Italy Poised to Water Down Proposed 42% Tax on Crypto Trading

Italian Prime Minister Giorgia Meloni’s government is likely to approve a coalition partner’s proposal to water down a mooted tax increase on crypto trades, according to people with knowledge of the matter.

The League, a junior partner in Meloni’s coalition, has put forward an amendment to limit the increase to 28%, compared with the 42% originally proposed in last month’s budget, according to a copy of the proposal seen by Bloomberg News. The levy currently stands at 26%.

Crypto executives had argued that the proposed tax rate was overly steep and would make the local industry less competitive ...