DGI: Bitcoin hits new highs, while Italian regulator lags behind

Bitcoin surpasses $111,000 in Q2 2025, driven by strong interest from both retail and institutional investors. MiCA licenses are being granted across Europe - but not yet in Italy.

Milan, July 7, 2025 - The Digital Gold Institute (DGI), the research division of CheckSig and Europe’s leading think tank focused on Bitcoin, crypto-assets, and blockchain, has released the 26th edition of its quarterly report on the crypto ecosystem.

The second quarter of 2025 marks a new all-time high for Bitcoin, which broke through the $111,000 threshold after a temporary pullback earlier in the year. This upward trend reinforces Bitcoin’s growing maturity as an asset and its low correlation with traditional asset classes. Meanwhile, global regulatory frameworks continue to evolve: Europe is moving ahead with the implementation of MiCA (Markets in Crypto-Assets), while in the United States, the Genius Act - the first comprehensive stablecoin legislation - is nearing adoption.

Bitcoin leads the market with record-high performance

Bitcoin posted a +31% gain in Q2 2025, bringing its year-to-date performance to +15%. These figures confirm Bitcoin’s emerging role as a store of value and a diversification tool. With the highest market cap, trading volume, and performance among all crypto-assets, Bitcoin retains its undisputed leadership. Institutional capital played a significant role in this growth, with inflows into spot ETFs exceeding $12 billion over the quarter.

Among other digital assets, Ether saw a rebound (+38%), driven by the launch of the Pectra system upgrade, which helped the asset recover from the negative sentiment linked to the ByBit case earlier this year.

Regulation: Europe advances, Italy falls behind

The quarter reflects the early positive impact of MiCA, which has been in force since January 2025, bringing greater legal clarity and regulatory harmonization to the European crypto market.

Several global players have already begun the process to obtain a MiCA license. Among the first licensed entities are major names in traditional banking, including BBVA and Commerzbank - a clear sign that crypto is entering the realm of regulated finance in Europe.

Italy, however, remains at the back of the pack. Despite more than 2.5 million Italians holding crypto with regulated operators - with a total portfolio value of €2.5 billion, according to Q1 2025 data from the OAM - the national licensing process has yet to begin. The delay stems from the government’s decision to extend the deadline for license applications, effectively postponing the entire authorization process.

Ferdinando Ametrano, Scientific Director of the Digital Gold Institute, commented: ”Italy’s regulatory delays leave retail investors exposed to unreliable crypto providers, put domestic companies at a disadvantage in the European market, and cause the country to miss out on a historic opportunity for innovation and growth.”

In the U.S., the Genius Act takes shape

Across the Atlantic, attention is focused on the Genius Act - a bipartisan bill promoted by the Trump administration to regulate the issuance and management of stablecoins. Currently advancing in Congress, the proposal introduces robust requirements for:

• full reserve backing of stablecoin issuances,
• regular third-party audits,
• strict compliance with anti-money laundering and counter-terrorism regulations.

The Genius Act is a landmark initiative for the integration of stablecoins into regulated financial markets and further confirms the U.S. leadership role in shaping the global crypto ecosystem.

CheckSig Survey: 68% of Italians want crypto services from their banks

At the report presentation event, Francesco Del Pizzo, Institutional Sales Specialist at CheckSig, shared insights from the Crypto Banking Survey, an analysis exploring the expectations and behaviors of Italian banking customers regarding crypto services.

The study shows a growing and tangible interest: 68% of respondents expect their bank to offer crypto-related services. This is a clear signal of investor demand and highlights the central role that traditional financial institutions could play in the crypto market’s future.

Del Pizzo emphasized: ”71% of those expecting crypto services from their bank would be willing to switch providers to access them. This demonstrates just how important crypto-assets have become in shaping client investment decisions - and it underscores both the risks and the opportunities that banks now face.”

The video presentation of the Digital Gold Institute’s 26th report is available on the Digital Gold Institute YouTube channel. The next report covering Q3 2025 will be presented on October 6, 2025.

Download the press release.