Chain News Today TheBitTimes.com

Italy will raise capital gains tax on Bitcoin (BTC) from 26% to 42%. The development could lead to crypto investors leaving the country or looking for other avenues. JUST IN: Italy to raise capital gain tax on #Bitcoin from 26% to 42%. — Watcher.Guru (@WatcherGuru) October 16, 2024 Also Read: Cardano Price Prediction: Will ADA Drop Below $0.25? Experts Weigh In Italy revealed its draft budgetary plan (DBP) on Wednesday, which included new revenue-raising plans. The move to increase Bitcoin (BTC) taxes comes with the nation’s decision to raise 0.2% of gross domestic product (GDP) or roughly 4 billion euros ($4.35 billion) in 2025. The country plans to raise money from new tax rules for banks, insurance products, and gaming business licenses. With a 42% capital gains tax on BTC, Italy is now among the highest-taxed nations in the world. Why is Italy Raising Taxes On Bitcoin? Inflation in the country fell below 1% in September, putting more pressure on the European Central Ban...

Research and Market’s latest NFT market report for Italy predicts a 47.6% growth in the country’s NFT market by the end of 2022. Italy is one of the cultural hubs of Europe, with centuries of history, art and culture. Now it is also posed to create the crypto art Renaissance via its nonfungible token (NFT) market, says a new report. Data from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook” says the country is projected to have a growth of 47.6% in its NFT market by the end of 2022. This would make the Italian NFT market hover around a $671 million valuation. Moreover, over the next five years, Italy’s NFT industry is forecasted to have a steady upward compound annual growth rate of 34.6%. The spending value for NFTs is anticipated to hit $3.6 billion by 2028. According to the report , some of the country’s success with NFTs comes from its vibrant art and culture scene. Major Italian luxury fashion brands such as Gucci and Dolce & Gabbana...