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Italy’s Largest Banking Institution Makes Direct Investment in Cryptocurrencies for the First Time
Banca Intesa Sanpaolo, the largest financial institution in Italy by assets, acquired 11 Bitcoins on Monday, amounting to €1 million ($1.02 million).
According to a report from Wired Italia, this represents the first instance in Italy where a credit institution has executed a direct cryptocurrency transaction.
Some employees of the largest Italian bank initially reported the cryptocurrency purchase and sale on the imageboard site 4Chan.
“As of today (Monday), Intesa Sanpaolo possesses 11 Bitcoins. Thank you all for the collaboration,” stated Niccolò Bardoscia, head of digital assets trading & investments at Intesa Sanpaolo in an email.
However, Bardoscia did not disclose further details regarding Intesa Sanpaolo’s reasons for selecting BTC or its future cryptocurrency strategies. It remains uncertain whether this action indicates the bank’s intention to broaden its cryptocurrency services.
Last November, Intesa Sanpaolo expanded the scope of its digital assets desk to include spot trading for cryptocurrencies. The largest lender in Italy had previously only engaged in trading cryptocurrency options, futures, and exchange-traded funds. Nevertheless, spot trading is not yet operational.
Based in Milan, Intesa Sanpaolo has collaborated with Ripple Custody (formerly Metaco) to enable tokenized asset custody.
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Intesa’s action reflects a growing trend among traditional financial institutions investigating cryptocurrencies.
Italy’s Crypto Tax Revisions
The bank’s Bitcoin investment coincided with the country’s revision of its cryptocurrency taxation laws, particularly focusing on Bitcoin (BTC) capital gains.
In December 2024, Italy’s Senate finalized the tax rates for cryptocurrency capital gains, confirming a 26% tax for 2025. Additionally, the parliament approved a government proposal to raise the withholding tax on Bitcoin earnings to 33% in 2026.
In July 2024, Intesa became the sole institutional investor in the digital bond issuance by the Italian development bank Cassa Depositi e Prestiti. This move represented a significant advancement in the adoption of digital assets in Italy.
Moreover, the implementation of the European MiCA Regulation signifies a notable change in the regulatory landscape for cryptocurrency service providers across the EU.
The European Union set a deadline of December 30 for its member states to implement MiCA, although not all countries have been able to do so.
In Italy, the MiCA Decree, the Legislative Decree of September 5, 2024, assigns substantial responsibilities to the Commissione Nazionale per le Società e la Borsa (Consob) and the Bank of Italy. It designates them as the primary national authorities for overseeing compliance with MiCA’s regulations.
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