Prize competitions in Italy: prizes in unique digital objects are allowed, cryptocurrencies are not
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The Italian Ministry of Economic Development (MISE), in January 2023, released new guidelines on prize competitions. These specify that:
a) prizes in cryptocurrencies are not allowed, since they are considered comparable to cash prizes, which are prohibited by the applicable legislation (Presidential Decree no. 430/01);
a) prizes consisting of "unique digital objects, also made using blockchain technology, such as NFTs or others with similar characteristics", are admitted.
The latter, in fact, the MISE states, are intangible assets susceptible to economic evaluation and subject to taxation, both at the time of their issue and during their circulation on the market. Hence the possibility of offering them as a prize, in line with current legislation.
