Banca Sella, an Italian bank, has announced that it has completed the notification process with the Bank of Italy, securing approval under the European Union’s Markets in Crypto-Assets (MiCA) regulation. This milestone allows the bank to provide a range of crypto-asset services, marking it as the first bank in Italy to do so.
Launch of Digital Asset Services
With the MiCA authorization, Banca Sella plans to introduce services focused on the custody, transfer, and receipt of digital assets in 2026. These services will be tailored for “selected categories” of customers, although specific details on customer segments have not been disclosed.
Regulatory Significance
This approval represents a significant step for Italy’s banking sector, providing a regulated framework for engaging with digital assets. As European financial institutions transition from pilot programs to licensed operations, Banca Sella’s entry into the crypto space under MiCA could influence how other banks approach digital asset services.
Background and Previous Initiatives
Banca Sella’s connection to the crypto world is not new. Prior to receiving MiCA approval, the bank participated in a distributed ledger technology pilot organized by the Bank of Italy’s Fintech Milano Hub in 2022. Additionally, Banca Sella has established an internal team dedicated to distributed ledger technology and digital assets, and it is a founding member of Qivalis, a consortium of 37 European banks aiming to issue a euro-denominated stablecoin.
Integration with Digital Banking
Previously, Banca Sella’s digital banking brand, Hype, integrated Bitcoin wallet services through a partnership with Italian crypto firm Conio. This integration, which became operational in March 2020, allowed Hype’s retail customers to buy, sell, send, and receive digital assets. As of 2024, Banca Sella reported approximately 1.3 million customers, while Hype served around 1.7 million customers.
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