Abstract: A mixing valve is described for a dispensing device for dispensing a cooled beverage mixed with a gas, comprising: a first inlet which can be fluidically connected to a first source of gas and can be supplied with the gas; a second inlet which can be connected to a second source of the beverage without gas and can be supplied with the beverage not mixed with the gas; an outlet which can be connected to a first dispensing mouth for dispensing the beverage mixed with the gas; the dispensing mouth is available in a closed or open configuration to prevent or allow dispensing of the beverage mixed with said gas; a chamber interposed between the first and the second inlet on one side and the outlet on the other side and adapted to allow mixing of the gas and non-mixed beverage, thus forming the beverage mixed with the gas; and regulation means, configured to allow, when the first dispensing mouth is arranged in the open configuration, the passage, respectively, of a first flow value of gas between the first inlet a