MOHAMMAD IQBAL HAYAT
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Stamp Duty Policy 2024 in Italy and FAQ
2024-12-02 07:50
Background: In accordance with Law 197/2022, year-end balances of crypto assets are subject to taxation, including your holdings on exchanges such as Binance.
Binance Italy S.r.l., a Virtual Currency Service Provider (VASP) registered with the OAM, is required, like any other VASP active in Italy, to fulfill its regulatory obligations.
Following Law 197/2022, year-end balances of crypto assets are subject to stamp duty, even if held through Binance. Accordingly, below is a brief summary of the actions and timing related to the aforementioned stamp duty for 2024.
Scope of application: Users who have signed the Terms and Conditions with Binance Italy and who have resided in Italy for at least 1 day in 2024 (criteria applicable for both personal and entity accounts)
Tax calculation rules:
For crypto assets, the stamp duty to be paid is 0.2% of the balance as of December 31, 2024 (or the last available balance before the change of country of residence for personal accounts or country of registration for entity accounts), with a minimum stamp duty of €1 (for users with at least one crypto asset in their wallet)
Fiat balances are not subject to taxation.
For more details on the calculation logic with examples, please refer to section 2.
Application schedule:
January 1, 2025
1) Stamp duty calculation: Binance will calculate the 2024 stamp duty in EUR for your account (for details, please refer to section 2 below)
2) Withdrawal restrictions: The stamp duty amount cannot be withdrawn until the stamp duty is paid (the rest of the assets remain fully available for withdrawal).
From January 7, 2025 onwards
1) Stamp duty report: You will receive notifications via email and app push with the stamp duty report and the stamp duty amount to be paid when all calculations are completed.
2024-12-02 07:50
Background: In accordance with Law 197/2022, year-end balances of crypto assets are subject to taxation, including your holdings on exchanges such as Binance.
Binance Italy S.r.l., a Virtual Currency Service Provider (VASP) registered with the OAM, is required, like any other VASP active in Italy, to fulfill its regulatory obligations.
Following Law 197/2022, year-end balances of crypto assets are subject to stamp duty, even if held through Binance. Accordingly, below is a brief summary of the actions and timing related to the aforementioned stamp duty for 2024.
Scope of application: Users who have signed the Terms and Conditions with Binance Italy and who have resided in Italy for at least 1 day in 2024 (criteria applicable for both personal and entity accounts)
Tax calculation rules:
For crypto assets, the stamp duty to be paid is 0.2% of the balance as of December 31, 2024 (or the last available balance before the change of country of residence for personal accounts or country of registration for entity accounts), with a minimum stamp duty of €1 (for users with at least one crypto asset in their wallet)
Fiat balances are not subject to taxation.
For more details on the calculation logic with examples, please refer to section 2.
Application schedule:
January 1, 2025
1) Stamp duty calculation: Binance will calculate the 2024 stamp duty in EUR for your account (for details, please refer to section 2 below)
2) Withdrawal restrictions: The stamp duty amount cannot be withdrawn until the stamp duty is paid (the rest of the assets remain fully available for withdrawal).
From January 7, 2025 onwards
1) Stamp duty report: You will receive notifications via email and app push with the stamp duty report and the stamp duty amount to be paid when all calculations are completed.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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