ironic After the RWA concept became popular, small coins have no more room to survive. I should have shifted to these backed assets long ago

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TokenTherapist

· 8h ago

Is it another attempt to squeeze retail investors? A 33% tax rate is outrageous, and even one euro needs to be declared. Italy is really tough. UniCredit's move is truly impressive, playing with RWA happily while putting retail investors under high tax pressure. It seems we have to follow the institutions; small coins really should be phased out. Wait, is this hinting that we should allocate RWA-related assets, or is it another signal of being cut again? Italian government: You pay taxes, and our banks are playing with blockchain. This is the reality of Web3.

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StablecoinSkeptic

· 8h ago

Italy is at it again, cutting into retail investors. The 33% tax rate is really outrageous, and small investors are crying in the bathroom. But looking at UniCredit's move, institutions have long had a backdoor open, legally managing RWA properly under the guise of compliance. This is what you call a rule-of-law society, haha.

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MerkleDreamer

· 8h ago

Here come the retail investors again, a 33% tax rate is really incredible... Institutions are complying and getting on board, while we are being taxed, a textbook case.

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StealthDeployer

· 8h ago

Haha, Italy is directly squeezing retail investors to death, with a 33% tax rate that's really harsh. But looking at UniCredit's move, the banks have long paved the way; RWA is what they truly want. Retail investors pay taxes, institutions go on-chain, and the gap...

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