Intesa Sanpaolo, Italy's largest banking group, has become the first Italian bank to purchase Bitcoin, highlighting the country's entry into the global trend of cryptocurrency adoption.
Italy's Largest Bank Buys Bitcoin
According to a Wired Italia report, 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.
Blockchain Developments at Intesa Sanpaolo
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).
Changes in Italy's Cryptocurrency Tax Policy
This development comes as the Italian government reviewed its proposed 42% tax on crypto gains. A Bloomberg report suggested the government might consider reducing the tax rate to a more moderate 28%. Originally introduced as part of Italy’s 2025 budget plan, the tax aims to capture profits from investments like Bitcoin, while the Economy Minister expressed openness to revisiting the proposal.
Intesa Sanpaolo's actions signal a growing interest in cryptocurrencies in Italy, while the country's government considers changes to regulation and taxation of crypto assets.
