Practice

Fintech, Digital Assets & Web3

We advise crypto-asset issuers, CASPs, banks, e-money and payment institutions, funds and fintech operators on transactions and regulatory proceedings under MiCAR, the DLT Pilot Regime, the Italian Fintech Decree, DORA and PSD2/PSD3, across domestic and cross-border matters.

What we do

Regulatory classification of tokens and crypto-assets (MiCAR)
CASP, EMI, PI and ECSP authorisations
Digital financial instrument issuances (Italian Fintech Decree)
DLT Pilot Regime structures (DLT SS, DLT TSS, DLT MTF)
DORA compliance and IT third-party contracts
AML for crypto operators and travel rule
Regulatory opinions and liaison with CONSOB, Bank of Italy, FIU

Service pillars

MiCAR and crypto-assets

Regulatory classification of tokens (ART, EMT, other crypto-assets), white papers, CASP authorisation procedures, governance, conflicts of interest and public disclosure. Liaison with CONSOB and the Bank of Italy on authorisations and notifications.

Italian Fintech Decree and digital financial instruments

Structuring of digital financial instrument issuances under Law-Decree 25/2023, DLT infrastructure selection, register manager role, CONSOB registration, interaction with settlement systems and DLT SS/TSS.

DLT Pilot Regime

Advice to market infrastructures (DLT SS, DLT TSS, DLT MTF) on authorisation applications and the exemptions available under Regulation (EU) 2022/858, in coordination with national competent authorities and ESMA.

Payment services and e-money

PI and EMI authorisations before the Bank of Italy, regulatory status changes, PSD2 perimeter and preparation for PSD3/PSR, payment schemes, open banking, third-party providers, strong customer authentication.

DORA and digital operational resilience

Gap analysis and implementation of Regulation (EU) 2022/2554, ICT risk management, critical provider mapping, IT third-party contracting, incident reporting frameworks, threat-led penetration testing where applicable.

Crowdfunding and alternative finance

ECSP authorisation (Reg. (EU) 2020/1503) before CONSOB, preparation of key investment information sheets, governance and investor protection, cross-border marketing and passporting.

AML/CFT for digital asset operators

Anti-money laundering compliance for CASPs and crypto-service providers, travel rule, country and customer risk assessments, interaction with the Italian FIU and enhanced due diligence.

Regulatory framework

Regulatory framework. Regulation (EU) 2023/1114 (MiCAR), Regulation (EU) 2022/858 (DLT Pilot Regime), Law-Decree 25/2023 converted into Law 52/2023 (Italian Fintech Decree), Regulation (EU) 2022/2554 (DORA) and related RTS/ITS, Directive (EU) 2015/2366 (PSD2) and the PSD3/PSR package under transposition, Regulation (EU) 2020/1503 (ECSPR), Legislative Decree 231/2007 and AML implementing decrees.