Cryptocurrencies are now talked about everywhere, but what exactly are they? As reported by Consob, the term cryptocurrency “consists of two words: crypto and currency.” and is used to indicate the virtual currency, “visible/usable only by knowing a certain computer code (the so called public and private access keys, in even more technical language)“[1].
Given the great interest that cryptocurrencies have taken on at an economic level, there have been numerous legal implications. The case-law has inquired about whether virtual currency, which is not linked to either the concept of money or that of goods in kind, can be taxed. The Supreme Court, with the judgment n. 8269 filed on 28 February 2025, addressed the issue of income in cryptocurrencies resulting from the marketing of NFT (non-fungible tokens) which, in this case, were digital certificates attesting to the ownership and digital authenticity of digital works of art (cybergraphic).
The first issue addressed by the judgment in the commentary concerns the revenues from the marketing of NFT and whether they can be classified as income from self employment, of which “the income derived from the economic exploitation by the author or inventor of intellectual properties”. The Judges have stated that “undoubtedly, among the several intellectual properties must be included qualifiable works, in a broad sense, artistic and, therefore, also the works of cybergraphic, intended for circulation”.
The second issue addressed by the Supreme Court concerns, instead, the configurability of income earned in cryptocurrencies as taxable income. The judges of legality, starting from the common definition of “virtual currency”, stated that “not unlike the case where the income obtained is expressed not in monetary terms but is also constituted by an asset having economic value, for which it is possible, through a mechanism of “monetary estimation”, the return to a value that can be quantified by reference to a current currency – its value, once it has been achieved is such, once its conversion into currency, to constitute taxable income“.
It follows, therefore, that the omission in the tax return of revenues in cryptocurrencies, including those arising from the marketing of NFT, if it exceeds the thresholds of punishability indicated by art. 4 of the D. Lgs. 74/2000[2], can constitute the crime of unfaithful statement, punished with imprisonment from two years to four years and six months.
[1] https://www.consob.it/web/investor-education/criptovalute#:~:text=Il%20termine%20si%20compone%20di,in%20linguaggio%20ancora%20pi%C3%B9%20tecnico
[2] that is, when jointly:
“a) Tax evaded is more than one hundred thousand euros , with reference to some of the individual taxes
b) The total amount of assets deducted from taxation, also by indicating non-existent liabilities, is more than ten per cent of the total amount of assets reported, or in any case more than 2 million euros.”