(Only in Italian)
L’indagine conoscitiva è rivolta a 90 compagnie italiane e a 4 rappresentanze di Stati terzi che dovranno compilare un questionario entro il 30 settembre prossimo.
The Regulation aims at the diffusion of distributed ledger technology (DLT) with particular reference to crypto-assets.
In fact, most crypto-assets do not currently fall under European financial services legislation, leading to a lack of protection for investors, market integrity, energy consumption and financial stability.
Digital representation of financial instruments in distributed ledgers, or the issuance of typical asset classes in tokenized format to enable their issuance, safekeeping and transfer in a distributed ledger, would create advantages for increasing efficiency in the trading and post-trading processes.
However, trade-offs are necessary in relation to credit and liquidity risk management, and the success of token-based systems will depend on their connection to traditional account based systems.
The EU commission points out that:
In fact, most crypto-assets do not currently fall under European financial services legislation, leading to a lack of protection for investors, market integrity, energy consumption and financial stability.
Digital representation of financial instruments in distributed ledgers, or the issuance of typical asset classes in tokenized format to enable their issuance, safekeeping and transfer in a distributed ledger, would create advantages for increasing efficiency in the trading and post-trading processes.
However, trade-offs are necessary in relation to credit and liquidity risk management, and the success of token-based systems will depend on their connection to traditional account based systems.
The EU commission points out that:
- DLT market infrastructures should only admit to trading or register DLT financial instruments on a distributed ledger. Such instruments are identifiable in crypto-assets that fall under the definition of financial instruments;
- the principles of technology neutrality, proportionality, level playing field and the “same activity, same risks, same rules” principle should be taken into account, and to ensure the protection of personal data.
Access to the pilot regime should not be limited to incumbents but should also be open to new entrants.
In order to avoid and manage possible risks associated with the use of this technology, operators will be subject to additional requirements compared to traditional operators.
The Regulation will apply from 23 March 2023.
In order to avoid and manage possible risks associated with the use of this technology, operators will be subject to additional requirements compared to traditional operators.
The Regulation will apply from 23 March 2023.
