Italy is set to trim its planned tax increase on crypto capital gains, <a href="https://www.reuters.com/markets/currencies/italy-scale-back-tax-hike-cryptocurrency-capital-gains-lawmakers-say-2024-12-10/" target="_blank">Reuters reported on Tuesday</a>.

Two months ago, the government was intent on raising the tax <a href="https://www.coindesk.com/policy/2024/10/16/italy-to-raise-capital-gains-tax-on-crypto-to-42-from-26-reports" target="_blank">to 42% from 26%</a> by the end of December.

"The tax increase will be significantly reduced during the parliamentary work," lawmakers Giulio Centemero and Federico Freni, a junior minister at the Treasury, said in a statement according to Reuters.

The decision to increase the capital gains tax was inspired by the rising popularity of investments in crypto, especially bitcoin, which climbed above <a href="https://www.coindesk.com/business/2024/12/05/bitcoin-at-100-k-industry-reaction" target="_blank">$100,000 last week</a>. The “phenomenon is spreading," <a href="https://www.coindesk.com/policy/2024/10/16/italy-to-raise-capital-gains-tax-on-crypto-to-42-from-26-reports" target="_blank">Deputy Finance Minister</a> Maurizio Leo told Bloomberg in October after announcing the news.

CoinDesk reached out to Centemero and Freni for a comment.

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