Margherita represents is an early investor, as they say in the jargon, that is one of those who first invested their own money to buy Bitcoin and other cryptocurrencies and, like any early investor, he has seen the value of his investment multiply by one hundred, by one thousand and by ten thousand, up to almost one million euros.
“It’s a world in which you don’t have to invest all your savings – says Margherita – because the market is extremely volatile. These days I’ve seen my assets drop by 50%, but I’m not a cryptocurrency trading company, I choose a project and keep my investment, I think in terms of years, so even if it may seem silly to some, I don’t sell, especially now. “
His interest in cryptocurrencies was initially born behind that for the blockchain, the technology that underlies virtual currencies. “I am convinced – continues Margherita – that this technology represents the future of internet payments and therefore I will close my open positions only in a few years “.
Closing positions basically means selling, but it is on this point that Margherita’s securities begin to waver: “I’m afraid – she confesses – that finance comes to take me home e it’s not a fear that only I have. In Italy there is no clear legislation on the holding of cryptocurrencies and this is a deterrent for many when they approach this market. “
Salvatore Sanna, accountant and expert trainer, also on the crypto market, argues instead that there is nothing to fear: “If you fill out the tax return correctly – he explains – there is no risk. Current legislation associates cryptocurrencies with owning foreign currency, so it is it is necessary to fill in the RW part of the declaration of income, indicating the value at January 1 and the value at January 31 of your crypto asset, without incurring any taxation. If you don’t, the risk is high, because the penalty can reach up to 15% of the value of the cryptocurrencies of which you are in possession. This applies to both direct wallet investments and investments held through exchanges “.
For those who play with cryptocurrencies by trading online, the taxation system is very simplified: “There is talk of a substitute tax of 26% on any operation concluded with a profit or any expense made with cryptocurrencies – continues Salvatore Sanna – but it must be said that this taxation comes into action only if the invested capital and therefore the average stock are higher than the old 100 million lire ” .
“We must hurry to regulate our positions – explains the accountant Sanna – because the European Commission is preparing one amendment to the Savings Directive in order to clarify all transactions in cryptocurrencies. This means that those who have not yet declared possession of their cryptocurrencies run a risk, the first is that they can be discovered by cross-checking and sanctioned, the second is that they must prove the origin of this money “.
“However, I have no intention of using this money – concludes Margherita – because I believe in the future of this market and this technology. Indeed I advise against investing in this sector if you are not prepared. Doing things randomly to follow fashion can easily lead to losing your money. “