Consob published on the second January the final report on ICOs and Crypto assets exchanges.
The document is a contribution to the debate for the future definition of a national regulation. In my opinion a proper legislative framework should be set forth from now, although the framework will probably start to be defined within the Sandbox for Fintech established by the Growth Decree once it will be implemented by the Ministry of Economy and Finance.
The report defines the crypto-assets in the light of the proposed regulation, it talks also about the regime of the platforms for the Crypto Assets of new emission, about the exchange systems and the so called “digital wallet services” for the custody and transferral of crypto-assets.
Let’s summarise the path of this report: on the 19th March 2019 Consob published a draft for discussion, on the 21st May at Bocconi University a public hearing was held and the public consultation was closed on the 5th June 2019.
On the second January Consob published a document to take into consideration all the issues raised during the consultation.
I’d just like to highlight the definition of crypto-assets provided: first of all according to the document these assets are different than financial instruments and investment products. Crypto assets would have the nature of digital registrations representing rights connected to investments in entrepreneurial projects. Such registrations should be created, stored and transferred trough technologies based on distributed ledgers to which is attached the possibility to identify the right holder of the underlying investments and only the activities negotiated in one or more exchange system should be included.
While we are talking about the regulation of new technological and financial aspects, the upcoming week the Finance Committee of the Chamber of Deputies will host the hearings of the so called Banks Decree, i.e. the capitalisation of MCC in order to save Popolare di Bari.
In the Popolare di Bari affair you can see crystal clear the differences between a liberal and looking at the future government with the League and the Socialist and looking at the past government Conte bis.
We’ve already been talking about the affair in the blog so I will just point out the difference of the technical approach of the League proposing, in the growth decree, the conversion of Deferred Tax Assets into Tax Credits for all the firms in the South, up to five hundred millions Euros, in case of business combinations and for a time window of 18 months, versus the purely aid-based approach of a government that does not activate the DTA measure in Brussels but spends Nine hundred millions of the tax payers.
We want to provide the tools to create growth, Conte Bis government wants to destroy value and also the dignity of the ones, especially in the South, have a strong will to work and improve our beautiful country.
Thank you everybody and see you next week on giuliocentemero.com.