In an industry still haunted by collapses, volatility, and regulatory whiplash, few companies are daring to take a compliance-first approach to crypto expansion. Fewer still are doing so with a long-term view on infrastructure, licensing, and consumer trust.
But one fintech is taking the road less traveled — and making a compelling case for why crypto’s next chapter in Europe won’t be written in the clouds of speculation, but on the ground of regulation.
Meet Wirex: a British-founded digital payments company that, over the past decade, has quietly evolved from early crypto startup into one of the most internationally licensed platforms in the space.
The rationale is simple, but the implications are sweeping: as MiCA, the EU’s Markets in Crypto-Assets regulation, reshapes how the digital asset economy functions across 30+ member states, Wirex is betting that being early, compliant, and present on the ground will be the winning formula.
This isn’t a test market. This is a long-term play.
“The crypto industry can’t afford to keep improvising,” said Pavel Matveev, Co-founder of Wirex. “We’re moving into a phase where what matters is not just product innovation— but regulatory clarity, operational resilience, and user protection. That’s why Italy.”
Why Italy — and Why Now?
While global competitors continue to hedge their regulatory exposure, Wirex is opting in. In 2025, the company made a decisive move — selecting Italy as its European crypto base to lead operations across the European Economic Area (EEA).
From licensing and legal architecture to product development and compliance, Milan is now Wirex’s crypto nerve center for the EEA.
It’s a calculated move. While France, Germany, and the Netherlands dominate fintech media coverage, Italy has emerged as a pragmatic, innovation-tolerant jurisdiction. By focusing on creating a balanced regulatory environment that encourages fintech experimentation while ensuring consumer protection, Italy is positioning itself as an attractive alternative for startups and investors seeking stability without compromising on innovation.
Market Landscape in Italy
Italy’s fintech sector is one of the fastest-growing in Europe. As of 2023, the country was home to 622 fintech and insurtech startups, with approximately 15% being foreign companies. Notably, the Fintech District community in Milan represents over 300 companies, accounting for more than 60% of the national market.
Despite a challenging funding environment, Italian fintech startups raised €174 million in 2023, reflecting an 81% decline from the previous year. However, there was a noticeable recovery in Q4, indicating resilience in the sector.
At the same time, the crypto market is gaining significant traction. In 2024, approximately 2.7 million Italians held digital assets, representing 7% of the internet population aged 18 to 75. This marks a 118% increase in users compared to five years prior.
This gap between awareness and adoption signals massive untapped potential — a market that Wirex is now well-positioned to serve.
Fintech Landscape and Regulatory Status
Italy’s appeal isn’t just about market size — it’s about infrastructure. The government has taken meaningful steps toward building a responsible innovation ecosystem. It was one of the first EU nations to embrace clear guidelines for crypto assets, with MiCA implementation now well underway.
On 13 September 2024, Italy published Legislative Decree No. 129, implementing Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR). This decree introduces a comprehensive regulatory framework for crypto-asset service providers (CASPs) operating in Italy, replacing the existing rules on virtual asset service providers (VASPs).
While the country initially proposed increasing the capital gains tax on cryptocurrencies from 26% to 42%, this plan faced strong opposition. Lawmakers and stakeholders argued such a move could drive crypto activities underground. As a result, the government decided to maintain the 26% rate in 2025, with a planned increase to 33% in 2026 (Reuters, Cryptonomist).
For Wirex, this clarity is a competitive advantage — not a compliance burden.
More Than Market Entry: A Case Study in Compliance-Driven Growth
Wirex has always focused on making crypto useful in the real world — prioritising practicality over passing trends. For users in Italy, that means a product that’s both innovative and intuitive: a crypto card that works with Visa and Mastercard, the ability to manage both fiat and digital currencies in one app, and a user-friendly interface built with compliance in mind. As Italy prepares to fully implement MiCA, Wirex is offering a solution that’s ready for everyday use — and ready for the future.
That commitment to utility isn’t just a mission statement — it’s backed by milestones. In 2015, Wirex launched the world’s first crypto-enabled card, letting users instantly convert crypto into fiat at checkout. Since then, the platform has become a principal member of both Visa and Mastercard, processed over $20 billion in transactions, and grown a global user base of more than 6 million people across 130+ countries.
And trust isn’t just a principle — it’s a metric. A 2024 survey by Consensys revealed that 94% of Italians are familiar with the term “cryptocurrencies,” yet only 49% claim to understand how they work. Among those who don’t invest, 60% cited volatility, 54% pointed to scam risks, and 41% said they didn’t know where to begin.
By grounding itself in compliance and user education, Wirex has the opportunity to bridge this trust gap and build a long-term relationship with Italian consumers.
The company’s commitment to transparency hasn’t gone unnoticed. In 2025, it was named a finalist at the ICA Compliance Awards Europe — a rare feat in a sector that still struggles with regulatory skepticism.
“Trust is the real currency in crypto,” added Pavel Matveev, Co-founder of Wirex. “And trust is earned through regulation, licensing, and user protection — not slogans.”
What’s Actually Being Built in Milan
Wirex’s Milan office isn’t a back office. It’s a build site for the future of compliant crypto across Europe.
The team includes veterans from banking, compliance, and fintech — people focused on turning crypto from buzzword to backbone. And the mission is clear: to offer infrastructure that makes digital assets usable, spendable, and safe.
“Crypto’s next wave in Europe won’t be led by rebels,” commented Matveev. “It will be led by companies that treat crypto not as a product — but as a regulated infrastructure.”
Wirex is already licensed in the UK, with crypto registrations across Europe and APAC. But its Italian pivot is more than operational. It’s philosophical. It’s a vote of confidence in Europe’s regulated future — and in Italy’s role as a gateway to it.
Whether others follow this model remains to be seen. But one thing is clear: in a world of regulatory uncertainty, Wirex is choosing the slow, steady, and strategic path.
And in the long run, that might be the only path that matters.