Quadro RW cryptocurrencies in Italy: filing and IVCA

Quadro RW of the Modello Redditi Persone Fisiche is the instrument through which the Italian tax administration carries out the tax monitoring of domestic and foreign assets that may produce income in Italy (under art. 4 of D.L. n. 167/1990). Since 2023, with the amendments introduced by Legge di Bilancio n. 197/2022 and the clarifications in Circolare n. 30/E of the Agenzia delle Entrate, this schedule expressly covers crypto-assets and is also used to settle the IVCA (Imposta sul Valore delle Cripto-Attività). Taxpayers who use the Modello 730 can fulfil the same obligation by completing the corresponding Quadro W, which mirrors the structure, rates and calculation method of Quadro RW.

Who must complete Quadro RW for cryptocurrencies?

The tax-monitoring obligation applies to all natural persons tax-resident in Italy, non-commercial entities and simple partnerships that hold crypto-assets at the end of the tax period or that had them available during the year. The obligation applies regardless of the amount held (there is no minimum value threshold for monitoring) and covers:

• Cryptocurrencies deposited on trading platforms (exchanges) or with financial intermediaries that have their registered office or servers abroad.
• Tokens stored on decentralized digital wallets, hardware keys or self-custody solutions where the taxpayer retains direct control of the private keys.
• Accounts, deposits and interest-bearing positions opened on foreign protocols or digital custody platforms.

Mere holding triggers the filing obligation: it is not necessary to have sold, received euro or generated gains to be required to submit the schedule.

How is the taxable base for the IVCA calculated?

The Imposta sul Valore delle Cripto-Attività (IVCA) is a wealth levy set at 2 per thousand per year (0.2%). The tax base is the market value at the end of each calendar year (31 December), taken from the platform on which the assets were purchased or are traded. To determine the tax due, the following procedure applies:

1. Determination of year-end holdings: Identify the exact quantity of each token held at midnight on 31 December.
2. Determination of the unit value: Apply the official quotation recorded at the end of the calendar year on the trading platform or, failing that, on the specialized website where the asset is commonly traded (as clarified by Circolare 30/E and confirmed in Circolare 12/E/2024).
3. Conversion into euro: For values originally expressed in foreign currencies (for example US dollars), apply the official average exchange rate published by the Banca d'Italia for the month of December or at the closing date of the period.
4. Pro-rata for days of possession: The 2-per-thousand tax is calculated on an annual basis. If the asset was held for fewer than 365 days (for example a mid-year purchase or an early closure of the position), the tax is prorated to the actual number of days of possession.

Where it is not possible to determine the market value at the end of the period, the law allows the documented historical purchase cost to be used as the tax base.

Which tax codes and rows to use in Modello 2026?

In the return for income year 2025 (filed in 2026), crypto-asset data flows into rows RW1 to RW5 of Fascicolo 2 of Modello Redditi PF, or into rows W1 to W5 of Modello 730:

• Column 3 (Asset identification code): Enter code 21, specific to "Crypto-assets held through wallets, digital accounts or other storage systems".
• Column 4 (Foreign state code): If the asset is custodied with a foreign exchange, enter the code of the country where the operator is established. If the assets are held in self-custody (hardware wallet, cold storage or decentralized wallets without an intermediary), leave the field blank, in line with the ministerial instructions.
• Columns 7 and 8 (Opening value and Closing value): Enter respectively the countervalue at the start of the tax period (or at the time of purchase) and that at 31 December (or at the time of disposal).
• Column 10 (Days of possession): Number of days between 1 and 365 during which the asset was at the taxpayer's disposal.
• Column 11 (Percentage of ownership): Typically 100%, except in cases of joint ownership.
• Column 15 (Tax due): Corresponds to the gross IVCA calculated at 0.2%.
• Column 20 (F24 tax code): For payment of the tax due via Modello F24, use tax code 1727 ("Imposta sul valore delle cripto-attività").

Custody arrangements and application of the tax: what changes?

The practical way in which cryptocurrencies are stored determines the compliance process and the payment obligations on the taxpayer:

1. Intermediaries that withhold the tax at source: If you operate with financial intermediaries or platforms resident in Italy that directly apply stamp duty or IVCA on behalf of the user, the wealth tax is withheld directly from the account. In that case, Quadro RW (or W) may serve solely for monitoring of holdings or may already be fulfilled for the portion subject to withholding, without duplicating the payment obligation in Modello F24.
2. Foreign platforms and exchanges without withholding: If positions are opened with non-resident operators that do not act as Italian withholding agents, the taxpayer bears in full both the monitoring obligation in Quadro RW and the calculation and concurrent payment of the 0.2% IVCA via Modello F24.
3. Private wallets and cold storage (self-custody): Where tokens are stored directly on non-custodial physical media or decentralized wallets (in which the holder retains the private keys), holding is treated for tax purposes as located abroad by legal presumption. The taxpayer must complete the RW row indicating asset code 21 (without specifying the foreign state) and settle the 0.2% wealth tax on the year-end market value.

Summary table of codes for Quadro RW

Official Agenzia delle Entrate sources

• Circolare n. 30/E del 27 ottobre 2023 (PDF AdE) — Year-end valuation criteria at 31 December and rules on the value tax.
• Circolare n. 12/E del 31 maggio 2024 (PDF AdE) — Clarifications on the application of IVCA and on quotation platforms.
• Infoprecompilata — Quadro RW (AdE) — Instructions for tax monitoring and IVCA settlement in Modello Redditi PF.
• Infoprecompilata — Quadro W (730) — Tax monitoring and IVCA settlement in Modello 730.
• Istruzioni Fascicolo 2 — Modello Redditi PF 2026 (PDF AdE) — Technical instructions for completing rows RW1–RW5 for PF taxpayers.
• Istruzioni Modello 730/2026 (PDF AdE) — Technical instructions for Quadro W with adjustment through the withholding agent.