How Italian residents must declare crypto held with US exchanges (Coinbase, Kraken, Gemini): Quadro RW reporting, IVAFE 0.20%, capital-gains regime under L. 197/2022 and the 2025-2026 updates.
Published: 2026-05-08 · Last verified: 2026-05-08 · 10 min
The Italian Budget Law 2023 (L. 197/2022) reorganized the tax treatment of crypto-assets for Italian residents. From 1 January 2023:
This regime applies regardless of where the crypto is held — Italian or foreign exchange, custodial or non-custodial wallet.
Separate from income taxation, Italian residents must report foreign-held crypto in Quadro RW for monitoring purposes:
Since 2023, crypto-assets are subject to IVAFE at 0.20% on year-end value, when held with a custodian (i.e., on an exchange or custodial wallet). For non-custodial self-held wallets, IVAFE applicability is debated — current prudent practice applies it to value held through any third-party infrastructure.
The base is the value at 31 December in EUR, computed at the exchange rate from a reliable source (typically CoinMarketCap end-of-year price × EUR/USD rate from Banca d'Italia).
If you are also a US person (US citizen, Green Card holder, or US tax resident under SPT), your crypto on US exchanges may also trigger:
Income (Quadro RT):
Holding (Quadro RW):
Total Italian tax for the year: €537 + filing.
[LAST UPDATED: May 2026]
Yes. As an Italian tax resident, custodial crypto on Coinbase (or any US exchange) must be reported in Quadro RW for monitoring and IVAFE at 0.20% on year-end value. Capital gains on disposals are taxed at 26% on the excess of €2,000 net annual gain.
No. Transfers between wallets you own (e.g., Coinbase → Ledger) are not disposals. The taxable event arises on sale, exchange for fiat, exchange for another crypto, or use for purchases.
Net annual capital gains up to €2,000 are tax-free. Only the excess is subject to 26% substitute tax. Losses can be carried forward 4 years.
Yes. Exchanging BTC for USDC (or any crypto-to-crypto swap) is a disposal — capital gain or loss is computed in EUR terms even though the position remains in crypto.
Crypto and Quadro RW 2026: Italian Residents with US Exchange Accounts is handled from our Florida practice for Italian clients living in the United States and in Italy: office in St. Petersburg (Pinellas County, Tampa Bay), assistance across Florida — including Miami and South Florida — and remotely throughout Italy.
Physical office (by appointment): IIILEX International Consulting LLC, 7901 4th St N STE 300, St. Petersburg, FL 33702, US · +1 (786) 604-8763 · +39 335 344 9660 · us@3lex.us
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Consultations are held online (video call) or in person at the St. Petersburg office. Documents are exchanged securely by e-mail.
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IIILEX International Consulting LLC is the Florida-based practice of Avv. Dott. Massimo Leonardi — Italian-qualified Attorney (Avvocato), Dottore Commercialista and Statutory Auditor (Revisore Legale), qualified in Italy, with 30+ years of Italian practice. We work exclusively on cross-border matters between Italy and the United States, in coordination with licensed U.S. professionals for matters of U.S. law.
IIILEX International Consulting LLC · 7901 4th St N STE 300, St. Petersburg, FL 33702 · us@3lex.us · +1 (786) 604-8763 · +39 335 344 9660
Massimo Leonardi is admitted to practice law in Italy and is not admitted to practice law in Florida or elsewhere in the United States. He is qualified in Italy as Dottore Commercialista and Revisore Legale and is not a U.S. Certified Public Accountant. IIILEX International Consulting LLC provides cross-border consulting and Italian legal and tax advisory services. Matters requiring advice on U.S. or Florida law are handled in coordination with appropriately licensed U.S. professionals.