Tecnologie di registro distribuito (distributed ledger technologies - blockchain) per la rappresentazione digitale di strumenti finanziari (security token): tra diritto cartolare e disciplina delle infrastrutture di mercato

This paper reproduces the contents of comments made by the authors in participating to the public consultation on the Green Book «Italian financial markets’ competitiveness in support of economic growth», published by the Italian Ministry of Economy in March 2022. In particular, this article focuses on the Green Book’s proposal about the potential adoption of a statutory act that would regulate issuance and circulation of security token originated through distributed ledger technologies. After identifying the structural preconditions for the development of security tokens within the financial industry, the authors analyze the existing relationship between a hypothetical domestic normative framework on security tokens and EU-level relevant current and forthcoming regulation (CSDR and the DLT Pilot Regime) and, based on this, develop some considerations on how the Italian legislator should regulate this matter