The recent report “La diffusione dei Crypto-Asset e della Blockchain nel settore finanziario: analisi della domanda dei Consumatori e dell’offerta delle Banche in Italia” highlights the growing interest of Italians in crypto-assets. Approximately 14 million Italians, including both young people and individuals with high incomes, show interest in cryptocurrencies. Currently, 11% of the Italian population owns cryptocurrencies, while 10% have owned them in the past, totaling to 21% of Italians who have experience with these instruments. An additional 21% intends to purchase crypto-assets in the future, indicating a potential market for significant growth. Current users prefer online exchanges for purchasing crypto-assets, while potential investors show interest in banking apps and financial trading services, providing an opportunity for traditional banks to expand their offerings.
Italian banks currently have limited offerings in the crypto-asset sector due to regulatory shortcomings and low demand from traditional clientele. However, there are projects under development related to trading and payments in crypto, with custody services lacking but representing a new area of growth for financial institutions. Luciano Serra, Country Manager Italy of Boerse Stuttgart Digital, believes that crypto-assets present an important growth potential in Italy, especially with the upcoming MiCA regulation facilitating the entry of traditional financial institutions into the sector. This new phase may lead to the expansion of banks’ offerings and the convergence between traditional and digital finance in major services related to crypto-assets.
Despite regulatory challenges and limited demand, the mass adoption of crypto-assets appears to be on the horizon in Italy. Banks face obstacles such as the lack of internal knowledge and the need to collaborate with technological partners to acquire necessary skills. Valeria Portale, Director of the Osservatorio Blockchain & Web3 of the Politecnico di Milano, emphasizes the importance of educating users about crypto-assets, which are very different from traditional financial products and potentially risky. The pool of potential users in Italy is vast, and it is essential to not consider it a niche market to ensure successful adoption.
Italian banks have the opportunity to become trusted intermediaries in the crypto sector by offering secure custody services and providing advice on the risks and opportunities of crypto-assets. This move could not only increase user trust in banks but also open new revenue streams for financial institutions. Luciano Serra points out that the European Union is currently the largest regulated market in the world for digital assets, with a clear regulatory framework. Italian banks can reach new customers and boost revenues by entering the sector, following the lead of major American players who have been active in this field for years. The convergence of traditional and digital finance in the crypto sector presents a significant opportunity for Italian banks to expand their services and cater to the growing demand for crypto-assets among the Italian population.
