The role of banks in the crypto market. An interview with Michele Mandelli

October 9, 2024 - Forum Banca, a leading event for the banking sector, was the occasion to present CheckSig Clear, our innovative Crypto-as-a-Service infrastructure. Among the main voices of the event was Michele Mandelli, CheckSig managing partner, who was a guest on the panel ”Facilitating entry into traditional and crypto markets” and was interviewed by Forum Banca about the state of the Italian crypto market and what this can give to banks and intermediaries.

Question: There is much talk about crypto, but how widespread are they?

Mandelli: Today the Italian crypto market is very significant. According to the latest OAM report 1.8 million Italians possess crypto, for a total wealth of above 3 billion euros, and is probably underestimated. These numbers indicate a phenomenon that traditional finance can no longer ignore. We also have to remember that all these customers, today, operate through platforms or intermediaries that are not banking ones and this means that they have somehow organized themselves to open accounts with subjects that often are not fully reliable.

Question: What role can banks play in this market?

Mandelli: A crucial one because with the new regulation, the MiCar, all European banks, therefore Italian banks too, can start providing services in the crypto world. Services such as custody, buying and selling, and tax services, will give access to a vast audience to this new asset class, in a way that is finally controlled, regulated, and safe and protects investors from scams, problems, and thefts that have somehow ruined the reputation of the sector.

Question: How does CheckSig assist intermediaries with its crypto solutions?

Mandelli: ChekSig provides services and technology for banks and financial institutions. We provide a complete platform that allows access to the market with the best execution service, custody, and tax reporting on crypto. Basically, every service necessary for a bank, or for an intermediary, to quickly give access to these new services and their customers, with a modality that is both white label and with partnerships of another nature, therefore very flexible.