Italian digital securities registrar MGA, associated with BlockInvest, now holds official authorization within Italy
Italy's digital securities market continues to grow, with the latest addition being Milano Global Advisors (MGA) who have been accepted as a digital securities registry under Italian law. This move further solidifies Italy's position as a hub for digital assets in Europe.
MGA's acceptance as a digital securities registry is significant, marking the third company to be accepted in Italy. Their partner company for tokenization technology is Conio, a move that is expected to bolster MGA's digital securities offerings.
The growth of Italy's digital securities market is supported by the country's favorable legal environment. In March 2023, Italy introduced the Fintech Decree, a law that supports the growth of digital securities, providing a favorable environment for their development. This decree, along with the EU DLT Pilot Regime, enacted by Italy's law, offers a framework for the issuance and trading of digital securities.
Unlike traditional securities, digital securities in Italy do not require a central securities depository (CSD). Instead, the record of shareholders is stored on a distributed ledger technology (DLT). This innovative approach eliminates the need for intermediaries, making transactions faster and more efficient.
Italy also allows for digital securities that don't fit within the EU DLT Pilot Regime, similar to eWpG securities in Germany. This flexibility allows for a wider range of digital securities to be issued and traded within the Italian market.
MGA's partnership with BlockInvest, a digital securities technology provider backed by Credit Agricole Italia, plays a crucial role in their digital securities offerings. BlockInvest's expertise in tokenization technology is expected to enhance MGA's capabilities in the digital securities market.
The company responsible for the records in Italy becomes the registrar, similar to the Electronic Securities law (eWpG) in Germany and Luxembourg's concept of a control agent. This role is essential in maintaining the accuracy and integrity of the digital securities records.
The digital securities market in Italy continues to attract international partnerships, as seen with MGA's partnership with BlockInvest. This trend is expected to continue, as more companies see the potential of Italy's digital securities market for raising capital through innovative means.
In conclusion, Italy's digital securities market is on the rise, with MGA's acceptance as a digital securities registry being a testament to this growth. The country's favorable legal environment, as evidenced by the Fintech Decree and the EU DLT Pilot Regime, is attracting international partnerships and fostering innovation in the digital securities space.
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