MGA Becomes Italy's Third Digital Securities Registry Under New EU DLT Rules
Milano Global Advisors (MGA) has become the third firm to be accepted as a digital securities registry under Italian law. This follows the enactment of the EU DLT Pilot Regime and Italy's supportive Fintech Decree.
Italy's new regulations allow for digital securities stored on distributed ledger technology (DLT), moving away from traditional central securities depositories. MGA's acceptance comes after the Italian government's March 2023 decision to embrace the EU DLT Pilot Regime and expand its scope to include securities that don't fit the regime's parameters, mirroring Germany's eWpG securities.
MGA's partnership with BlockInvest, backed by Credit Agricole Italia, has been instrumental in this achievement. BlockInvest's tokenization technology has helped MGA meet the requirements for digital securities registry. Under Italian law, the entity responsible for maintaining the records, in this case MGA, is now the registrar, similar to the roles in Germany's eWpG and Luxembourg's concept of a control agent.
MGA's acceptance as a digital securities registry marks a significant step in Italy's embrace of DLT-based securities. It opens up new possibilities for digital asset management and trading, aligning with the EU's DLT Pilot Regime and Italy's Fintech Decree. This development is expected to foster innovation and growth in Italy's financial sector.
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