„Tokenizzazione di azioni e azioni tokens“: pubblicato nuovo Quaderno giuridico della Consob (23 gennaio 2023)

Consob has published a new legal notebook (No. 25), focusing on the tokenization of shares and token shares. The notebook is divided into four chapters:
1. DLT and crypto-assets
2. Corporate and financial market aspects of crypto-assets
3. New token shares
4. The application of DLT in market infrastructures
The first chapter discusses the concept of wealth tokenization, starting with the definition of crypto-assets and the taxonomy provided by the upcoming EU Regulation MiCA. The notebook highlights the challenges in classification and the impact of the DLT Pilot Regulation – EU Regulation 2022/858. After a general overview, the notebook addresses the specific topic of shares, focusing on both the tokenization of existing shares and the issuance of new token shares.
The second chapter examines the phenomenon of crypto-assets from a corporate perspective, considering security tokens and traditional corporate instruments such as shares, quotas, and bonds. The notebook further distinguishes between security tokens, utility tokens, and non-fungible tokens (NFTs).
The third chapter analyzes the possibility of representing shares, quotas, or other corporate instruments on DLT, assessing their compatibility with the existing legal framework.
Finally, the fourth chapter focuses on the application of DLT technology in market infrastructures.
The notebook examines the representation of shareholdings in tokens and native token shares, providing an initial overview of wealth tokenization as the latest stage in the transition from mass securities incorporated in circulating documents to dematerialized financial instruments.