Italy Regulator Sets New Standards for Cryptocurrency Accounting and Market Transparency
Key Takeaways
- The Bank of Italy and CONSOB now require listed companies to provide clearer financial disclosures on crypto holdings.
- Auditors must assess anti-money laundering risks related to crypto assets.
- While not illegal, cryptocurrencies face continued scrutiny in Italy over volatility and risks.
The Bank of Italy and financial regulator CONSOB have introduced new accounting standards for listed companies holding crypto assets.
Under the updated rules, auditing firms and statutory auditors must ensure clearer financial disclosures on digital assets.
- Crypto Bank of Italy Targets Stablecoin Risks with New Crypto Regulations
- Bitcoin (BTC) Why El Salvador Made Bitcoin Legal Tender and Why It Won’t Work for the US
- Bitcoin (BTC) US’ Newly Approved Bitcoin Reserve Could Force Global Rush, Analysts Say
Stricter Crypto Accounting Rules for Public Companies
Under the updated rules, auditing firms and statutory auditors must ensure clearer financial disclosures on digital assets.
Following IFRS IC guidance , companies must classify cryptocurrencies under IAS 38 (Intangible Assets) or IAS 2 (Inventories) if they are held for sale.
Other crypto assets require a case-by-case assessment to ensure transparency and compliance with market abuse regulations.
Auditors Face Greater Oversight Responsibilities
“Auditing firms and statutory auditors should evaluate crypto-related risks, particularly regarding anti-money laundering compliance,” the regulators said in a joint statement.
A CONSOB source told CCN:
“Auditors must assess decision-making processes, trading platforms, custody arrangements, service provider contracts, monitoring systems, and internal controls, including IT frameworks.”
Audit firms must also ensure they have the expertise and tools—such as blockchain data analysis capabilities—to maintain high-quality standards.
“Firms should enhance expertise through specialists, structured methodologies, and targeted crypto-asset accounting and auditing training,” CONSOB added.
Italy’s Tough Stance on Crypto
While cryptocurrencies are not banned in Italy, regulators have repeatedly warned investors about their risks, particularly volatility.
The government recently revised its crypto tax policies, confirming a 26% capital gains tax for 2025, rising to 33% in 2026. Parliament scrapped an earlier proposal to increase it to 42%.
A key change is the removal of the €2,000 exemption threshold, which means all crypto gains—regardless of size— are now taxable.
Additionally, taxpayers can opt for an 18% substitute tax on crypto holdings as of Jan. 1, 2025, payable by Nov. 30, 2025, in up to three installments.
Finance Minister Giancarlo Giorgetti remains open to further revisions, including potential tax adjustments based on investment duration.
The government is also exploring investor education initiatives and additional regulatory measures.
