Italian stamp duty and crypto-asset tax: your responsibilities from 2025 onward

No. Kraken will not withhold, deduct or remit Italian stamp duty for the 2025 tax year. You are responsible for self-assessing, declaring and paying any applicable tax yourself, with assistance from your tax adviser where needed.

Yes. The same approach applies to 2026 and every subsequent tax year unless Kraken notifies you that withholding will resume.

You should continue to assess and meet your own tax obligations each year. You do not need to receive a separate notice from Kraken each year for this approach to remain in effect.

No. Kraken’s decision not to withhold does not remove your tax obligations.

Where an intermediary does not apply stamp duty, Italian tax residents generally must instead self-assess the tax on the value of crypto-assets, known as imposta sul valore delle cripto-attività (IVCA).

Review your crypto-asset holdings and account records for the relevant tax year, determine your applicable tax and reporting obligations, and arrange any required filing and payment directly through the Italian tax system.

Consult a qualified Italian tax adviser for help with the calculation, tax return and payment requirements.

Do not wait for Kraken to deduct the tax or send you a payment request.

You do not need to opt out because Kraken will not withhold this tax for 2025 or subsequent tax years under the approach described in this article.

You also cannot elect to have Kraken withhold and pay the tax for you while this approach remains in effect. We will notify you if we begin withholding again.

Italian stamp duty, known as imposta di bollo, is a tax that applies to certain documents and financial relationships. Its scope was extended to crypto-assets by Italy’s 2023 Budget Law. It is distinct from a tax on trading profits.

For your Kraken holdings from the 2025 tax year onward, you should assess your own tax obligations rather than rely on Kraken to collect stamp duty.

Stamp duty is collected by an intermediary where required. IVCA is the corresponding holder-assessed tax where stamp duty has not been applied.

Although this article refers to the change in Kraken’s “stamp duty withholding,” IVCA is generally the tax you should discuss with your adviser when arranging your own assessment and payment.

The obligation generally applies to Italian tax-resident individuals and entities holding crypto-assets on which stamp duty has not been applied.

Ask your tax adviser to confirm your position, particularly if you hold assets through a company, trust or other entity, or your tax residence changed during the year.

Consult with your tax adviser to determine your tax residence and obligations for each relevant year.

Do not assume that another provider follows Kraken’s approach. Check directly with each provider to establish whether it collects Italian stamp duty, which tax periods its withholding covers and what supporting documentation it provides.

Share those records with your tax adviser when assessing your overall position.

The general annual rate is 0.20%, equivalent to €2 for every €1,000 of taxable crypto-asset value.

For example, applying 0.20% to a taxable value of €10,000 produces a tax amount of €20. This is a simplified illustration, not a calculation of your individual liability.

Confirm the rate and calculation rules applicable to the relevant tax year with your tax adviser.

Under the general rules, there is no maximum cap for individuals. For taxpayers other than individuals, IVCA is generally capped at €14,000.

Your tax adviser should confirm whether and how the cap applies to your circumstances.

Use your account records and ask your tax adviser to determine the appropriate taxable value in EUR, valuation dates, holding-period adjustments and any other applicable rules.

Do not assume that multiplying the total balance displayed in your Kraken account by 0.20% will necessarily produce the correct tax liability.

Because Kraken is not collecting this tax, you should not rely on Kraken to calculate an amount for deduction from your account.

Stablecoins generally fall within the crypto-asset holdings covered by the stamp-duty framework described in this article. They should not automatically be treated as ordinary fiat cash for this purpose.

Include details of your stablecoin holdings in the records you share with your tax adviser, who can confirm the applicable treatment.

IVCA is an annual tax, with payment governed by the applicable income-tax payment rules and deadlines.

You should review your obligations for 2025 and each subsequent tax year. Confirm the relevant filing deadlines, payment deadlines and any advance-payment requirements with your tax adviser.

Kraken’s previous account-funding or withholding dates should not be used as deadlines for your own tax payments.

Arrange payment through the applicable Italian tax payment process, either yourself or through your tax adviser.

You cannot pay this tax by depositing EUR into your Kraken account or leaving a balance for Kraken to collect. Money held in your Kraken account does not constitute payment of your tax liability.

No. Moving assets off Kraken does not, by itself, remove your Italian crypto-asset tax obligations.

Before withdrawing assets or closing your account, retain the records needed for your tax assessment. Ask your adviser how to account for any transfers, disposals or changes in where your assets were held.

No. Capital-gains, income and asset-disclosure obligations are separate from the annual value-based tax discussed here.

Ask your tax adviser to review your complete position rather than treating payment of IVCA as satisfying every crypto-related tax requirement.

No. You do not need to maintain a minimum EUR balance, deposit funds or reserve money in your Kraken account so that Kraken can collect this tax.

This applies to 2025 and subsequent tax years unless Kraken notifies you that withholding will resume.

Nothing will happen to your account for the purpose of collecting this tax. Kraken will not require you to fund a shortfall or convert your assets to cover Italian stamp duty while withholding is not being performed.

You remain responsible for arranging any required tax payment separately.

You do not need to sell crypto-assets or deposit EUR for Kraken to collect the tax.

You may independently decide how to fund your own tax payment, but leaving the proceeds of a sale, or newly deposited EUR, in your Kraken account will not pay the tax. You must arrange payment through the appropriate Italian tax payment process.

No. Kraken will not automatically sell crypto-assets, convert stablecoins or exchange other fiat currencies into EUR to collect Italian stamp duty under the approach described in this article.

The previous automatic-conversion process does not apply to the 2025 tax year or subsequent tax years unless we notify you that withholding will resume.

No. Kraken will not place funds on hold or impose trading or withdrawal restrictions for the purpose of collecting Italian stamp duty while this approach remains in effect.

This does not address account holds or restrictions imposed for unrelated reasons.

Do not assume that locked funds or a deduction relate to Italian stamp duty. Contact Kraken Support for clarification and provide the transaction details or a screenshot where available.

Any question about a historical stamp-duty deduction or related hold should also be directed to Kraken Support.

You can export account information through Kraken’s Documents Center. Available export types include account statements, trades, ledgers and balances. A balances export provides a snapshot for a selected date.

Obtain the records for the relevant tax year and share them with your tax adviser. Ask your adviser whether additional records or valuation information are needed.

You should not expect a withholding statement confirming payment of tax that Kraken has not withheld.

For 2025 and subsequent tax years, do not rely on receiving the stamp-duty withholding statement described under Kraken’s previous collection process, unless Kraken has notified you that withholding will resume for the relevant period.

Account statements and transaction exports document your holdings and activity; they are not confirmation that your Italian tax has been paid.

For a calculation prepared by you or your tax adviser, ask your adviser to review the amount and determine whether any filing or payment needs to be corrected.

For a discrepancy in your Kraken account records, or a question about an amount previously withheld by Kraken, contact Kraken Support with the relevant details.

This change applies from the 2025 tax year onward. Review any earlier withholding statement to identify the tax year it covers.

For example, a deduction relating to the 2024 tax year, even if collected in January 2025, should not be treated as payment of your 2025 tax liability. The previous collection process described in this article used December 2024 valuation and January 2025 collection dates.

Retain historical withholding records and share them with your tax adviser.

Keep your relevant account statements, balance snapshots, transaction history, tax calculations, filed returns and payment confirmations. Also retain any historical Kraken withholding statements and any future notices about a change in withholding.

Ask your tax adviser which records are required and how long to retain them.

Kraken will notify you if we will begin withholding again. The notice will explain when withholding will resume, which tax period it covers and any action you need to take.

Until you receive that notification, continue to self-assess, declare and pay any applicable tax for each year. Do not assume that withholding will restart automatically at the beginning of a new calendar year.

Do not assume so. Refer to the tax periods expressly covered by Kraken’s notification and any withholding statement.

A future change in Kraken’s collection process should not be treated as confirmation that your obligations for 2025 or another earlier year have been settled.

Contact Kraken Support for questions about your account, accessing account records or understanding a historical deduction.

For help determining your tax residence, calculating the tax, completing a tax return or making a payment, consult a qualified Italian tax adviser.