Italy is positioned at the second place among the 10 European countries with the highest gross domestic product for the number of service providers related to the use of virtual currency and digital wallet service providers (Vasp). This figure emerges from the analysis accompanying the report on the first quarterly flow of 2023 relating to transactions carried out by customers, which the Vasps are required to send to the Agents and Mediators Body (Oam).
One billion euros in Virtual Currencies
According to the report, at the end of the first quarter of 2023, customers held over one billion euros in virtual currencies. The OAM received the identification data relating to cryptocurrency operations of 1.174.914 customers, of which 59% (about 690.665 customers) held cryptocurrencies in their portfolio on the last day of the quarter, for a countervalue in euros of 1.067.614.570, with an average value of 1.545,78 euros. In the same period, 1.758.823 fiat-to-virtual currency conversion transactions were carried out (average of 11,74 transactions per client) and 1.573.691 fiat-to-fiat currency conversion transactions (average of 14,99 transactions per client).
Italy in the first European countries
The analysis of the top 10 European countries by GDP reveals that, as of 30 June 2023, Italy had 114 Vasps registered in the appropriate Register, ranking second only after Poland, which holds the record with 768 operators. In third place is France with 78 operators. Overall, in the 10 European countries analysed, 1.116 VASPs are active.
In the detail of the report, the picture of the cryptocurrency market in Italy. Of the 109 Vasps in the form of legal persons registered in the Special Section of the Oam Register, 127 provide their services to customers through physical points and 77 through ATMs. The greatest concentration of physical points is found in Lombardy (18%), followed by Lazio (17%) and Tuscany (13%).
Operators and customers
The report also reveals the classification of operators according to size. Of the 74 operators that transmitted customer data, 53 companies are classified as 'small', having provided information on fewer than 500 customers. Fifteen operators fall into the "Medium Exchange" category, with data transmitted for between 500 and 50.000 customers. Only six operators are classified as "large", having provided data on more than 50.000 customers.
Turning to the customer side, 99,88% is represented by natural persons, while only 0,12% by legal persons, with a higher concentration in Northern and Central Italy (46% and 30% respectively).
It is also interesting the analysis of the age of the customers involved in operations with cryptocurrencies. The age group between 18 and 29 represents the largest share, equal to 40%, followed by customers between 30 and 39 years (25%). The amount of investments, both in legal and virtual currencies, reveals that customers aged between 40 and 60 hold the record, with percentages around 50 percent.
Monitoring and fight against illegality
As part of the monitoring and fight against illegal activities, theOam has identified 16 individuals who appear to carry out VASP activities without being registered in the special register. In detail, 65 subjects were analysed, with 25% of the sample (16 subjects out of 65) having an internet site in Italian and 5% (3 subjects out of 65) having a social network in Italian. This information will then be communicated to the Guardia di Finanza for the pertinent investigations.
