
Hodli, a Genoa-based fintech, secured Bank of Italy authorization to actively manage crypto portfolios under MiCA, opening a new regulated option for Italian retail investors.
Genoa-based fintech Hodli has become the first firm in Italy to receive a license to actively manage crypto portfolios. The Bank of Italy granted the authorization under the European Union's Markets in Crypto-Assets regulation, known as MiCA.
Plenty of European firms can custody crypto, holding it for clients. Hodli's license goes further. It allows the company to make investment decisions and rebalance allocations, running strategies on behalf of users. That active management piece is what sets this apart from the standard crypto exchange or wallet provider.
MiCA created a single rulebook for crypto businesses across the bloc. The Crypto-Asset Service Provider designation is the gateway for firms wanting to offer trading and custody, or portfolio management. Italy's central bank is the competent authority for granting these licenses. Hodli cleared its requirements on capital and governance, plus consumer protection rules.
Hodli relies on proprietary algorithms and artificial intelligence to drive its portfolio strategies. The company raised 1.05 million euros in 2023, money earmarked for European expansion.
The company's longer-term plan is to partner with traditional banks. Hodli wants to white-label its crypto portfolio management so that established financial institutions can offer digital asset investment products to their existing clients. That could open a new distribution channel.
For Italian retail investors, this creates a regulated option that didn't exist before. A domestically licensed manager lowers the barrier for those who want crypto exposure but don't want to manage their own wallets or exchange accounts. Hodli's portfolio strategies can include assets like Bitcoin and Ethereum.
The license doesn't eliminate risk. Hodli's AI-driven strategies are untested in a full market cycle. MiCA's passporting provisions mean the firm can offer services across all 27 EU member states without separate authorizations. That also means regulatory scrutiny will scale with the client base. The first test will be how the portfolio performs in a downturn.
Hodli's funding round closed in 2023. The company has not announced a timeline for its white-label partnerships.
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