Cryptocurrency Adoption and trends in Italy in 2022
It is estimated that 1.33 million people, 2.26% of Italy’s total population, currently own cryptocurrency.
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.
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.
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.
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.
As of July 2022, it is estimated that 57% of its crypto users are male while 43% are female. 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.