This alteration has been on the middle of the current report “La diffusione dei Crypto-Asset e della Blockchain nel settore finanziario: analisi della domanda dei Consumatori e dell’offerta delle Banche in Italia”, created by Boerse Stuttgart Digital in collaboration with the Osservatorio Blockchain & Web3 of the Politecnico di Milano.
The analysis was offered yesterday, July 23, 2024, on the Fintech District in Milan.
Rising Curiosity of Italians in crypto
The research reveals that roughly 14 million Italians, together with each younger individuals and people with excessive incomes, present curiosity in crypto-assets. At the moment, 11% of the Italian inhabitants owns cryptocurrencies, whereas 10% have owned them prior to now.
This results in a complete of 21% of Italians who’ve had expertise with these devices. An extra 21% intends to buy them sooner or later, suggesting a possible marketplace for vital development.
Present customers choose to make use of on-line exchanges for buying crypto-assets, whereas potential buyers present a desire for banking apps and monetary buying and selling companies, highlighting a possibility for growth for conventional banks.
The Italian Banks and the Supply of Crypto Companies
At the moment, the providing of Italian banks within the crypto-asset sector is proscribed resulting from regulatory shortcomings and the low demand from conventional clientele. Nevertheless, there are initiatives underneath growth associated to buying and selling and funds in crypto. Custody companies are nonetheless missing, a sector that would symbolize a brand new space of development for monetary establishments.
Luciano Serra, Nation Supervisor Italy of Boerse Stuttgart Digital, commented:
“In Italy, crypto-assets current an vital development potential. The MiCA will facilitate the entry of conventional monetary establishments into this sector, particularly these already consistent with the safety requirements required by current European rules. We’re at the start of a brand new section that may favor the growth of the banks’ choices and the convergence between conventional and digital finance in all main companies in crypto-assets.”
Challenges and Future Alternatives for banks and crypto
Regardless of regulatory challenges and nonetheless restricted demand, the mass adoption of crypto-assets appears to be on the horizon. Banks should face a collection of obstacles, together with the dearth of inside data and the necessity to collaborate with technological companions to amass the mandatory abilities.
Valeria Portale, Director of the Osservatorio Blockchain & Web3 of the Politecnico di Milano, emphasised:
“In Italy, the pool of potential customers is huge. We should not make the error of contemplating it a distinct segment market. It’s important to additionally work on educating customers about these devices, that are very totally different from conventional monetary merchandise and probably very dangerous”.
The Italian banks and the connection with crypto
The Italian banks have the chance to develop into trusted intermediaries within the crypto sector, providing safe custody companies and recommendation on the dangers and alternatives of those new monetary devices. This might not solely enhance consumer belief but in addition open new income streams for monetary establishments.
Luciano Serra defined:
“Right this moment the European Union is the most important regulated market on the planet for digital belongings, with a transparent and uniform regulatory framework. Banks might thus attain new clients and enhance revenues. The large American gamers have been lively on this area for years, it’s time for Italian banks to enter this sector as effectively.”