A Stamp Duty is an indirect tax, meaning it is not on income tax, and historically was associated with written legal documents including cheques, receipts, marriage licenses, military commissions, and real estate transactions.

Historically, the legal documents included a physical stamp identifying the stamp tax had been paid. In the modern version there is no longer a physical stamp.

Yes, the Stamp Duty in Italy, known as Imposta di Bollo, applies to a wide range of legal documents, financial transactions and certain government-issued certificates.

The Italian Stamp Duty, under Presidential Decree 642/1972 had previously only applied to traditional financial instruments; however, this was amended by Budget Law 197/2022 which extended the Stamp Duty to cryptoassets, the details of which are included in Circular Number 30/E of the Revenue Agency.

Payward Europe Solutions Limited, Italian Branch (the Kraken entity providing your services in Italy as a licensed Virtual Asset Service Provider), must withhold an annual 0.20% stamp duty in EUR based on the value of your crypto assets, including stablecoins, as of December 31, 2024.

Before December 31, 2024, please review your account to ensure you have enough EUR to cover the 0.20% stamp duty. For example, if the total value of your crypto assets is €10,000, you should hold at least €20 in EUR.

If your EUR balance is insufficient to cover the Stamp Duty, we will automatically convert some of your other assets to meet the required amount. The conversion order is as follows:

We have ordered the assets to be converted to minimize any further tax consequences to you because the sale of assets to EUR may have tax implications to you similar to normal trades. Kraken does not charge any additional fees for performing these conversions or for paying the stamp duty on your behalf.

In late January 2025, we will provide a statement detailing:

This statement will serve as documentation of the tax withheld and paid on your behalf, you will be notified once the statement is available.

All of our clients, individuals and entities who are identified as Italian residents.

Please contact our support team with the information and documents concerning your current residence address.

Yes, the other exchanges and providers are withholding the Stamp Duty as legally required.

The Stamp Duty is due annually based on the value of cryptocurrencies held as of December 31st, 2025

If you are identified as subject to the Italian Stamp Duty, then as your Virtual Asset Service Provider (“VASP”) in Italy we are required to withhold and deposit these amounts, as would any Italian VASP. Additionally, if you withdraw the cryptocurrency, you will still be required to self-assess the stamp duty on your holdings.

The rate is .2%, (.002), or €2 per each €1000 balance.

For individuals, there is no maximum cap. For company-owned accounts, the maximum stamp duty is capped at €14,000, that means amounts over 7,000,000EUR equivalent will not be subject to the stamp duty.

If there is a discrepancy with the calculation please contact our Support team.

Yes, you must do so before December 31st and leave the amount in EUR. We will use the EUR balance in your account to pay the Stamp Duty.

Yes, and please transfer the amounts before January 3rd, 2025.

No, you will be able to trade as normal

No, only an amount equal to the Stamp Duty owed will be placed on hold, all other amounts are available for withdrawal.

The amounts on hold will be displayed as “Locked funds” and will be unavailable for trading or withdrawal.

Once the Stamp Duty Amount has been transferred from your account any related holds will be lifted.

A statement will be provided to you in late January detailing the Fair Market Value of your account as of December 31st 2024, the computation of the Stamp Tax, the assets used to pay the Stamp Tax and any related conversion rates. You will be notified once the statement is available.