Nikolas Sargeant
Banca Intesa Sanpaolo, Italy’s leading bank by assets, made its first direct foray into cryptocurrency by purchasing 11 Bitcoins worth €1 million ($1.02 million) on Monday.
A Wired Italia report highlighted that this is the first time a major Italian credit institution has directly transacted in cryptocurrencies. The purchase was initially flagged by some bank employees on the imageboard website 4Chan.
“As of today (Monday), Intesa Sanpaolo owns 11 Bitcoins. Thank you all for the teamwork,” said Niccolò Bardoscia, head of digital assets trading and investments at Intesa Sanpaolo, in an internal email. Bardoscia, however, did not elaborate on the reasons behind the bank’s decision to buy Bitcoin or its broader plans for digital assets.
Last November, Intesa Sanpaolo expanded its digital assets division to include spot trading for cryptocurrencies. Previously, the bank’s involvement was limited to crypto options, futures, and exchange-traded funds. However, the spot trading platform is yet to be fully operational. The Milan-based bank has also partnered with Ripple Custody (formerly Metaco) to bolster its tokenized asset custody services.
Italy’s Evolving Crypto Regulations
Intesa’s Bitcoin purchase coincides with Italy’s overhaul of its cryptocurrency tax framework, specifically targeting Bitcoin (BTC) capital gains.
In December 2024, Italy’s Senate confirmed a 26% tax rate for crypto capital gains starting in 2025. Additionally, a government proposal to raise the withholding tax on Bitcoin profits to 33% by 2026 was approved.
In July 2024, Intesa made headlines as the sole institutional investor in the Italian development bank Cassa Depositi e Prestiti’s digital bond issuance, signaling its growing commitment to digital assets.
The implementation of the European MiCA Regulation has further reshaped the regulatory landscape for crypto service providers across the EU. Italy’s MiCA Decree designates Consob and the Bank of Italy as the primary authorities for ensuring compliance, reinforcing a structured framework for crypto adoption.
