There are no taxes in Italy for crypto sales at Stablecoin Dai

Because laws have been introduced to regulate the taxation of crypto capital gains. ItalyOne of the major questions that has been constantly being distributed is Stablecoin Dai It is whether it is financially relevant.

In fact, the law from this perspective is not very clear, and subsequent regulations in Europe were mica It further complicated the problem.

To convey the truth, there was an official statement from the Agenzia Delle Antrate, but the doubts remained because these statements had no legal value.

Now it seems they’ve been clearly revealed.

Stubcoin Die Issues in Italy

A person of honor to solve the problem completely Giulio Centrero A public letter was sent to the Italian Minister of Economy, Capital Gains Taxation Generated from Stablecoin’s cryptocurrency sales.

in fact, Thailand (I’m still called now USDS) In all respects, USDalthough it is not guaranteed by USD.

Questions from Centemero are particularly relevant Exchange of Cryptocurrency To Stablecoins Fixed to Fiat currency.

In particular, distinguish between Electronic Token (EMT) and Asset Reference Tokenprecisely because new European regulations identify subcategories of e-money tokens within the category of Stablecoin.

The key point is that although it was already certain that the electronic money token swap was financially relevant, it was not yet entirely clear whether it was in Asset Reference Token It was the same.

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Ministro response

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In his written response, the Minister explicitly states that an exchange between cryptocurrency and the token of asset references.Not financially related“.

Therefore, this issue can be said to be completely clear.

The Minister also said the motivation behind this statement is that it cannot classify as an electronic money token as well as redeemable for nominal value.

In fact, Dai Tokens (or USDS) is issued by a distributed finance protocol (Makerdao, Now Sky) and cannot be redeemed at face value. Thanks to certain algorithms, their face value is always artificially maintained for $1, but you cannot return to the issuer the token in exchange for USD.

Instead, secured stubcoins like USDT and USDC can be redeemed at face value in dollars, which, according to what the Italian Minister of Economy has said, would be the main discretion.

In his writing he says:

“If the owner of Stablecoin does not have the right to trust the issuer at nominal value, the same exchange as cryptocurrency does not constitute a realization event.”

All of this is the legal textbook, especially Article 67, Paragraph 1, Letter C Sexys), Tuir’s “exchanges between crypto assets with equal properties and functions do not constitute a financially relevant case.”

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USDT Issues

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Therefore, the issue of financial relevance of DAI (USDS) in Italy should be considered closed.

However, the problem Financial Relevance of USDT (Tether) It remains open.

USDT falls into the category of USD collate stubcoins that grants the owner the right to trust at face value to the issuer. In fact, anyone can turn the USDT back into the tether. For example, you can use Bitfinex Exchange, which serves as your primary market, and receive USD in your PAR.

However, the European regulations MICA do not include electronic money tokens. This is because Tether is not registered as an electronic money issuer in the EU.

In other words, as of today, according to European regulations, USDT cannot be considered electronic moneyeven if it can be redeemed directly at Fiat.

On the other hand, questions from the honorable Centemelo were specifically dedicated to the tokens of asset references, rather than the financially relevant nature of Italian USDT. At this point, we will need to wait for further explicit declarations about the issue.

On-chain secured Stablecoin Dai

Thailand (or USDS) is the stablecoin of the algorithm.

That is, its market value is always held around $1, but not collateralized in dollars, but is collateralized in cryptocurrencies (particularly Bitcoin and Ethereum).

For this reason, the risk of depeg is huge, but honestly, from 2021 until today, its market value is by no means inferior to the US dollar.

This means that it is not recommended to hold DAI for the long term because of the risk of DEPEG, but unless you hold it when Crypto crashes, you will have no problem holding it in the medium/short term.

However, there is a problem.

In fact, new European regulations prohibit EU users from providing Stablecoin services to EU users that are not e-money tokens, and in fact, the use of DAI is already widely restricted by many crypto exchanges.

In fact, starting in April, theoretically, all exchanges with users resident in the EU will have to remove access to DAI trading pairs. Therefore, it remains convertible to USDC, other approved steady coins, or FIAT currency.

Therefore, anyone who wants to continue selling cryptos on DAI in the EU should use a decentralized exchange.