As Binance reminds its users, year-end balances on centralized exchanges (CEXs) registered with the OAM will be subject to a 0.2% stamp duty tax.
Stamp Duty: Deadline on December 31
In addition to the capital gains tax, cryptocurrency investors in Italy are also required to pay a tax on assets held on centralized exchanges, at least those registered with the OAM.
Among these is Binance, which has provided clear guidelines (to avoid misunderstandings like in the past) on how users must proceed.
As a "Virtual Asset Service Provider" (VASP), Binance is required to fulfill its regulatory obligations. To this end, it has reminded users that funds held as of December 31, 2024, will be subject to a stamp duty tax.
The tax will amount to 0.2% of the total balance held as of December 31, with a minimum fee of €1 for those holding at least one cryptocurrency in their wallet. Fiat currency, however, will not be subject to taxation.
How and When to Pay
The exact amount to be paid will be automatically calculated by the CEX and will be “locked” until payment is made. Withdrawals will not be permitted if they would affect the amount allocated for the tax.
Unlike last year, users will receive a report detailing the tax amount, which will be available in a dedicated section of their user profile under “Account” > “Taxes”. From this section, users will also be able to proceed with the payment.
From January 22, 2025 onward, if the tax amount remains unpaid, it will be automatically deducted until the full payment of the stamp duty tax is complete.
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By Gue22 🚀⚡