Banca Sella gets first Italian MiCA crypto licence, launches custody

Banca Sella secured the EU’s first Italian licence to offer crypto‑custody and transfer services on May 27 2026, signalling that banks can now enter the European crypto market through a streamlined notification process rather than a full licence [1].

First bank under MiCA in Italy

The Bank of Italy approved Banca Sella’s notification after a 40‑day filing, allowing the Biella‑based bank to provide custody, receipt and transfer of digital assets without a full licensing review [1]. The rollout will initially serve corporate and institutional customers, with a broader rollout to its 1.4 million retail base under consideration. The bank’s internal pilot, run with Fireblocks in July 2025, already handled stablecoins and other tokens for a small employee group [1].

Wider European shift

Banca Sella’s move follows a broader EU trend: 17 electronic‑money token issuers across 10 countries and 25 regulated stablecoins have already been authorised under MiCA [1]. The bank is also a founding member of the Qivalis consortium, a 37‑bank project aiming to launch a euro‑denominated stablecoin in the second half of 2026, pending an e‑money licence from the Dutch central bank [1]. Across Italy, peers such as Intesa Sanpaolo and UniCredit are expanding crypto exposure, with Intesa holding over €200 million in Bitcoin and UniCredit exploring Bitcoin‑linked notes [1].

Industry challenges beyond MiCA

While MiCA opens the door for custodial services, other firms warn that the licence alone does not guarantee profitability. Bybit’s CEO noted that additional MiFID II and EMI authorisations are required to offer derivatives and other revenue‑generating products, and that many smaller crypto firms may struggle once the MiCA grandfathering period ends in July 2026 [3]. The European Commission is also reviewing MiCA to address gaps in DeFi, staking and tokenised assets, indicating that regulatory evolution will continue throughout 2026 [2].

What to watch

• Qivalis stablecoin launch – target second‑half 2026, contingent on Dutch e‑money licence.
• MiCA grandfathering deadline – firms must obtain full authorisation by 1 July 2026 or cease EEA operations.
• Bybit licensing timeline – progress on MiFID II and EMI authorisations could signal broader industry profitability prospects.

Banca Sella’s authorisation demonstrates that traditional banks can now embed crypto services within the EU regulatory framework, but the need for additional licences and the looming MiCA deadline suggest a period of consolidation and strategic positioning for crypto firms across Europe.