Connect with us

Business

Italy scales back plans to hike crypto tax rate

Published

on

Italy has put a pause on its proposed crypto tax rate, which was originally intended to impose a flat 26% tax on capital gains from cryptocurrency investments. The decision comes after significant pushback from the cryptocurrency industry and broader market uncertainty. The Italian government had previously outlined the tax plan as part of a wider strategy to regulate and formalize the digital asset sector, but growing concerns over the potential negative impact on crypto investment led to the halt.

The proposal, which would have taxed profits from cryptocurrency transactions over €2,000, was expected to generate significant revenue for the government while aligning Italy with broader European Union tax standards. However, the plan faced criticism from industry stakeholders, who argued that it could stifle innovation and deter investment in the rapidly growing sector. Additionally, some experts raised concerns about the complexity of tracking and reporting crypto transactions under the proposed system.

The move to suspend the crypto tax rate comes as Italy seeks to navigate the broader global regulatory landscape surrounding digital currencies. While European regulators are increasingly looking to impose tax frameworks on cryptocurrency transactions, there is a growing debate about how to balance the need for regulation with the desire to foster innovation and attract investment. The suspension provides more time for policymakers to review the potential economic impact of such measures.

For now, the future of Italy’s crypto tax plans remains uncertain. The government has indicated that it will continue discussions on how to regulate the digital asset space in a way that balances investor protection with economic growth. As European countries continue to explore crypto taxation models, Italy’s decision to pause its tax plan signals the complexities involved in developing effective policies for the digital economy.

Business

Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

Published

on

Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

Continue Reading

Business

Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

Published

on

Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

Continue Reading

Business

Hackers are selling counterfeit phones with crypto-stealing malware

Published

on

Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk