The implementation of pilot regime on financial instruments in Italy: scope and players

This paper aims to analyze the new Italian legal framework on digital financial instruments introduced by Decree-Law No. 25/2023 (so-called Fintech Decree), situating it within the broader context of the European regulation on DLT market infrastructures. In particular, the paper focuses on the rules governing the issuance and circulation of digital financial instruments, examining the role of the DLT register and the entity responsible for its maintenance. Finally, the paper highlights the main interpretative and practical issues arising in relation to corporate law provisions and the relevant European regulatory framework.