**Italy Raises Bitcoin Profit Tax to 42%**

- Deputy Finance Minister Maurizio Leo announced Italy's new budget bill, approved by the Council of Ministers, at a press conference at Palazzo Chigi on October 16. Prime Minister Giorgia Meloni's government decided to raise taxes due to the growing popularity of Bitcoin.

- The proposed tax hike could put Italy among the countries with the highest cryptocurrency tax rates in the world. The decision has drawn strong reactions from investors and industry advocates.

- Many critics say that imposing heavy taxes just because the asset is popular is irrational and short-sighted. They warn that this approach could drive investors away from Italy and stifle innovation in the industry.

- Meanwhile, the UAE has taken the opposite approach by exempting digital asset transactions from the 5% VAT, aiming to attract investment and become a crypto-friendly region. 🌐