Italy’s financial regulators have introduced new accounting standards for publicly traded companies holding cryptocurrency assets, aiming to enhance financial transparency and regulatory compliance. The Bank of Italy and financial markets regulator Consob announced the changes in a joint statement, citing the need for clearer financial disclosures and stricter auditing measures.
The updated rules target companies with shares listed on stock exchanges or multilateral trading platforms. While they do not introduce new obligations, the measures reinforce existing financial disclosure requirements. Issuers must now provide comprehensive reports on their cryptocurrency holdings, detailing their impact on financial health, risk exposure, and market performance.
The guidelines also instruct auditors to exercise heightened scrutiny when reviewing crypto-related financial statements.
Financial Statement Classification and Market Disclosure
In line with guidance from the International Financial Reporting Standard Interpretations Committee (IFRS IC), the Bank of Italy and Consob stated that companies must classify cryptocurrencies in financial statements under specific accounting standards.
Cryptocurrencies used for operational purposes will be categorized under IAS 38 (Intangible Assets). If digital assets are held for sale in the normal course of business, they must be classified under IAS 2 (Inventories). Other crypto assets will require a case-by-case assessment to determine their appropriate classification, ensuring that financial statements fully reflect the risks associated with each asset.
Market disclosure requirements have also been reinforced. Publicly traded companies must promptly and transparently inform investors of any material changes to their crypto holdings. The regulators warned that failure to provide adequate disclosure could result in enforcement actions under Italy’s market abuse regulations.
Heightened Oversight for Auditors
The new guidelines extend beyond corporate reporting, placing increased responsibility on auditors. Audit firms and statutory auditors must implement rigorous assessment procedures for companies holding digital assets.
“Auditing firms and statutory auditors should evaluate crypto-related risks, particularly regarding anti-money laundering compliance,” the regulators stated.
A source at Consob elaborated on the enhanced responsibilities: “Auditors must assess decision-making processes, trading platforms, custody arrangements, service provider contracts, monitoring systems, and internal controls, including IT frameworks.”
Audit firms must ensure their teams possess specialized knowledge and tools for reviewing digital asset transactions. Blockchain analytics capabilities and structured methodologies will be necessary to uphold high-quality audit standards. “Firms should enhance expertise through specialists, structured methodologies, and targeted crypto-asset accounting and auditing training,” Consob added.
Italy’s Ongoing Crypto Scrutiny
Although cryptocurrencies remain legal in Italy, regulators continue to express concerns over their volatility and potential financial risks. The country has recently taken steps to refine its tax policies on digital assets.
Starting in 2025, cryptocurrency capital gains will be taxed at 26%, with an increase to 33% in 2026. A previously proposed hike to 42% was scrapped by Parliament. Additionally, the €2,000 exemption threshold has been eliminated, meaning all crypto-related gains, regardless of amount, are now taxable.
To accommodate taxpayers, the government introduced an alternative tax option. Investors may opt to pay an 18% substitute tax on their crypto holdings as of January 1, 2025. The payment deadline is November 30, 2025, and it can be made in up to three installments.
Finance Minister Giancarlo Giorgetti has signaled openness to further revisions in cryptocurrency taxation. Discussions on additional investor protections, regulatory oversight, and education initiatives are ongoing.
