On 2 September 2016, the Italian Revenue Agency issued Resolution n. 72/E on the tax treatment of transactions involving the use of bitcoins and other virtual currencies.

According to the resolution, intermediation activities involving exchange of real against virtual currencies carried out by market operators are not subject to VAT, being transactions in banknotes and coins.

With reference to individuals holding bitcoins not in connection with an entrepreneurial activity, buying and selling virtual currencies is to be considered as spot transaction that does not generate taxable income, being non-speculative in nature.

As for the direct taxes, the revenues originating from such intermediation activity are subject to Ires (Tax on Corporate Income) and Irap (Regional Tax on Productive Activities), net of the related costs.