Italy mulls 26% crypto tax, Australia beats El Salvador in installed crypto ATMs

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Spain has the most crypto ATMs with 226, followed by Australia with 219 and El Salvador, the first country to legalize Bitcoin (BTC) with 200.

El Salvador fell to third place as Australia rapidly increased its number of crypto ATMs.

Salvadoran President Nayib Bukele has ordered a rapid expansion of the country’s network of crypto ATMs as part of efforts to make Bitcoin accessible to all citizens.

As of September 2021, El Salvador had the third highest number of crypto ATMs after the United States and Canada. In the ensuing period, Spain and Australia overtook El Salvador to take first and second place.

According to data from CoinATMRadar, Australia installed 99 crypto ATMs in the last three months of 2022, bringing the total to 219 as of January 1, 2023. In contrast, El Salvador added 7 during the same period.

Italy backs 26% crypto tax in 2023

Cryptocurrency news portal Cryptoslate reported that the Italian Parliament approved a 26% cryptocurrency tax on income over €2,000, effective December 30.

Italy has included the crypto tax in its 2023 budget, according to the report. The budget describes cryptos as virtual wealth based on an electronically distributed ledger that can be stored and transferred.

The budget also calls for tax cuts worth 21 billion euros ($22.3 billion) to help people weather financial hardship due to the global downturn.

Prime Minister Giorgia Meloni wants people to disclose their cryptocurrency assets. As an incentive, he announced a 14% tax reduction for those who reveal their crypto holdings from January 2023.

According to Cryptoslate, other European countries are also considering higher bitcoin taxes. Portugal has announced a 28% tax on bitcoin. The government also plans to tax airdrops and other free crypto distribution activities at 10% and 4% on broker commissions.

Former Meta Crypto Chief Says Crypto Winter May Last Until 2024

David Marcus, who founded bitcoin (BTC) payments firm Lightspark, warned that the bearish cycle in the crypto market could continue well into 2024. He said bulls looking for a bounce fast would be disappointed.

“We won’t come out of this ‘crypto winter’ in 2023, and probably not in 2024 either,” Marcus, co-creator of Meta’s abandoned cryptocurrency project Diem, wrote on his blog on Dec. 30.

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