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Italy
Cryptocurrency information about Italy
How many crypto owners are in Italy?
It is estimated that 1.33 million people, 2.26% of Italy’s total population, currently own cryptocurrency.¹
State of crypto in Italy
As of July 2022, Italy does not have any specific regulatory legislation regarding taxation of cryptocurrency income. It is legal to trade and hold cryptocurrencies in Italy.²
Thus far, the government has defined cryptocurrency as ‘virtual currencies’, putting it under the Legislative Decree no. 90 of 2017, an Anti-Money Laundering Directive, an attempt to prevent cryptocurrency being utilised for money laundering or facilitating terrorism.³
Looking ahead, as a member of the European Union, Italy would most likely gain more regulatory guidance with stronger frameworks in place. This is due to the EU’s Parliament plan to consolidate cryptocurrency within its jurisdictional control, putting it under a central regulatory framework.⁴
With that said, Italy continue to be a favourable destination for cryptocurrencies as large crypto firms such as crypto.com, Coinbase, and Binance all secured some form of license of operation in Italy this year. ⁵
Italy crypto ownership demographics
As of July 2022, it is estimated that 57% of its crypto users are male while 43% are female. ⁶ Most crypto users (44%) are in the 28 – 38-year-old age group. Furthermore, 60% of Italian crypto users hold at least a Bachelor’s degree. Lastly, a large group of Italian crypto users, roughly 80%, reported an annual income of 10,000 Euros – 70,000 Euros. ⁷
Crypto’s rising popularity in Italy
- Italian government will provide $46 million in subsidies for blockchain projects – Jul 2022
Earlier last month, the Italian government promised a $46 million subsidy package for blockchain projects, part of Italian government’s aim to pour investment in technology, research and innovation.
- Cryptocurrency Exchange Crypto.com Expands to Italy – Jul 2022
Crypto.com continue its global expansion as it won regulatory approval from Italy’s Organismo Agenti e Mediatori (OAM) , allowing the centralised exchange firm to provide its services to customers from Italy.
