The number of Italians holding cryptocurrencies has increased significantly, doubling in just two years from 2022 to 2024, data released Tuesday by Italian financial regulator Consob showed.
However, this growing popularity does not necessarily mean a corresponding increase in understanding of these digital assets. A survey of more than 2,000 investors conducted earlier this year found that the internet is the main source of investment information for most Italian investors.
Television is in second place, with social media and financial platforms sharing third place. Meanwhile, print and online newspapers are more popular than information from financial institutions.
Most financial decision makers are men over 50, Consob data shows
Moreover, Consob showed that social media is a more important source of financial information for younger adults, women, lower-income households and those with less financial knowledge. However, while they influence initial research, their impact on final investment decisions is minimal, with only 3% of respondents relying on social media advice.
The survey indicates that typically the person making financial decisions in the household is the top earner, who also manages finances. In 78% of these cases, this person is a man, whose average age is 51.
Most investors prioritize capital preservation over growth, with 81% focusing on protecting their investments, while 55% seek to increase their wealth. Italy’s central bank will enforce EU MiCA law with new cryptocurrency guidelines
Italy is taking steps to increase oversight of the cryptocurrency market. In June, the country announced plans to introduce strict regulations, including hefty fines for market manipulation. In addition, Italy’s central bank is drafting guidelines to implement the EU’s Crypto Asset Markets Act (MiCA), which is expected to take effect at the end of this year.
The recently issued decree enforces strict measures to reduce risks associated with cryptocurrencies. It imposes severe fines, ranging from $5,400 to $5.4 million, for violations such as insider trading, market manipulation and unauthorized disclosure of confidential information.
