Milan-based business advisory firm, Milano Global Advisors (MGA) has become the third firm to be listed as a digital securities registry under Italian law, reports Ledger Insights. The recognition was made possible by Italy’s Fintech Decree, which supports the issuance of digital securities without a central securities depository (CSD).
Introduced in 2023, the Fintech Decree is similar Germany’s electronic securities Law (eWpG) and the role of the control agent in Luxembourg. It allows the record of shareholders to be stored with distributed ledger technology (DLT), and for the company responsible for the record to be the registrar. MGA is using the digital tokenisation platform by BlockInvest.
Ledger Insights points out, “The use of automation combined with fewer intermediaries with more limited roles, can reduce the costs of issuing securities, making smaller issuances more viable.” BlockInvest states that MGA’s registration constitutes “one of the first concrete examples of application of the Fintech Decree in Italy”, preceded only by bank Cassa Depositi e Prestiti (CDP) and fintech startup Fleap.
BlockInvest founder Lorenzo Rigatti describes the development as a step forward for Italy’s fintech ecosystem. “Our collaboration (with MGA) demonstrates how it is possible to combine innovation and compliance, offering secure and cutting-edge solutions for the Italian and international financial market.”
