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Key Takeaways
- Italy’s largest bank, Intesa Sanpaolo, made its first Bitcoin trade.
- This move may encourage more mainstream acceptance in the country.
- 1.4 million Italians currently hold cryptocurrencies.
Intesa Sanpaolo, Italy’s largest bank by market capitalization, has made a surprising entry into the crypto world.
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This historic move marks the first time an Italian bank has purchased Bitcoin, signaling a potential shift in the regulatory environment for cryptocurrencies in Italy.
Intesa Sanpaolo’s First Bitcoin Purchase
On Jan. 13, a leaked internal email from Niccolò Bardoscia, the Head of Digital Assets Trading & Investments, revealed that the bank had executed its inaugural Bitcoin trade, purchasing 11 BTC for $1 million.
Intesa Sanpaolo made the purchase around 11 a.m. CET when Bitcoin was trading at approximately $92,800.
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“Hoping this is just the beginning,” Bardoscia wrote in the email, signaling potential future investments.
Employees at Intesa Sanpaolo confirmed the news to CCN on the condition of anonymity because they did not have the authority to discuss the matter publicly.
The Bitcoin purchase marks a historic milestone. Intesa Sanpaolo is the first Italian bank to invest directly in Bitcoin, and it could likely signal a shift in the attitude of Italian regulatory authorities toward cryptocurrencies.
According to a report by Fabi , Italy’s independent banking federation, 1.4 million Italians currently hold cryptocurrencies, with a collective value of €2.2 billion.
Intesa Sanpaolo’s purchase could pave the way for broader institutional adoption in Italy and beyond.
Crypto Sentiment in Italy
Intesa Sanpaolo’s move is particularly surprising given that just a few months ago, the government planned to increase taxes on cryptocurrency capital gains from 26% to 42%.
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However, strong opposition from a group of parliamentarians halted the proposal.
The government postponed the tax hike until 2026 and reduced the new rate to 33%.
With things changing quickly, it’s possible that the rate could remain at 26%, the same as for stock market gains.
Furthermore, the Bank of Italy released guidelines on applying EU cryptocurrency rules. Its governor, Fabio Panetta, has a strong anti-crypto stance.
Panetta emphasized that only banks and electronic money institutions can issue stablecoins, as they are backed by legal tender currencies and protected by specific rules.
However, Italy’s largest bank’s official entry into the crypto world will likely encourage even the most cautious and conservative savers to examine this sector more closely.
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