在规范意大利加密资本收益征税的法律引入后，始终散发的主要疑问之一是稳定的dai是否在财政上是否相关

由于在意大利提出了规范加密资本收益税收的法律，因此始终散发的主要疑问之一是稳定的dai是否在财政上是否相关。

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.

意大利经济和金融部长最近发表的声明终于清除了围绕E-No-No-noy Sokens以外的其他企业交换加密货币的税收影响的歧义。

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.

在意大利引入了一项新法律，该问题调节了加密货币的资本收益税收。虽然很明显，两个电子货币令牌（例如电子欧元和电子价代币）之间的交换将受到税收的约束，加密货币与资产提取的代币之间的税收状态，例如BTC或ETH，用于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."

歧义源于以下事实：新的欧洲法规旨在将加密货币整合到传统金融体系中，并确定了更广泛的Stablecoins类别中的电子货币令牌子类别。电子货币令牌被定义为“由电子货币发行人根据指令2019/904发行的稳定币，批准持有人以标称发行人的索赔索赔。”相比之下，资产引用的代币被定义为“不是电子货币代币的稳定币，并引用资产，商品或资产或商品以外的资产或商品篮的价值，或欧元或其他货币或其他货币或金融工具以外的账户单位”。

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

意大利议会的成员朱利奥·克森特罗（Giulio Centemero）尊敬的朱利奥（Giulio Centemero）直接向经济和金融部长提出了这个问题，寻求明确的澄清。

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

部长在书面回应中明确确认加密货币与资产引用的令牌之间的交换“与税收目的无关”。

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

该声明似乎明确解决了此事，没有任何疑问的余地。

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.

部长进一步解释说，有关资产引用的代币并未归类为电子资金，至关重要的是，以名义价值赎回。这种区别是主要的判别。

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."

用他的话说：“如果斯塔布尔币的持有人无权以标称价值对发行人索赔，则最终与加密货币的同一交换并不构成相关的事实。”

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."

该声明直接涉及Tuir（Testo Unico delle delle Imposte sui redditi或意大利综合法律法规）第67条，第c耶稣基因的字母c-sexies），该法规指出，“具有同等特征和功能的加密资产之间的交换并不构成符合税收目的的案例。”

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

尽管DAI（现在是USD）的问题已经解决，但另一种类型的Stablecoin USDT（Tether）仍然需要辩论。

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属于USD-Collat​​eralization Stablecoins类别，这些稳定的稳定者确实授予持有人对发行人的面值索赔权。例如，任何人都可以将USDT返回到Tether，例如通过充当主要市场的Bitfinex Exchange，在PAR上获得了美元。

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，欧洲法规云母没有将其包括在电子货币代币中，因为欧盟未在欧盟注册为电子货币（电子货币）发行人。

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.

换句话说，截至目前，根据欧洲法规，即使在PAR时可以直接赎回菲亚特，USDT也不能被视为电子资金。

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尊敬的问题专门用于资产引用的代币，而不是意大利USDT的财政相关性质。在这一点上，可能有必要等待有关此事的进一步明确声明。