Banca Sella has secured approval from the Bank of Italy to offer digital asset custody and transfer services, becoming the first Italian bank to receive such authorization under the European Union's Markets in Crypto-Assets (MiCA) framework. The move positions the historic Turin-based lender at the forefront of institutional crypto adoption in Italy.
What MiCA authorization unlocks
Under the MiCA regulation, which took effect across the EU in stages throughout 2023 and 2024, banks can apply for a license to hold and transfer cryptocurrencies on behalf of clients. Banca Sella's approval means it can now safeguard private keys, facilitate transfers between wallets, and eventually offer a broader suite of digital asset services — all under the supervision of the Bank of Italy. The bank had previously tested crypto-related offerings through its subsidiary, the digital asset platform Conio, but the new license formalizes its role as a direct custodian.
A first for Italian banking
No other Italian bank had applied for or received a MiCA license for digital asset services before Banca Sella. The approval signals a shift in the country's traditionally cautious approach to crypto. While regulators across Europe have been slow to grant such permissions, the Bank of Italy has now set a precedent. Banca Sella operates more than 700 branches nationwide and manages assets for retail and corporate clients. The bank's move could pressure competitors to accelerate their own crypto plans.
Why the license matters for clients
For customers, the authorization means their crypto holdings will sit under the same regulatory umbrella as traditional bank deposits. The Bank of Italy will oversee compliance with anti-money laundering rules, capital requirements, and consumer protection standards. Banca Sella will have to maintain segregated accounts for client crypto assets and submit to regular audits. The service is initially expected to target high-net-worth individuals and small businesses looking for a regulated way to hold bitcoin and ether.
What comes next
Banca Sella plans to roll out the custody service in phases over the next few months, starting with bitcoin and ether before adding other tokens. The bank has not disclosed fee structures or minimum holding amounts. Other Italian lenders are watching closely — Intesa Sanpaolo and UniCredit have both explored blockchain projects but have not applied for MiCA licenses. The Bank of Italy has indicated it will process further applications on a case-by-case basis, with no set timeline for broader approvals.
