Italy's tax reform is coming fast and fierce.

Starting January 1st of this year, Italy officially implemented a 33% capital gains tax on cryptocurrencies. How crazy is this number? The tax rate jumped directly from 26% to 33%, basically the highest tier worldwide. Even more painful, the exemption threshold was also cut — previously, profits under 2000 euros might be tax-free, now earning just 1 euro requires reporting. The 14.5% one-time settlement benefit available last year has been completely abolished, and all unreported transactions will be taxed at 33%.

Tax compliance has become a global red line. Retail investors' profits are being heavily squeezed, but have you ever wondered what traditional finance is doing? They are quietly making money.

Italy’s century-old bank — UniCredit — recently demonstrated this perfectly. They partnered with state-owned institutions to directly issue 5 million euros worth of tokenized bonds, all on a public blockchain. They also launched tokenized notes for high-net-worth clients, completing registration through compliant blockchain systems. This isn’t a pilot; it’s a real, full-scale deployment.

The logic behind this move is clear: RWA (Real World Assets) has moved from concept to implementation. Traditional financial institutions, holding licenses and resources, are entering this space in the most practical way. When regulators tighten personal gains tax on one side, while traditional institutions explore compliant asset tokenization on the other, it’s a clear signal.

For retail investors, the situation is somewhat polarized. Stricter regulation means compliance must be prioritized, and skirting the rules is no longer an option. But institutional entry also signals that a new track is opening — RWA, tokenized assets, compliant stablecoins — these are the real opportunities in the next wave.

Stop only focusing on those short-term skyrocketing coins. Future opportunities are hidden in the combination of compliance and the real economy.