Country Spotlight: Italy 🇮🇹
- The Bank of Italy intends to collaborate with Polygon (cheap & fast transactions) and Fireblocks (enterprise-grade security & custody solutions) to launch a pilot program for institutional DeFi.
- Bank of Italy also chose Algorand as its public blockchain to support its digital sureties (guarantees) platform.
- Italians have to pay 26% on capital gains and also a yearly 0.2% stamp duty on their whole holdings starting from 2023. The saving grace is that trading crypto to crypto (including stablecoins) is not a considered a taxable event.
- From June 26, 2023, Binance delisted twelve privacy coins such as Monero and Zcash and halted trading services for them in the wake of new crypto regulations in the form of the Markets in Crypto Assets (MiCA) framework.
- Binance might have withdrawn its applications in Holland and Germany but successfully registered as a Cryptocurrency Service Provider with Organismo Agenti e Mediatori (OAM) and has obtained regulatory approval to operate in Italy.
