Cetif Advisory, with partners Reply and Fondazione Cariverona and with the legal support of Chiomenti and tax support of Linklaters, has successfully concluded the first phase of the experimentation of the platform natively prepared for the issuance of security tokens of the main alternative asset classes: investment funds, real estate, private debt, private equity, commercial credits, works of art and collectibles. Bper Banca, Banca Generali, Banca Mediolanum, Reale Group and Iccrea have joined Sandbox designed by Cetif, like all others, in a systemic logic and therefore open to the authorities and all institutions/companies in the relevant ecosystem.
The platform's go-to-market is planned for the first quarter of 2023, subject to the definition of the regulatory framework that allows - also in Italy - the issuance, placement and subscription of financial instruments through Dlt/blockchain. In this context, to also preside over international systemic evolutions, Cetif Advisory will activate the process to enter the Dlt Pilot Regime and participate in what is configured as the European macro Sandbox , for the experimentation in a protected environment of a secondary market for financial instruments in token form.
The survey conducted at the end of the first phase of the trial found that nearly 90 percent of financial institutions note strong interest among their customers in investing through the token instrument. More than 70 percent, then, believe it is a concrete possibility that the Cetif platform could be launched on the market by 2023, subject to fine tuning and expected regulatory pronouncements on the subject, from the relevant authorities. On the other hand, 100 percent indicated as the main and only element to be addressed for the platform's launch into production and go to market, the definition of a specific regulation on security tokens also in our country.
"Our goal," says Imanuel Baharier, general manager of Cetif Advisory , "now is to test with all interested financial institutions the actual issuance of security tokens of the different asset classes of alternatives. These will be 'last mile' pilots, which can take place in the special framework offered by the Mef's Sandbox regulatory framework during 2022 (upon acceptance of the application by the relevant authorities) or outside of it (when no regulatory exemptions prove necessary)."