Representative mandates
Signature deals.
A selection of mandates handled end-to-end by the firm. For confidentiality reasons, some counterparties are not disclosed.
Timeline
2020 — 2026 · 15 deals2026
2024
2023
CASP authorisation covering eight of the ten MiCAR services for an Italian crypto-asset exchange
By resolution no. 24059 of 30 June 2026, CONSOB, in agreement with the Bank of Italy, authorised an Italian platform under Regulation (EU) 2023/1114 to provide eight of the ten MiCAR services: custody and administration, execution of orders, exchange for funds and for other crypto-assets, transfer, advice, portfolio management and placing. The measure was adopted at the close of the transitional period.
CASP authorisation for an operator previously registered with the OAM
By resolution no. 24030 of 10 June 2026, CONSOB authorised an operator previously registered with the OAM to provide the services of exchanging crypto-assets for funds, exchanging crypto-assets for other crypto-assets and placing. The transition to the MiCAR regime enables operations under the new European framework and the potential extension of services into other Member States.
Integrated CASP and EMI authorisation for a payments and crypto-asset operator
One of Italy’s first cases of integrated CASP + EMI authorisation concerned an operator already registered with the OAM. By resolution no. 24060 of 30 June 2026, after consulting the Bank of Italy, CONSOB authorised custody and administration of crypto-assets on behalf of clients, exchange for funds, exchange for other crypto-assets and transfer on behalf of clients under Article 16(1) of Legislative Decree 129/2024 and Article 63 of Regulation (EU) 2023/1114. In parallel, Bank of Italy measure no. 0713266/26 of 23 June 2026, adopted by Governor’s resolution no. 193/2026, authorised the issuance of electronic money and the provision of the payment service under Article 1(2), letter h-septies.1, point 3.3 of the Italian Banking Act, through the establishment of a dedicated pool of assets under Article 114-quinquies of that Act. The infrastructure supports the movement of value between fiat currency, crypto-assets and stablecoins.
Private authorization under DL Fintech
LX20 advised in the authorization procedure relating to the first private operator authorized by CONSOB under D.L. 17 March 2023, no. 25 ("DL Fintech") for the provision of services connected to digital financial instruments represented on DLT.
DAO-based venture studio
LX20 advised on the creation of an Italian venture studio based on a corporate DAO, within an innovative structure for governance and the development of entrepreneurial projects.
Among the first Italian transfers of DLT-native shares
LX20 developed the legal infrastructure supporting one of the first Italian transactions involving the transfer of DLT-native shares.
Italian fund investment in DLT-native digital financial instruments
LX20 advised on structuring the first Italian investment, by an Italian alternative investment fund, in participating financial instruments natively issued on DLT.
Italian blockchain-based investment structure
LX20 advised in the creation of an investment structure based on a participating holding company, digital financial instruments and a reserved alternative investment fund operating in a DLT environment.
S.r.l. to S.p.A. transformation with DLT-native shares
LX20 advised on the transformation of an Italian limited liability company (S.r.l.) into a joint-stock company (S.p.A.) with shares natively issued on DLT.
Among the first Italian corporate DAOs
LX20 advised on the structuring of one of the first Italian corporate DAOs, integrating decentralized governance mechanisms with national company law.
One of the first corporate contributions backed by BTC/ETH
LX20 advised on one of the first Italian corporate contributions involving receivables backed by crypto-assets, including BTC and ETH.
ECSPR authorization for an Italian listed group
LX20 advised an Italian listed operator and its subsidiary on obtaining authorization under Regulation (EU) 2020/1503 on European crowdfunding service providers for business (ECSPR).
Among the first Italian DLT-native bond issuances
LX20 advised on the issuance of one of the first Italian-law bonds natively represented on blockchain and fully subscribed by a regulated intermediary.
Italian shares and quotas on blockchain
LX20 advised on the creation of the first shares and quotas of Italian companies natively represented on blockchain.
Italian convertible participating financial instruments on DLT
LX20 advised on the structuring and issuance of convertible participating financial instruments (SFP) represented on DLT.