The government has released an important announcement about the upcoming sector reform, but the consequences could be more widespread than anticipated. The tax reform for crypto activities will have to wait until the next legislature. At this point, there is talk of a financial income restructuring that requires resources that the Government currently does not consider possible to obtain.

In summary, the postponement was announced via a video message on September 24th at the 'Digital Finance, Markets, and Monetary Sovereignty' event hosted by the Chamber of Deputies; Law No. 983, 2023, Article 5, Paragraph 1, Letter D) stipulates that income categories will be based solely on the principle of cash; the same delegation also provides for the compensation between positive and negative financial incomes and the carrying over of negative surplus amounts to subsequent periods; starting from 2026, cryptocurrency gains are taxed at 33% (except for electronic tokens denominated in euros at 26%), according to Laws N. 207/2024 and N. 199/2025. The postponement of the tax reform regarding crypto activities is due to its excessive burden because it unifies the income categories and adopts the new taxation system.

The deputy minister has returned profits from crypto activities to the category of diversified income with financial nature and has indicated that the subsequent development will be overcoming separation compared to capital income assets. Any intervention would then have been more extensive than just Bitcoin and other digital assets. Leo stated that the next legislature could be an horizon for achieving organic discipline, but whatever intervention is made, it will always depend on the availability of necessary coverages.

The unified financial income and compensable losses of capital incomes precedes the current legislature's session. In 2021, the Finance Committees of both Chambers had already indicated the creation of a single category of financial income, overcoming an issue considered without substantial economic justifications. This direction then merged into Law No. 111 of August 9, 2023. Article 5, point 1, letter D, delegates the Government to intervene on financial income by providing criteria such as creating a single category of revenue, according to the principle of tax base, and compensation between positive and negative components. The norm is still the legislative reference for this reform; what remains is its implementation in this field.

The new tax on financial income was already outlined for 2023 as part of the structural measures within the delegation fiscal. Maurizio Leo's declarations indicate that the implementation of this part of the reform is unlikely to reach the legislative session by.