ITALY Trends and Developments Contributed by: Francesco Paolo Patti and Marta Vittoria Colombo, Patti Legal
of reducing energy costs through participation in the output of such installations. From a market perspective, Digital Energy illustrates a broader trend towards the functional use of tokens as instruments for accessing services or rights, rather than as purely speculative assets. It also highlights the potential convergence between blockchain technol- ogy and sustainability-oriented business models, an area where Italy – given its strong renewable energy sector – may see further development. Nonetheless, the overall picture remains one of lim- ited domestic issuance activity. Whether this reflects a temporary adjustment phase or a more structural positioning of Italy as a “consumption market” rather than an “issuance hub” under MiCAR will become clearer over the coming years. Renewed Engagement from the Banking Sector Despite the tightening of regulatory requirements, MiCAR has had a positive effect on the perception of crypto-assets within the traditional financial sector. Greater regulatory clarity has reduced legal and rep- utational uncertainty, encouraging banks to engage more actively with crypto-assets. Several developments illustrate this trend. • Intesa Sanpaolo has undertaken initial exposure to bitcoin and participated in blockchain-based bond issuances. • As seen, UniCredit and Banca Sella, Intesa and BPER have joined a European initiative to develop a MiCAR-compliant euro-denominated stablecoin. • Following the completion of the notification pro- cedure required under MiCAR, Banca Sella has become authorised to provide crypto-asset custo- dy and transfer services, marking a significant step in the integration of crypto-asset services within the Italian banking sector. • Institutional involvement in blockchain-based finan- cial instruments has increased significantly. These initiatives remain cautious and largely experi- mental, but they signal a clear shift in attitude. Crypto- assets are increasingly viewed not as an unregulated
fringe activity, but as a potential extension of existing financial services within a defined legal perimeter. At the same time, the creation of AssoCASP, the Ital- ian association of crypto-asset service providers, reflects the growing institutionalisation of the sector. The association plays a key role in facilitating dialogue with regulators and promoting best practices, particu- larly in the context of MiCAR compliance. The FinTech Decree and the Rise of Tokenisation Alongside MiCAR, Italy has developed a parallel reg- ulatory framework for distributed ledger technology through the so-called FinTech Decree. Introduced in 2023, this regime provides a clear legal basis for the issuance, transfer and circulation of financial instru- ments in digital form through distributed ledger tech- nology (DLT), marking a significant step towards the integration of blockchain within traditional capital markets. At the core of this framework is the concept of “digital financial instruments”, defined as financial instruments that exist exclusively as entries in a “digital circula- tion register”. The legal effects traditionally associ- ated with securities – such as ownership, transfer and the exercise of rights – are directly linked to entries recorded on these registers. In particular, the person in whose favour the entry is made is recognised as hav- ing full and exclusive entitlement to exercise the rights attached to the instrument, including voting rights and entitlement to dividends or interest. A central feature of the regime is the recognition of “ responsabili del registro ” (DLT registry operators), which may include banks, investment firms, issuers or other authorised entities. These operators are sub- ject to a formal registration process with Consob and must meet stringent requirements relating to govern- ance, technological reliability, operational resilience and transparency. They are also subject to ongoing supervision and liability regimes, reflecting their criti- cal role in maintaining the integrity and accuracy of the register. From a technical and legal standpoint, the framework imposes detailed requirements on the digital regis- ters themselves. These include guarantees of integrity,
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