Intesa Sanpaolo, Italy’s largest banking group, has become the first Italian bank to engage with Bitcoin directly, marking Italy’s entry into the global trend of cryptocurrency adoption.
A report by Wired Italia confirmed that Intesa Sanpaolo purchased 11 Bitcoin for around €1 million on January 13. The news initially surfaced on 4Chan, where a leaked internal email hinted at the acquisition. Niccolo Bardoscia, the bank’s head of digital assets trading and investment, later confirmed the purchase to the media.
While Bardoscia validated the acquisition, he remained tight-lipped about the bank’s intentions behind the purchase. It is still unclear whether the move is part of a broader diversification strategy for its investment portfolio or a pilot project exploring crypto-related services.
This is not Intesa Sanpaolo’s first exploration of blockchain technology. In July 2024, the bank collaborated with the state-owned Cassa Depositi e Prestiti SpA to issue a €25 million digital bond on the Polygon network. Furthermore, Intesa Sanpaolo has recently expanded its cryptocurrency trading services to include spot trading and its existing offerings of crypto options, futures, and exchange-traded funds (ETFs).
This development comes as the Italian government reviewed its 42% tax on crypto gains, with sources hinting at a potential revision. A Bloomberg report revealed that the government was considering a proposal from one of its coalition partners to reduce the tax rate to a more moderate 28%. Initially introduced as part of Italy’s 2025 budget plan, the 42% tax on crypto capital gains aimed to target profits from investments like Bitcoin to bolster the country’s economic support. However, on November 7 2024, Economy Minister Giancarlo Giorgetti expressed openness to revisiting the proposal. He suggested implementing “different forms of taxation for those who hold investments in their portfolio,” signalling a possible compromise to encourage investment activity while contributing to fiscal goals.
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