Yesterday the cryptocurrency exchange Young Platform released new features to its Tax Report service, making the process of income declaration and payment of capital gains taxes on crypto operations in Italy much simpler.
Thanks to the collaboration with the Milan-based scale-up Okipo, Young Platform’s service will finally be able to solve the “problem” of managing taxation for crypto activities in Italy, where the majority of accountants are completely unable and unprepared to deal with the complexity of the issues presented in the 2023 Budget Law.
Let’s see in detail below what the new improvements consist of and how they can simplify taxpayers’ lives.
Summary
Young Platform exchange: the evolution of the Tax Report service on crypto makes the issue of taxes in Italy simple and intuitive
Yesterday the cryptocurrency exchange Young Platform based in Turin announced the release of the new feature “Taxes and Reports” in addition to the Tax Report launched last year, with the aim of making the processes of tax monitoring and income declaration reporting simpler and more intuitive.
With the approval of the new Budget law in 2023, some cards have been shuffled when it comes to the crypto tax issue in Italy, with changes related to the 730 form, RW form, and RT form.
In order to comply with this tax evolution in the cryptographic sector, Young Platform has decided to improve its Report service by collaborating with Okipo, a Milan-based scale-up that has invented an integrated technological solution for the declaration of cryptocurrencies, NFT and any other digital asset.
The new service, however, is not free and has a cost ranging from 229 euros (base rate for non-exchange users) to 39 euros (for Club Platinum members).
It is estimated that “Taxes and Reports” will help simplify to the maximum the annual appointment with the Italian tax authorities for a large portion of the 1.5 million individuals involved in crypto activities in the country, offering an alternative to the traditional consultation with an accountant (often unprepared on these issues).
In detail, the offer includes practical examples, models of the RW and RT tables, and specific indications for the application of tax regulations.
The new feature introduced with Okipo, introduces the possibility to export transactions from different platforms and wallets, and to declare one’s NFTs and activities carried out on DeFi protocols.
Customers of the service will then have the opportunity to book an appointment directly through the Young Platform platform, ensuring themselves qualified assistance in filling out tax returns.
Furthermore, unlike other similar services, Young Platform’s reports offer the advantage of eliminating the need to make multiple payments for separate annual reports, thus allowing for a more efficient and compliant management of tax declarations for the current year and past years.
Andrea Ferrero, CEO of Young Platform, regarding the evolution of the customer support service for the topic of taxes in crypto, stated the following:
“The recent regulatory evolution represents a significant recognition of the cryptocurrency sector by the public administration. This demonstrates how deeply cryptocurrencies are integrating into our daily lives and how important it is to be proactive in guiding the evolution of our sector.”
Adding to all this are the words of Simone Notaristefano, Founder and CEO of Okipo, who in the press release states the following words:
“The strategic partnership between Young Platform and Okipo marks an important step forward in simplifying the tax reporting of cryptocurrencies for users in Italy. The common goal is to bring crypto users closer to the world of tax regulation related to crypto-assets, encouraging regularization of their tax position.”
The cryptocurrency market in Italy: millennials reign
The issue of tax declaration and payment of taxes for buying and selling assets in crypto in Italy is becoming increasingly important with the growing number of citizens involved in investments in this digital sector.
According to the latest OAM data from September 2023, crypto investors in Italy amount to just over 1.1 million individuals, with a declared value of 911 million euros.
Young Platform’s data, however, speak of a wider audience, which would amount to 1.5 million users according to the latest research, equivalent to 2.5% of the entire national population.
The data suggests that the attention for investments in crypto is growing strongly year after year, with the Millennials category (born between 1980 and 1993) driving the evolution of the sector in Italy with a market share of 44.5%.
Specifically, Italian Millennials essentially add Bitcoin (37%), Ethereum (16%) and Solana (8%) to their wallets, with a tendency to also purchase Ripple (5%) and Sui (5%).
Generation Z (born between 1995 and 2015), although less present compared to the previous one and with lower economic capacity, prefers to opt for Bitcoin, Litecoin, and Sui, while Generation X (born between 1979 and 1965) in addition to the classic choices Bitcoin Ethereum and Solana shows a preference for Cardano and Avalanche.
Generally, about 72% of users openly declare themselves optimistic about the future of the crypto sector, recognizing a strong component of scalability and high potential yield expansion.
Significantly, 84% of users identify themselves as “crypto-native“, with a vast majority being active in the sector for one to five years, reflecting the financial and technological fabric of the Italian market.
It is unthinkable that in a scenario like this, the tax factor remains a taboo for many subjects, with public institutions that have not been able to offer a simple and clear framework for tax reporting.
Young Platform, as explained in the previous paragraph, with the “Taxes and Reports” service offers significant support to the average user, directing other Italian brokers towards an increasingly simplified and immediate tax management.
The hope is that in the not too distant future, it will be possible to deal with the tax declaration for crypto activities independently, without necessarily having to face the classic bureaucratic obstacles that undermine the productivity of the entire country.
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