The DLT/blockchain platform is now ready to test real emissions in pilot projects, with market launch for early 2023.
Milan, March 21 - Cetif Advisory , with partners Reply and Fondazione Cariverona, and with legal support from Chiomenti and tax support from 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.
The 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 - has been joined by: BPER Banca, Banca Generali, Banca Mediolanum, Reale Group and Iccrea.
The survey, carried out at the end of the first phase of the trial, showed a high appreciation of the platform, which according to all members offers a smooth, highly digitized and automated user experience resulting in overall efficiency, reduced time and cost simplification of operations (from issuance to eventual redemption/sale).
In detail, the survey specifically indicated that:
- Nearly 90 percent of Financial Institutions note strong interest from their customers in investing through the Token instrument;
- More than 70 percent believe it is a real possibility that the Cetif platform could be launched on the market by 2023, subject to fine-tuning and expected regulatory pronouncements on the matter from the relevant authorities;
- The 100 percent indicated as the main and only element to be addressed for the platform to be put into production and go to market, the definition of a specific regulation on Security Token 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 may take place in the special framework offered by the MEF's Sandbox Regulatory during 2022 (upon acceptance of the application by the relevant authorities) or outside of it (when no regulatory exemptions prove necessary)."
The platform's go-to-market is planned for the first quarter of 2023, subject to the definition of the regulatory framework that will allow - 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 testing in a protected environment a secondary market for financial instruments in the form of Tokens.