Italian digital securities registry MGA, affiliate of BlockInvest, has received authorization
In a significant move towards modernizing its financial sector, Italy introduced the Fintech Decree in March 2023, supporting the concept of digital securities. This groundbreaking decree marks a shift away from traditional methods, as digital securities in Italy do not require a central securities depository (CSD).
The Italian financial landscape is witnessing a transformation, with the emergence of companies authorised under the digital security register. One such company is BlockInvest, which was authorised under the digital security register in Italy and uses BlockInvest's tokenization technology, backed by Credit Agricole Italia.
This shift towards digital securities is also reflected in the acceptance of Milano Global Advisors (MGA) as a digital securities registry under Italian law. The partnership between MGA and BlockInvest aims to leverage BlockInvest's tokenization technology for digital securities.
The Italian system for digital securities mirrors that of Germany and Luxembourg in its use of distributed ledger technology (DLT) and non-CSD structure. This system also allows for the existence of digital securities that do not conform to the EU DLT Pilot Regime, similar to Germany's eWpG securities.
Under the Fintech Decree, the record of shareholders in Italy's digital securities is stored on a DLT. The company responsible for these records becomes the registrar. This decentralized approach offers a more efficient and transparent system, reducing the need for intermediaries.
Italy's move to embrace digital securities is not only a step towards modernization but also a sign of its commitment to staying at the forefront of financial innovation. The enactment of the EU DLT Pilot Regime further solidifies Italy's position as a leader in this space.
As the adoption of digital securities continues to grow, it is clear that Italy is poised to reap the benefits of this revolutionary technology. The partnership between MGA and BlockInvest, and the acceptance of both entities as key players in the digital securities landscape, underscores Italy's commitment to leveraging technology to drive financial growth and efficiency.
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