Intesa Sanpaolo Marks First Direct Cryptocurrency Transaction
Intesa Sanpaolo, Italy’s largest bank by assets, has purchased 11 Bitcoins worth approximately €1 million ($1.02 million), marking the first direct cryptocurrency transaction by an Italian credit institution. The acquisition today reflects a growing trend among traditional financial institutions exploring digital assets. The purchase was confirmed by Niccolò Bardoscia, head of digital assets trading & investments at Intesa Sanpaolo. Bardoscia did not disclose specific details about the bank’s motivations for choosing Bitcoin or its future plans regarding crypto investments. It is unclear whether this acquisition signals the bank’s intent to expand its cryptocurrency services. Moreover, the new acquisition follows a significant expansion of the bank’s digital assets desk last November. Intesa Sanpaolo broadened its focus to include spot trading for cryptocurrencies after previously only dealing with crypto options, futures, and exchange-traded funds (ETFs). However, spot trading has not yet launched, and the timeline for full implementation remains uncertain. Intesa Sanpaolo’s Move Mirrors Broader Trend in the Financial Sector Intesa Sanpaolo’s Bitcoin purchase is part of a wider movement among traditional financial institutions exploring digital assets. In July 2024, the bank became the sole institutional investor in the digital bond issuance by Cassa Depositi e Prestiti, Italy’s development bank, signaling a growing commitment to digital finance. The acquisition of Bitcoin is also viewed as part of a broader industry trend where major banks are testing the waters of cryptocurrency investment. While the market remains volatile, cryptocurrencies continue to attract attention as a potential asset class for diversification. The future of digital assets in traditional banking will depend largely on regulatory developments and market conditions. Intesa Sanpaolo’s move highlights the increasing integration of cryptocurrencies into the broader financial system, but questions remain about the long-term impact and strategy behind the bank’s entry into the crypto market.
Italy Rethinks Crypto Tax: Rate Likely Lowered to 28%
In a potential win for the crypto community, the Italian government appears ready to revise its proposed crypto tax hike. Instead of the initially planned 42% rate, a Bloomberg report suggests the capital gains tax on cryptocurrencies will likely be set at 28%. The reduction comes after concerns arose regarding Italy’s competitiveness in the European crypto market. Originally, the government aimed to increase the tax rate from 26% to 42% as part of its 2025 budget. However, facing pressure from coalition partners and industry leaders, Prime Minister Giorgia Meloni seems prepared to compromise. The League, a junior partner in the ruling coalition, proposed an amendment to cap the increase at 28%. This move seeks to balance the need for tax revenue with the goal of keeping Italy attractive to crypto businesses and investors. Using Crypto Rate to Balance the Budget While Staying Competitive It remains unclear what may have led the Italian government to scale back their plans to tax crypto. This proposed change to the crypto tax rate has fueled debate within the Italian government. Some emphasize the need for more tax revenue to bolster public finances. Others, however, argue that an excessively high tax rate could hinder innovation and push crypto businesses away from Italy. Furthermore, Finance Minister Giancarlo Giorgetti has indicated a willingness to consider different tax rates. These would depend on how long investors hold their crypto assets, leading to a possible advantage. Global Impact and Future Outlook Meanwhile, the world is watching Italy’s approach to crypto taxation. Governments everywhere are wrestling with how to regulate and tax digital assets. Therefore, the outcome of this debate in Italy could influence policy decisions in other countries. Ultimately, it could shape the future of the crypto industry globally.
