Italy led the charts as the highest crypto trading volume per person during the fourth quarter of 2022 with $111,265, according to a recent study from BitcoinCasinos.
The U.K. and the U.S. are ranked second and third with $91,716 and $73,279, respectively, as the data from BitcoinCasinos report indicates.
Crypto trading in Q4’22
During the last three months of 2022, Italy had 2.9 million crypto users and $318.4 billion in total trading volume. The country’s crypto trading volume per person was 51% larger than the U.S. during the fourth quarter of 2022.
Italy took several steps to promote crypto adoption in 2022. At the beginning of 2022, Italy’s top private bank started allowing its users to buy and store Bitcoin (BTC).
In July 2022, the Italian government spared a $46 million budget for companies dedicated to researching blockchain and crypto technology. Finally, in December 2022, Italy announced it would impose a 26% tax on all crypto gains above €2,000 in 2023.
Number of users
Despite leading in terms of trading volume per person, Italy has a considerably small number of crypto users on a global scale. With 2.9 million users, Italy is placed 11th out of the top 12 countries with the highest number of crypto users.
The second leader in crypto trading volume, the U.K. has the ninth most significant number of crypto users, with 4.7 million. The U.S., on the other hand, is placed fourth with 30.6 million users.
Even though it holds the fifth-largest crypto trading volume per person at $50,470, Germany has the highest number of crypto users in Europe at 5.9 million users.
However, on a global scale, India leads the charts by having the highest number of crypto users, with 79.2 million users. China and Brazil follow India as the second and third with 64.5 million and 32.3 million crypto users, respectively.
The study also noted that the number of crypto users in the U.K. has surged by 45% and reached 4.7 million users in 2022 — while France recorded a 46% year-over-year (YOY) increase, reaching 3.8 million users.
YoY growth as of Q4’22
Despite Italy’s considerably large individual trading volume, the country ranks at the bottom of the list when the YOY crypto adoption growth is calculated with a 10% growth rate.
According to the numbers, Japan recorded the highest growth in crypto adoption — surging 117% between the fourth quarter of 2021 and the fourth quarter of 2022. The government has been focused on crypto regulations and strategic investments in the metaverse and the central bank digital currencies (CBDCs).
Russia and Brazil were placed second and third by recording 95.4% and 77.9% adoption growth, respectively. Russia accelerated crypto adoption as a way to escape the global sanctions it started facing after invading Ukraine.
Meanwhile, Brazil was motivated to increase crypto adoption as the citizens began turning to crypto to escape rising inflation.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
