Ritenute fiscali e cripto-attività: il caso dei rendimenti in Bitcoin da strumenti finanziari partecipativi

This working paper explores the legal and fiscal treatment of returns paid in Bitcoin through participatory financial instruments (SFPs) under Italian law. While the Italian tax system provides for a withholding tax on capital income, this study questions whether such withholding is applicable when the returns are not paid in legal tender but in crypto-assets, namely Bitcoin. The paper argues that Bitcoin, as a purely immaterial good and non-legal currency, falls outside the scope of automatic withholding obligations under articles 23 and 26 of the Italian Presidential Decree 600/1973. The analysis draws on Italian and EU legislation, including the 2023 Budget Law and MiCAR Regulation, as well as recent case law and doctrinal reflections. This is a theoretical and interpretative contribution aimed at opening discussion on the taxation of decentralized, non-monetary value transfers.