What is a tax-relevant transaction – Young Platform

When you use crypto-assets, some operations trigger tax payments, while others do not. A tax-relevant operation is a transaction that generates a taxable event, such as a capital gain or income, subject to taxation pursuant to the TUIR and current regulations. This guide explains which operations are relevant, which are not, and how they are handled under the two tax regimes.

Tax-relevant operations

The main categories are five:

Disposal in exchange for fiat currency. The sale of a crypto-asset for legal tender currency, for example Bitcoin for euros. An exception is the sale of an electronic money token (EMT) against the fiat currency it is pegged to, for example EURC for euros.
Purchase of goods or services. The use of crypto-assets as a means of payment for goods, services, rent or other consideration.
Exchange for electronic money tokens (EMT). The conversion of a crypto-asset into stablecoins classified as electronic money pursuant to the MiCA regulation, such as USDC or EURC: it is treated as a sale in fiat currency and therefore tax-relevant.
Passive income and rewards. Interest generated from staking or lending, at the time the crypto-assets effectively become available again, and cashback or additional vesting tokens, at the time they are credited. How they are taxed is explained in How staking rewards, additional vesting tokens and YNG cashback are taxed.
Undocumented transfers. Disposals and transfers of crypto-assets from or to third-party wallets, or to wallets whose ownership you do not prove. Under the administered regime, withdrawals to unverified wallets remain suspended until you complete verification: read How to verify non-custodial personal wallets.

Operations that are not tax-relevant

Operations that do not involve the realisation of gains and leave your economic position unchanged do not generate taxes:

the exchange between crypto-assets with the same characteristics and functions, for example the swap between cryptocurrencies of the same type, between similar EMTs or between asset-referenced tokens (ARTs) of the same type;
transfers between your own wallets that are adequately documented;
the deduction of network fees.

How they are handled under the two regimes

Tax-relevant operations are the same in both regimes; who calculates and pays the tax changes. Under the administered regime, Young Platform does this for crypto-assets in the Young Wallet; under the declarative regime, you do it yourself. The complete comparison between the two regimes is in What the administered regime is and how it works.

Tax rates

The tax rate depends on the type of crypto-asset, not the regime: it is the same under the administered regime and the declarative regime. The date you realise the gain counts, not the date you bought it.

33%: this is the ordinary rate for capital gains and income on all crypto-assets, including dollar-pegged stablecoins like USDC.
26%: applies to income from euro-denominated electronic money tokens (EMTs) such as EURC, for example interest from EURC lending.

Operations with EMTs under the two regimes

Tax rules on EMTs are the same under both regimes; who calculates and pays the tax changes. Under the administered regime, furthermore, some operations with EMTs are not available.

Purchase of EURC or USDC with euros: it is not tax-relevant under either regime. The price you pay becomes your purchase price.
Sale of EURC for euros: it is not tax-relevant, because the conversion between euros and euro-EMTs does not generate capital gains or capital losses.
Sale of USDC for euros: it is tax-relevant, at 33%. The capital gain or loss arises from the change in the euro-dollar exchange rate between purchase and sale. Under the administered regime, we calculate and withhold the tax at the time of the sale; under the declarative regime, you calculate it yourself and report it in your tax return.
Exchange between crypto-assets and USDC, in both directions: it is tax-relevant, at 33%, like a sale in euros. Under the administered regime, we withhold the tax at the time of the exchange; under the declarative regime, you manage it yourself.
Swaps between USDC and EURC and between crypto-assets and EURC: under the administered regime they are not available, in either direction: EURC is bought and sold only with euros. Under the declarative regime instead they are available: the exchange between crypto-assets and EURC is tax-relevant; for the swap between USDC and EURC the rule does not clarify whether it is relevant, so evaluate with your advisor how to report it.
Deposit of EMTs from other platforms or wallets: under the administered regime the purchase price must be certified as for any other crypto-asset, otherwise it is valued at €0; under the declarative regime you document it yourself in your tax return.