Italy vs Ukraine
Crypto regulation comparison
Italy
Ukraine
Legal
Legal
Cryptocurrency is legal in Italy with a 26% capital gains tax on crypto profits exceeding €2,000 per year. VASPs must register with the OAM (Agents and Mediators Register). Italy was one of the first EU countries to require VASP registration and has aligned with MiCA.
Ukraine passed the 'On Virtual Assets' law in 2022, establishing a legal framework for crypto. The NSSMC is designated as the primary regulator for virtual assets. Crypto gained significance during the Russia-Ukraine war, with Ukraine receiving over $100 million in crypto donations. Tax rules specify 18% income tax plus 1.5% military levy on crypto gains. Full implementation of the regulatory framework has been delayed due to the ongoing conflict.
Tax Type
Capital gains
Tax Type
Capital gains
Tax Rate
26%
Tax Rate
18% + 1.5% military levy
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
OAM (Organismo Agenti e Mediatori), Consob, Banca d'Italia
Regulator
NSSMC (National Securities and Stock Market Commission), NBU
Stablecoin Rules
Regulated under EU MiCA framework
Stablecoin Rules
Under development in virtual assets legislation
Key Points
- 26% substitute tax on crypto capital gains exceeding €2,000 per year (since 2023 budget law)
- Italian government proposed raising crypto tax to 42% for 2025 but this was reduced back to 26%
- VASPs must register with OAM and comply with AML requirements
- Crypto holdings above €51,645.69 were previously the threshold; new regime simplified this
- MiCA framework applicable from December 2024
Key Points
- Virtual Assets law passed in 2022, establishing legal status for crypto
- NSSMC designated as primary regulator for virtual assets; NBU handles stablecoins
- 18% personal income tax + 1.5% military levy on crypto gains (19.5% total)
- Over $100M in crypto donations received during Russia-Ukraine war
- Full regulatory implementation delayed due to ongoing conflict