BlockInvest partner MGA is now authorized as an Italian digital securities registry š
Milano Global Advisors (MGA) is just the third firm to be accepted as a digital securities registry under Italian law. Its tokenization technology partner is BlockInvest, backed by Credit Agricole Italia.
In March 2023 Italy introduced the Fintech Decree which supports the concept of digital securities which donāt require a central securities depository (CSD), but instead the record of shareholders is stored on a DLT.
The company responsible for the records becomes the registrar. This is similar to Germanyās Electronic Securities law (eWpG) and Luxembourgās concept of a control agent. The Italian law enacts the EU DLT Pilot Regime but also allows for DLT based securities that donāt fit within the regime, again, similar to eWpG securities.
Using a DLT allows for the automation of many of the functions relating to securities, such as using smart contracts to make interest payments. The use of automation combined with fewer intermediaries with more limited roles, can reduce the costs of issuing securities, making smaller issuances more viable.
āThe registration in the list of Registrars for Digital Securities by Consob represents not only a recognition of our professionalism but also a springboard towards new opportunities in the field of financial digitalization,ā said Dr. Cesare Suglia, CEO of Milano Global Advisors.ā
ā Consob keeps a list of digital securities registrars
Securities regulator Consob keeps a list of the authorized registrars. Cassa Depositi e Prestiti (CDP) was the first to be approved. In July CDP issued a bond on a permissionless blockchain, the first under the decree. The second registrar was startup Fleap, and MGA is the third.
āAfter successfully collaborating on the first Italian digital bond, MGAās registration in the list of registrars for digital circulation represents a further step forward in consolidating our position in the tokenization market,ā said BlockInvest founder Founder Lorenzo Rigatti. āOur collaboration demonstrates how it is possible to combine innovation and compliance, offering secure and cutting-edge solutions for the Italian and international financial market.ā
https://www.ledgerinsights.com/blockinvest-partner-mga-is-now-authorized-as-an-italian-digital-securities-registry/