Until 2018, Italy didn’t have a legal framework for cryptocurrency or bitcoin regulations. People could freely invest in the tokens and digital assets to reap benefits. However, scenarios have changed a bit since then. Now, investors and exchanges have to register themselves at the Institution of Agents and Mediators. The list of agents will also be made available to the financial police to eliminate the chances of money laundering and conduct an investigation.
Nevertheless, the fever of investing, using, and selling these digital assets has only begun in the European nation. In 2022, approximately ten bitcoin ATMs were installed in Milan, Italy. And this number is expected to increase in the coming years.
So, if you are looking forward to investing in digital assets or commencing a business related to cryptos, such as developing an exchange platform, wallet app, or NFT marketplace, you have come to the right place.
However, before we begin, you must know that it would be best to get Italian Citizenship to ease your business process as a non-Italian. Why? The reason is that when you have citizenship, the legal process involved in setting up a business will get streamlined. You may get in touch with these Italian Dual Citizenship experts to know more about its perks. In fact, the experts can also guide you through the application process and take you one step closer to your dream.
That said, let’s get some valuable insights about Cryptocurrency in the Italian economy.
- Smooth Flow Of Cryptocurrency Exchange
Numerous cryptocurrencies are operating within the country. However, approximately 2% of the country’s citizens invest in international exchanges. Even some of the coffee houses, jewelry stores, and restaurants now accept bitcoins for goods and services.
Sure enough, the Commissione Nazionale per le Società e la Borsa, or National Commission for Companies and the Stock Exchange, is trying to impose restrictions to regulate blockchain. Despite that, investors and businesses are making transactions using digital assets.
- Benefit Of NFTs
The Cryptocurrency movement is aiding Italian organizations and brands in earning high RoI. And NFTs (Non-fungible-token) further facilitate the companies in accelerating their revenue. Simply put, businesses take digital art pieces- images, videos, art, properties, and memes- and sell them to potential buyers.
However, unlike the regular item, the floor price of NFTs is decided by the buyers who own the item of the project. In the past few years, numerous well-known luxurious fashion brands and sports clubs made profits by dealing with NFTs in Italy.
- Government’s Support For Blockchain Technology
The Italian government has made boosting the deployment of digital technology a top focus in recent years. In fact, specific government programs have been established for the purpose of financing digital start-ups as well as to advertise and support artificial intelligence as a way to revolutionize corporate operations.
Such initiatives are particularly targeted at those sectors that have formed the backbone of the Italian business community. In particular, the government’s initiatives to encourage innovation are focused on blockchain and the sphere of cryptocurrencies.
To Sum It All Up
Considering all the information given above, it is quite evident that the future of digital assets in the Italian economy is advantageous. So, if you commence your business now or make an investment, you’ll be swimming in the sea of opportunities.