Recorded over three million conversion operations. OAM (the agency analyzing quarterly customer flows) highlighted this in their inaugural report. 16 potentially non-compliant operators were reported to the Guardia di Finanza
Italy ranks second among Europe's top 10 GDP-leading countries for Virtual Asset Service Provider (VASP) adoption. This data stems from Q1 2023 transaction flow reports submitted by VASPs to the Agents and Mediators Agency (OAM).
€1 Billion in Virtual Currencies
The report reveals that by Q1 2023, customers held over €1 billion in virtual currencies. OAM received identity data for 1,174,914 clients engaged in crypto transactions, with 59% (690,665 clients) holding cryptocurrencies by quarter-end. The euro-equivalent value totaled €1,067,614,570, averaging €1,545.78 per client. During this period:
- 1,758,823 fiat-to-crypto transactions (avg. 11.74/client)
- 1,573,691 crypto-to-fiat transactions (avg. 14.99/client)
👉 Discover how Italy's crypto market compares globally
Italy’s Leadership in European Crypto Adoption
Among Europe’s top 10 GDP nations:
- Poland leads with 768 registered VASPs
- Italy follows closely with 114 VASPs
- France ranks third (78 VASPs)
Collectively, these countries host 1,116 active VASPs.
Geographic Distribution in Italy
- Lombardy: 18% of physical service points
- Lazio: 17%
- Tuscany: 13%
Operator and Client Demographics
Operator Categories:
- Small: 53 operators (<500 clients)
- Medium: 15 operators (500–50,000 clients)
- Large: 6 operators (>50,000 clients)
Client Breakdown:
- 99.88% individual investors
- 0.12% legal entities, primarily in Northern/Central Italy
Age Groups Dominating Crypto Engagement:
- 18–29 years: 40% of users
- 30–39 years: 25%
- 40–60 years: 50% of total investment volume
👉 Learn why younger generations favor crypto investments
Regulatory Oversight
OAM identified 16 unregistered entities potentially operating as VASPs. Key findings:
- 25% had Italian-language websites
- 5% maintained Italian social media profiles
Cases were escalated to the Guardia di Finanza for investigation.
FAQ
Q: Why is Italy a hotspot for cryptocurrency adoption?
A: High youth engagement (40% under 30), progressive regulations, and dense VASP infrastructure drive Italy’s crypto prominence.
Q: How does Italy compare to other European nations?
A: Italy ranks second only to Poland in registered VASPs, outpacing France and Germany.
Q: What risks do unregistered VASPs pose?
A: They may bypass anti-money laundering (AML) protocols, increasing fraud and financial crime risks.
Q: Which age group invests the most in crypto?
A: While 18–29-year-olds dominate user numbers, 40–60-year-olds contribute 50% of investment volume.
Q: What regions in Italy lead crypto service accessibility?
A: Lombardy (18%), Lazio (17%), and Tuscany (13%) host the most physical crypto service points.