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NEWS: Italy’s finance minister defends hiking tax on cryptocurrency profits to 42%

Premium October 31, 2024

Italy's Minister of Economy and Finance Giancarlo Giorgetti attends a press conference during the G7 Finance Ministers and Central Bank Governors' Meeting in Stresa, Italy May 24, 2024. REUTERS/Massimo Pinca/File Photo

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BY GIUSEPPE FONTE

Italy’s economy minister has defended his decision to raise taxes on cryptocurrency capital gains as part of next year’s budget, despite pressure from some lawmakers in his own party to backtrack.

Giancarlo Giorgetti said savers should make a distinction between investments that finance tangible projects and cryptocurrencies, whose value he said is completely disconnected from underlying assets.

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Premium

INSIGHT: Canadian banks want to overhaul AML transaction monitoring, revamp STRs

NEWS: UK introducing identity checks for company directors to fight rampant money laundering

 Premium

NEWS: FinCEN partners with Canada’s FINTRAC on PPP to combat fentanyl trafficking

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