Variable-damping hydraulic shock-absorber, comprising a cylindrical body extending along a longitudinal axis (x) and a rod which partially protrudes from the body and is axially movable relative to the body, wherein the body comprises an inner cylindrical tube and an outer cylindrical tube which enclose a reservoir chamber containing a damping fluid, wherein the shock-absorber further comprises a piston which is slidably mounted in the inner cylindrical tube, is attached to the bottom end of the rod and divides the internal volume of the inner cylindrical tube into a rebound chamber and a compression chamber, which are both filled with the damping fluid, wherein the body further comprises an intermediate cylindrical tube which is arranged around the inner cylindrical tube and encloses along with the latter an intermediate chamber, said intermediate chamber being permanently in fluid communication with the compression chamber, wherein the shock-absorber further comprises a first electronically-controlled valve and a second electronically-controlled valve which are arranged to adjust the flow of the damping fluid between the rebound chamber and the compression chamber, as well as between the compression chamber and the reservoir chamber, during the rebound phase and the compression phase, respectively, and wherein said second electronically-controlled valve is arranged outside the body of the shock-absorber and is hydraulically connected on the one hand with the reservoir chamber and on the other with the intermediate chamber to adjust, during the compression phase, the flow of the damping fluid from the compression chamber to the reservoir chamber via the intermediate chamber, characterized in that said first electronically-controlled valve is arranged inside the body of the shock-absorber, namely inside the inner cylindrical tube, so as to be drivingly connected with the rod for translation along the longitudinal axis (x), and is hydraulically connected on the one hand with the rebound chamber and on the other with the compression chamber to adjust, during the rebound phase, the flow of the damping fluid from the rebound chamber to the compression chamber. wherein the body comprises an inner cylindrical tube and an outer cylindrical tube which enclose a reservoir chamber containing a damping fluid, wherein the shock-absorber further comprises a piston which is slidably mounted in the inner cylindrical tube, is attached to the bottom end of the rod and divides the internal volume of the inner cylindrical tube into a rebound chamber and a compression chamber, which are both filled with the damping fluid, wherein the body further comprises an intermediate cylindrical tube which is arranged around the inner cylindrical tube and encloses along with the latter an intermediate chamber, said intermediate chamber being permanently in fluid communication with the compression chamber, wherein the shock-absorber further comprises a first electronically-controlled valve and a second electronically-controlled valve which are arranged to adjust the flow of the damping fluid between the rebound chamber and the compression chamber, as well as between the compression chamber and the reservoir chamber, during the rebound phase and the compression phase, respectively, and wherein said second electronically-controlled valve is arranged outside the body of the shock-absorber and is hydraulically connected on the one hand with the reservoir chamber and on the other with the intermediate chamber to adjust, during the compression phase, the flow of the damping fluid from the compression chamber to the reservoir chamber via the intermediate chamber, characterized in that said first electronically-controlled valve is arranged inside the body of the shock-absorber, namely inside the inner cylindrical tube, so as to be drivingly connected with the rod for translation along the longitudinal axis (x), and is hydraulically connected on the one hand with the rebound chamber and on the other with the compression chamber to adjust, during the rebound phase, the flow of the damping fluid from the rebound chamber to the compression chamber.