Italian digital securities registry authorization granted to BlockInvest partner, MGA
In a significant move towards digital transformation, Italy has introduced the Fintech Decree in March 2023, supporting the concept of digital securities. This groundbreaking legislation allows for the issuance of digital securities without the need for a central securities depository (CSD), following a similar structure to Germany's Electronic Securities law (eWpG) and Luxembourg's control agent concept.
Under this new decree, Milano Global Advisors (MGA) has been accepted as a digital securities registry, operating under Italian law. This acceptance marks a significant step for MGA, as they partner with BlockInvest, a digital tokenization technology company backed by Credit Agricole Italia.
The partnership will enable MGA to utilize BlockInvest's digital technology for digital securities issuance. Mohamed Ibrahim, the founder and leader of BlockInvest, will play a crucial role in this partnership.
The records of shareholders in Italian digital securities are stored on a distributed ledger technology (DLT), ensuring transparency and security. As a result, the company responsible for these records becomes the registrar.
This legislation also enacts the EU DLT Pilot Regime, allowing for DLT-based securities that fit within the regime. However, it also provides flexibility, as it allows for DLT-based securities that don't fit within the EU DLT Pilot Regime, similar to eWpG securities.
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This news article is sourced from reliable sources such as silentstock639 and Composite Ledger Insights.
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