Crypto adoption in Italy: from retail boom to cautious institutions (2023-2025)

Retail adoption in strong growth

The financial markets regulator CONSOB reported in July 2024 that the percentage of Italians with cryptocurrencies had increased from 8% in 2022 to 18% in the first months of 2024. In practice, almost one in five Italians had tried to invest in digital assets. ANSA: Italians investing in crypto doubled in two years

Younger generations are at the forefront: millennials and Gen Z have invested far more than baby boomers. Another relevant fact: 34% of Italian crypto investors are women, one of the highest ratios in Europe.

However, cryptos are mainly used as a investment tool, not as a currency. Most Italians invest less than €5,000, often as a speculative bet. Surveys show a lot of curiosity, but volatility and fears of fraud remain major barriers.

Ferrari takes cryptos into luxury payments

In October 2023, Ferrari announced that it would accept Bitcoin (BTC), Ether (ETH) and USDC for the purchase of its cars in the US, via BitPay.

In July 2024, Ferrari extended the programme to Europe, including Italy, allowing supercars to be purchased with crypto.

This is a niche but highly significant phenomenon: Italy's most iconic brand has embraced crypto to attract wealthy customers, protecting itself from volatility by converting payments into euros immediately.

Intesa Sanpaolo buys Bitcoin

On January 13, 2025, Intesa Sanpaolo, Italy's largest bank, executed its first proprietary trade in Bitcoin, buying 11 BTC for about €1 million.

The bank described the transaction as a pilot test to prepare for customer demand, not a strategic bet. CEO Carlo Messina warned small investors about the risks, stressing that the operation was limited and very controlled.

Other institutions moved:

• UniCredit launched a certificate on Bitcoin with capital protection linked to ETFs.
• Banca Sella tested crypto custody services with employees in 2025, with the aim of extending them to 1.4 million customers.
• Banca Generali has continued to offer Bitcoin through its partnership with Conio.

Regulation: clearer but stricter

Between 2023 and 2025, Italy has introduced one of the most stringent regulatory frameworks in Europe:

• Taxation.The Budget Law 2023 set a 26% tax rate on capital gains from crypto. At the end of 2024, parliament approved an increase to 33% from 2026, sparking debates on competitiveness.
• Market Abuse In June 2024, fines of up to €5.4 million were introduced for insider trading, market manipulation or unlawful communications.
• MiCA implementation In September 2024 CONSOB published guidelines to adapt Italy to the European Markets in Crypto-Assets (MiCA) framework, setting rules for service providers, stablecoins and consumer protection.

Infrastructure and Ecosystem

• Exchange. More than 150 crypto service providers are registered with the OAM, including Binance, Coinbase and Italian startups such as Young Platform and Conio.
• ATM. Bitcoin counters have increased from around 80 in 2021 to over 200 in 2025, mainly concentrated in Milan, Rome and Turin.
• Blockchain. In addition to crypto, ABI has launched 'Spunta', a blockchain for interbank reconciliation. The government has financed several R&S projects in blockchain applied to various sectors.

European comparison

Italy today is in the middle of the rankings in Europe:

• Ahead of France and Germany for retail adoption.
• Lower than crypto-friendly hubs such as Portugal and Slovenia.
• Taxation: at 33%, it has one of the highest tax rates in Europe.
• Institutions: they are catching up, with the purchase of Intesa as a watershed.

Perspectives 2025-2026

1. Banks - Will others follow Intesa in direct trades in Bitcoin?
2. Fiscal - Will new rates reduce adoption or formalise it?
3. MiCA - How quickly will Italian companies integrate into the European passporting system?
4. Payments - Besides Ferrari, will other Italian brands accept crypto?

Conclusion

The crypto market in Italy is no longer on the fringes. Millions of retail investors are participating, brands like Ferrari are accepting digital payments and the country's largest bank has bought Bitcoin.

Meanwhile, regulators have tightened controls with MiCAs and new taxes. Italy is embracing crypto with caution and pragmatism, with an eye on investor protection. The next two years will tell whether this balance will lead to sustainable growth or push talent and capital to other European countries.