According to a recent analysis by Chainalysis, Italy has become a major player in the European cryptocurrency market. Between July 2023 and June 2024, Italy received $54 billion in on-chain cryptocurrencies, surpassing Switzerland and Portugal. The influx of cryptocurrencies in Italy has been driven by the increasing use of stablecoins, particularly for safer transactions in a volatile market. Stablecoins accounted for nearly half of the total cryptocurrency inflows in the Central, Northern, and Western Europe (CNWE) region. The European Union's introduction of the Markets in Crypto-Assets (MiCA) regulation aims to regulate crypto-asset service providers and could encourage wider adoption of cryptocurrencies. In addition, decentralized finance (DeFi) has also played a significant role in the cryptocurrency market in Europe, with the CNWE region being the fourth largest economy in the world for DeFi growth. Italy is well-positioned to continue growing in the cryptocurrency sector, but this will depend on how the country and the European Union manage the emerging regulations.
- Content Editor ( en.cryptonomist.ch )
- 2024-10-23
Chainalysis: Italy is among the leaders of the crypto market in Europe