Banca Sella Becomes First Italian Bank to Offer Crypto Custody Services Under MiCA

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Banca Sella has completed the formal notification process with the Bank of Italy, making it the first traditional Italian bank authorized to provide cryptocurrency-related services under the EU’s Markets in Crypto-Assets (MiCA) regulation.

The bank plans to launch custody, sending, and receiving services for digital assets by the end of 2026, initially targeting specific client segments, primarily corporate and institutional customers.

Regulatory Context and Process

MiCA, which became fully applicable across the European Union in late 2024, establishes a unified framework for crypto-asset service providers. For existing banks, the regulation offers a simplified notification route requiring only 40 days’ advance notice to the national supervisor rather than the full licensing process required for new entrants.

• Key MiCA requirements for banks: Capital safeguards, segregation of client assets, robust cybersecurity, and transparent reporting.
• Italy’s oversight: The Bank of Italy and CONSOB jointly supervise crypto activities, with a focus on consumer protection and financial stability.

This marks a notable step in Italy, where many traditional banks have remained cautious about digital assets despite growing institutional interest in tokenization and blockchain infrastructure. Industry observers say the evolving regulatory environment could eventually support a wider range of digital asset offerings, including crypto futures for European users under compliant frameworks.

Banca Sella’s Background and Preparation

Founded in 1886, Banca Sella is one of Italy’s oldest independent banking groups, managing billions in assets and operating both traditional and digital channels, including the popular neobank Hype.

The group has been building crypto capabilities for several years:

• Participated in the Bank of Italy’s Fintech Milano Hub DLT trial in 2022.
• Established an internal team dedicated to distributed ledger technology (DLT) and digital assets.
• Joined as a founding member of the Qivalis consortium, which now includes 37 European banks working on a euro-pegged stablecoin.
• Already offers limited Bitcoin exposure through its Hype platform since 2024.

Strategic Focus and Limitations

Banca Sella’s initial services will center on custody and transfers of digital assets. Public statements do not mention immediate plans for buying, selling, or trading services, though custody often serves as a foundation for future expansion.

The bank is also monitoring broader European Central Bank initiatives, including the Pontes and Appia projects related to tokenized deposits and payments.

Current status of Qivalis stablecoin project:

• Aiming for commercial launch in the second half of 2026.
• Seeking authorization as an electronic money institution in the Netherlands.
• Focused on programmable payments and tokenization use cases.

European vs Global Landscape

Europe is advancing faster on crypto regulation compared to the United States, where comprehensive federal legislation remains stalled. This regulatory clarity is encouraging several traditional banks across the EU to explore digital asset services, particularly for institutional clients seeking secure, compliant custody solutions. Analysts expect more Italian and European banks to follow Banca Sella’s path in the coming months as MiCA implementation matures.

Andrea Tessera, Managing Director of Digital Banking at Banca Sella, noted that the move aligns with Europe’s transition toward instant, interoperable, and programmable financial models. However, the bank has provided limited operational details so far.