The Italian Regulatory Approach to Crypto-Assets and the Utility Tokens’ ICOs

Abstract

The Italian Stock Exchange Commission (Consob) recently launched a “public consultation” on a Discussion Paper concerning “initial offers and exchanges of crypto-assets”, which outlines an early domestic regulatory approach to ICOs, waiting for a harmonized initiative at EU level. The Commission is inspired by a commendable intent to “facilitate” this new phenomenon – thus, with the aim of avoiding those restrictions and hindrances that characterize Italian legislation today, more than other European or foreign jurisdictions – and, consequently, design a “safe harbour” based on an “opt-in” regime. Considering critically the Paper – although the general approach will appear fully convincing and understandable – certain definitory limits and certain specific regulatory options suggested in it, could result in excluding the possibility to take advantage of the “safe harbour”, for various kind of utility tokens that appear potentially most deserving of the envisaged “favourable” regulatory approach; as such, in a paradoxical and contradictory manner.