Binance Italy: the law on crypto taxes creates problems
With the new Italian legislation on cryptocurrencies, which came into force last year, thestamp duty. Nothing strange compared to the standards of bureaucracy in our country, but generally “annoying” for anyone who deals with it.
Even more so, as in this case, if its “management” takes on specific characteristics unclear.
The tax consists of the payment of two per thousand (0.2%) of the amount declared at the end of the year, and is calculated with respect to the totality of the funds cryptocurrencies owned by users. Binance, like other exchanges, pays the stamp duty on its own (also because, in fact, the accounts on a CEX are not the property of the users), but charges it to the customers.
Here are the screenshots of the messages that some users have found when accessing the platform:
The problem for users arises from the fact that this stamp duty must be paid mandatory in euros. Those who do not have sufficient funds (in euros), therefore, have had their accounts frozen, making withdrawals impossible.
This has annoyed the community quite a bit, however the problem appears to be easy resolutionconverting the funds necessary for payment into euros.
“Stamp duty payments can only be made in EUR, so if you don’t have EUR in your Binance account, you will need to convert some of your crypto funds or deposit EUR into your account,” reads the cex support.
A communication problem
If this is not done, the exchange will allow itself to withdraw 0.2% of the euro value of the funds (calculated as of 12/31) automaticallybut starting from January 26th.
The problems arise from the fact that 2023 is the first year in which the regulation applies, and the misunderstandings with users because, by acting as the stamp duty as a “tax substitute”, Binance is responsible for collecting the tax on behalf of the user.
The faults of the exchange, however, could be seen on the communication of the Cex, which did not notify the users in due time, thus taking them by surprise.
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2024-01-05 19:01:35
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