Since the law that regulates the taxes of encrypted capital gains in ItalyOne of the main doubts that have always been distributed is whether it is Stablecoin Day It is financially appropriate or not.
In fact, the law was not very clear, and the subsequent European regulations of Mika It was more complex.
To say the truth, there was an official statement from the introduction of Agenzia Delle, but these phrases have no legal value, so doubts remained.
Now they seem to have been clarified permanently.
The issue of Stablecoin Dai in Italy
To settle the matter once and forever Julio Centemero Send an official letter to the Italian Minister of Economy and Finance asking for explicit clarifications regarding Imposing taxes on capital gains It was born of cylinder currency sales in Stablecoin.
In reality, Dai (It is now called also USSIn all respects, stablecoin was linked to US dollarAlthough it is not a guarantee of US dollars.
The question is specifically related to Centemero exchange Cross currencies In Stablecoins Connect to Fiat currencies.
In particular, it distinguishes between Electronic money code (EMT) and The code is on the assetsSpecifically, because the new European regulations are defined within the Stablecoin category, the sub -category of electronic symbols.
The basic point is that although it was already certain that the biases in electronic symbols were financially relevant, it was not quite clear whether those were present. The code is on the assets They were.
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The minister’s response
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He has Written responseThe Minister explicitly states that the exchange between cryptocurrencies and reference symbols of the assets “It is not financially related“.
Thus, the case can be clarified once and for all.
The minister also adds that the motivation behind this statement is that reference codes of assets cannot be classified as electronic funds, and above all, they cannot be recovered with the nominal value.
In fact, Dai (or USDS) symbols are released by a central financing protocol (Makerdao, now Sky), and cannot be recovered at the nominal value. Its nominal value is always artificially preserved by $ 1 thanks to specific algorithms, but symbols cannot be returned to the source against the US dollar.
Instead, guaranteed Stablecoins such as USDT and USDC can be recovered equally in dollars, and according to the Italian Minister of Economy and Finance, this will be the main distinction.
In his writing he says:
“If Stablecoin’s pregnant woman does not have the right to be the nominal value against the source, the potential exchange of itself with an encrypted currency does not constitute an awareness event.”
All this indicates the text of the law, and in particular to Article 67, Paragraph 1, C-Pesexies), From tuir, where it is written that “the exchange between cryptocurrencies with equal properties and functions does not constitute a financially related condition.”
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Usdt case
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Thus, the issue of the financial importance of Dai (USDS) in Italy is considered closed.
However, the issue Financial importance for Usdt (pregnancyIt is still open.
Usdt is located in the Stablecoins category that the US dollar gathers, which gives the holder of the right to the nominal value against the source. In fact, anyone can return Usdt to Tether, for example through Excination BitFinex, which works as a basic market, and got the US dollar in return.
However, the European list is not included in electronic codes, because Tether is not registered in the European Union as an electronic source (electronic funds).
In other words, as of today according to European regulations, Usdt cannot be considered electronic moneyEven if it is recovered directly in Fiat on an equal footing.
On the other hand, the question is dedicated from The Honorable Center specifically for reference symbols of assets, and not financially related to USDT in Italy. At this stage, it is supposed to be necessary to wait for an additional explicit permit in this regard.
StableCoin Dai
Dai (Or USDS) is the algorithm stablecoin.
That is, although its market value is always kept about one dollar, it is not guaranteed in dollars, but in encrypted currencies (especially bitcoin and Ethereum).
Specifically for this reason, the dangers of Depeg are greater, although it is honest, from 2021 to today, its market value has never reached the US dollar.
This means that it is not advisable to keep Dai in the long run, because the danger of Depeg exists, but there are no problems keeping it in the medium/short term, as long as you do not hold it when the encryption markets are disrupted.
However, there is a problem.
In fact, the new European regulation prohibits the provision of the exchange of European Union users with Stablecoin services that are not electronic money codes, and indeed the Dai’s use was already limited by widely by many encryption exchanges.
In fact, starting in April, in theory, all exchanges with the European Union users will have to remove their arrival to Dai trading pairs, which will remain convertible only to USDC, other approved USDCOCOins, or FIAT currency.
Therefore, those who want to continue selling the Dai encryption in the European Union will need to use decentralized exchanges.
