Wow 😟

What if it stays in the blockchain & doesn’t come back out into fiat currency?

Italy's new 43% tax rate on Bitcoin and other cryptocurrency gains applies to personal income tax for high earners, specifically for those with annual incomes over €50,000. This tax rate is imposed on realized gains, meaning it is applied to profits made from selling or trading cryptocurrency rather than on unrealized gains, which would refer to holding crypto without selling it. The general approach for crypto taxes in Italy involves a 26% tax on all crypto gains over €2,000, which is categorized as "miscellaneous income." For high-income individuals, if crypto transactions are deemed part of their professional income, the progressive income tax rates, which go up to 43%, would apply. However, Denmark is planning to implement a tax on unrealized cryptocurrency gains. This tax, set at 42%, would be applied annually based on the market value of cryptocurrency holdings, regardless of whether the assets have been sold. The new rules are expected to be introduced by 2025, with implementation deferred to January 1, 2026, to allow investors and the market time to adjust.

Thank you! How would this be enforced? I presume KYC

There is no other way so it seems that Denmark has 'the cart before the horse' so to speak because, as we know, many citizens hold non-kyc #bitcoin. It seems EU countries will shape their policy to attempt to please the ECB and we know from the recent paper that they aim to tax the hell out of cryptocurrency if not crush it.

Agreed, I suspect the regulators of that generation are in over their heads with trying to control something not meant to be. Thank you for the information