Fintech Decree, Last Day in the Italian Senate to Submit Amendments

The new fintech decree on asset tokenization and the simplification of the regulatory sandbox, will soon be available, but some adjustments would still need to be made.

That’s what emerged last Monday, April 3rd, at the Milan office of the law firm Dentons and via a link from the same firm’s Rome office, during a meeting of some 30 insiders called together by Assofintech president Maurizio Bernardo who is also Dentons’ senior advisor supporting the firm’s multidisciplinary team dedicated to Tech, which includes the fintech and insurtech industries and an additional set of non-financial sectors, such as proptech, healthtech, foodtech, agritech, fashiontech, and greentech.

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Explaining the contents of the fintech decree and gathering proposals were the Honorable Giulio Centemero (League), and Vittorio Tortorici

The meeting had been called precisely to gather ideas to be submitted by today in the Senate, the last day to submit amendments to the text of conversion into law of Decree-Law No. 25 of March 17th on Urgent provisions on the issuance and circulation of certain financial instruments in digital form and the simplification of FinTech experimentation, published Friday, March 17th, in the Official Gazette.

Explaining the contents of the fintech decree and gathering proposals were the Honorable Giulio Centemero (League), a member of the House Finance Committee, and Vittorio Tortorici, senior advisor of the Treasury Department of the Ministry of Economy and Finance and Bank of Italy expert on issues dis retail payment services, collective asset management, and financial innovation.

Among the issues raised by those present was the fact that the decree does not provide for the tokenization of ltd shares or the possibility for sgr to be managers of a DLT registry. Then there is the issue of DLT technology, the exact definition of which would seem too limiting, with a view to further development of the same technology. As for the sandbox, market demands all point in the direction of introducing a temporary authorization suspension regime for experimentation with any kind of financial activity conducted by a fintech.

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(Featured image by sergeitokmakov via Pixabay)

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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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