在規範意大利加密資本收益徵稅的法律引入後，始終散發的主要疑問之一是穩定的dai是否在財政上是否相關

由於在意大利提出了規範加密資本收益稅收的法律，因此始終散發的主要疑問之一是穩定的dai是否在財政上是否相關。

A recent statement by the Italian Minister of Economy and Finance has finally cleared up the ambiguity surrounding the tax implications of exchanging cryptocurrency for stablecoins other than e-money tokens.

意大利經濟和金融部長最近發表的聲明終於清除了圍繞E-No-No-noy Sokens以外的其他企業交換加密貨幣的稅收影響的歧義。

The issue arose following the introduction of a new law in Italy regulating the taxation of capital gains derived from cryptocurrencies. While it was clear that an exchange between two e-money tokens, such as e-euro and e-dollar tokens, would be subject to taxation, the tax status of an exchange between an cryptocurrency and an asset-referenced token, such as BTC or ETH for stablecoins, remained unclear.

在意大利引入了一項新法律，該問題調節了加密貨幣的資本收益稅收。雖然很明顯，兩個電子貨幣令牌（例如電子歐元和電子價代幣）之間的交換將受到稅收的約束，加密貨幣與資產提取的代幣之間的稅收狀態，例如BTC或ETH，用於Stablecoins的ETH，尚不清楚。

The ambiguity stemmed from the fact that the new European regulation, aiming to integrate cryptocurrencies into the traditional financial system, identifies a subcategory of e-money tokens within the broader category of stablecoins. E-money tokens are defined as "stablecoins issued by an e-money issuer in accordance with Directive 2019/904, granting the holder a claim at nominal value against the issuer." In contrast, asset-referenced tokens are defined as "stablecoins that are not e-money tokens and that reference the value of an asset, commodity, or basket of assets or commodities other than an e-currency, or a unit of account other than the euro or another currency, or a financial instrument."

歧義源於以下事實：新的歐洲法規旨在將加密貨幣整合到傳統金融體系中，並確定了更廣泛的Stablecoins類別中的電子貨幣令牌子類別。電子貨幣令牌被定義為“由電子貨幣發行人根據指令2019/904發行的穩定幣，批准持有人以標稱發行人的索賠索賠。”相比之下，資產引用的代幣被定義為“不是電子貨幣代幣的穩定幣，並引用資產，商品或資產或商品以外的資產或商品籃的價值，或歐元或其他貨幣或其他貨幣或金融工具以外的賬戶單位”。

The honorable Giulio Centemero, a member of the Italian Parliament, raised this question directly with the Minister of Economy and Finance, seeking explicit clarification.

意大利議會的成員朱利奧·克森特羅（Giulio Centemero）尊敬的朱利奧（Giulio Centemero）直接向經濟和金融部長提出了這個問題，尋求明確的澄清。

In his written response, the Minister explicitly affirms that the exchange between cryptocurrencies and asset-referenced tokens "is not relevant for tax purposes."

部長在書面回應中明確確認加密貨幣與資產引用的令牌之間的交換“與稅收目的無關”。

This statement appears to definitively settle the matter, leaving no room for doubt.

該聲明似乎明確解決了此事，沒有任何疑問的餘地。

The Minister further explains that the asset-referenced tokens in question are not classified as electronic money and, crucially, are not redeemable at nominal value. This distinction is the main discriminant.

部長進一步解釋說，有關資產引用的代幣並未歸類為電子資金，至關重要的是，以名義價值贖回。這種區別是主要的判別。

In his words: "if the holder of the stablecoin does not have the right to claim at nominal value against the issuer, the eventual exchange of the same with a cryptocurrency does not constitute a relevant fact for the purposes of taxation."

用他的話說：“如果斯塔布爾幣的持有人無權以標稱價值對發行人索賠，則最終與加密貨幣的同一交換並不構成相關的事實。”

This statement directly relates to Article 67, paragraph 1, letter c-sexies) of the TUIR (Testo Unico delle Imposte sui Redditi, or Italian Consolidated Law Code for Income Taxes), which states that "the exchange between crypto-assets with equal characteristics and functions does not constitute a case relevant for tax purposes."

該聲明直接涉及Tuir（Testo Unico delle delle Imposte sui redditi或意大利綜合法律法規）第67條，第c耶穌基因的字母c-sexies），該法規指出，“具有同等特徵和功能的加密資產之間的交換並不構成符合稅收目的的案例。”

While the issue of DAI (now USDS) is settled, another type of stablecoin, USDT (Tether), remains subject to debate.

儘管DAI（現在是USD）的問題已經解決，但另一種類型的Stablecoin USDT（Tether）仍然需要辯論。

USDT falls into the category of USD-collateralized stablecoins that do grant the holder a right to claim at face value against the issuer. For instance, anyone can return USDT to Tether, such as through the Bitfinex exchange which acts as the primary market, receiving USD in return at par.

USDT屬於USD-Collat​​eralization Stablecoins類別，這些穩定的穩定者確實授予持有人對發行人的面值索賠權。例如，任何人都可以將USDT返回到Tether，例如通過充當主要市場的Bitfinex Exchange，在PAR上獲得了美元。

However, European regulation MiCA does not include it in e-money tokens, as Tether is not registered in the EU as an e-money (electronic money) issuer.

但是，歐洲法規雲母沒有將其包括在電子貨幣代幣中，因為歐盟未在歐盟註冊為電子貨幣（電子貨幣）發行人。

In other words, as of today according to European regulations, USDT cannot be considered electronic money, even if it is directly redeemable in fiat at par.

換句話說，截至目前，根據歐洲法規，即使在PAR時可以直接贖回菲亞特，USDT也不能被視為電子資金。

On the other hand, the question from the honorable Centemero was specifically dedicated to asset-referenced tokens, and not to the fiscally relevant nature of USDT in Italy. At this point, it will presumably be necessary to wait for a further explicit pronouncement on the matter.

另一方面，Centemero尊敬的問題專門用於資產引用的代幣，而不是意大利USDT的財政相關性質。在這一點上，可能有必要等待有關此事的進一步明確聲明。