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Italy’s Largest Banking Group Invests Straight in Cryptos For First Time

14.01.2025
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Banca Intesa Sanpaolo, Italy’s largest financial institution by property, bought 11 Bitcoins on Monday, value €1 million ($1.02 million).

In line with a Wired Italia report, this marks the primary time in Italy, a credit score establishment concluded a direct crypto transaction.

Some workers of the biggest Italian financial institution first flagged the crypto buy and sale on the imageboard web site 4Chan.

“As of at the moment (Monday), Intesa Sanpaolo owns 11 Bitcoins. Thanks all for the teamwork”, stated Niccolò Bardoscia, head of digital property buying and selling & investments at Intesa Sanpaolo in a mail.

Nonetheless, Bardoscia didn’t reveal additional info on Intesa Sanpaolo’s motivations for selecting BTC or its future crypto methods. It’s unclear whether or not the transfer indicators the financial institution’s intent to increase its crypto companies.

Final November, Intesa Sanpaolo expanded the remit of its digital property desk to cowl spot buying and selling for crypto. The largest lender in Italy had beforehand solely traded crypto choices, futures, and exchange-traded funds. Nonetheless, the spot buying and selling isn’t but up and operating.

Milan-based Intesa Sanpaolo has labored with Ripple Custody (previously Metaco), to facilitate tokenised asset custody.

Intesa’s transfer mirrors a rising pattern amongst conventional monetary establishments exploring cryptos.

Italy’s Crypto Tax Revisions

The financial institution’s Bitcoin funding got here when the nation overhauled its crypto taxation legal guidelines, significantly specializing in Bitcoin (BTC) capital good points.

In December 2024, Italy’s Senate finalised the tax charges for crypto capital good points, confirming a 26% tax for 2025. Additional, the parliament accredited a authorities proposal to extend the withholding tax on Bitcoin earnings to 33% in 2026.

In July 2024, Intesa grew to become the only institutional investor in Italian improvement financial institution Cassa Depositi e Prestiti’s digital bond issuance. The transfer marked a major step in digital asset adoption in Italy.

Apart from, the implementation of the European MiCA Regulation marks a major shift within the regulatory panorama for crypto service suppliers throughout the EU.

The European Union set a Dec. 30 deadline for its member states to implement MiCA, though not all international locations have managed to.

In Italy, the MiCA Decree, the Legislative Decree of September 5, 2024, assigns important duties to the Commissione Nazionale per le Società e la Borsa (Consob) and the Financial institution of Italy. It designs them as the first nationwide authorities for overseeing compliance with MiCA’s provisions.

The publish Italy’s Largest Banking Group Invests Straight in Cryptos For First Time appeared first on Cryptonews.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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