Crypto Investment Among Italians Soars 10% in Just Two Years

CryptoNews.com · 2024-07-31T00:24:04+00:00

The number of Italians owning crypto has more than doubled in two years, but a survey has found that the internet is still their primary source of investment information. Social media is increasingly popular among women, younger adults and those with less financial knowledge, but only 3% of Italian investors rely on social media for investment advice. Most Italian investors prioritise the protection of investments over wealth growth. Italy is taking steps to regulate the cryptocurrency market, with strict regulations and the development of guidelines to implement the EU Markets in Crypto Assets law.

CryptoNews.com

2024-07-31 00:24:04

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Shalini Nagarajan

Last updated:

July 31, 2024, 04:24 EDT | 1 min read

The number of Italians owning crypto has significantly increased, more than doubling in just two years from 2022 to 2024, data released Tuesday by Italian financial regulator Consob showed.

However, this growing popularity doesn’t necessarily mean a corresponding rise in understanding about these digital assets.

A survey of over 2,000 investors conducted earlier this year found that the internet is the primary source of investment information for most Italian investors.

Television follows at a distant second, with social media and financial platforms sharing the third spot. Meanwhile, print and online newspapers are more popular than information from financial institutions.

Most Financial Decision Makers Are Men Over 50, Consob Data Shows

Further, Consob said that social media is a more significant source of financial information for younger adults, women, lower-income households, and those with less financial knowledge. However, while it influences initial research, its impact on final investment decisions is minimal, with only 3% of respondents relying on social media advice.

The study points out that typically, the person making financial decisions in a household is the highest earner, who also manages the finances. In 78% of these cases, this individual is a man, averaging 51 years old.

Most investors prioritize capital preservation over growth, with 81% focusing on protecting their investments compared to 55% seeking to increase their wealth.

Italian Central Bank to Enforce EU MiCA Law with New Crypto 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.

Additionally, the Italian central bank is developing guidelines to implement the EU Markets in Crypto Assets (MiCA) law, which is set to take effect later this year.

The recently issued decree enforces strict measures to reduce risks linked to cryptocurrencies. It imposes hefty penalties, varying from $5,400 to $5.4m, for violations like insider trading, market manipulation, and the unauthorized release of confidential information.

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