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Italy’s government announced plans to scale back a proposed tax increase on crypto capital gains following criticism from industry stakeholders and divisions within the ruling coalition, Reuters reported on Dec. 11.

The initial proposal, introduced as part of the 2025 budget, sought to raise the tax rate on crypto gains from 26% to 42%, a significant jump aimed at generating additional revenue.

However, lawmakers Giulio Centemero and Treasury Junior Minister Federico Freni, both from the co-governing League party, confirmed on Dec. 10 that the increase would be “significantly reduced” during parliamentary deliberations.

The revised budget proposal, including the softened stance on crypto taxation, is expected to be finalized and presented to parliament for approval by the end of December. Lawmakers are under pressure to strike a balance between fiscal prudence and fostering a supportive environment for the burgeoning digital asset industry.

Critics of the proposed hike warned that it would push crypto investors and businesses into the shadow economy, undermining transparency and economic growth.

Centemero and Freni said in a joint statement that the country would no longer allow “prejudices about cryptocurrencies” and called for balanced regulation that fosters innovation rather than discourages market participation.

Political insiders told the newswire that the government might ultimately decide to keep the current 26% tax rate intact, reflecting broader concerns within the coalition about the potential impact on Italy’s emerging digital asset sector.

Economy Minister Giancarlo Giorgetti initially championed the proposed tax hike, but his own party members resisted it.

Giorgetti framed the measure as a way to generate approximately €16.7 million annually for public finances. Despite its relatively modest contribution to the national budget, the plan sparked heated debates within the government over its potential to stifle innovation and alienate investors.

The League party, known for its pro-business stance, argued that a less aggressive approach would better align with Italy’s broader economic goals. It argued that the country would lose its competitive edge if it chooses to “punish innovation” — urging a strategic rethink of the policy.

The post Italy drops plans to hike capital gains tax on crypto amid backlash, political division appeared first on CryptoSlate.

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