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Security Token & Alternative Investment

During the Security Token & Alternative Investment ecosystem project, Cetif Advisory has developed the first Italian platform enabling the tokenization process for alternative investments, allowing for the testing of a new type of instrument through which to invest in innovative and/or traditional asset classes, in order to enable a potential expansion of the market of financial operators and to achieve significant operational and management efficiencies.

The Security Token & Alternative Investment ("STAI") ecosystem project is an experimental path in simulated mode, conducted in 2021 by Cetif Advisory , Reply and Fondazione Cariverona, with legal support from Studio Chiomenti and tax support from Linklaters, in light of a clear mission: to form the foundations of what aims to be the first Italian ecosystem for the issuance, placement and subscription of Security Token for the Alternative Investment market. The experimentation began by considering the Real Estate asset class.

With theadmission of the project into Sandbox Regulatory, two projects for the tokenization of units of a harmonized mutual fund (UCITS) started in 2022, involving - in addition to the project team Cetif Advisory and partners Reply and Linklaters - two major banking institutions, under the supervision of the Bank of Italy's structure specialized in Servizio Supervisione Intermediari Finanziari - Asset Management and Investment Services Division. 

With this testing phase completed, the platform will be ready to be brought to market.

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Mission and Goals

The achieved goal of the ecosystem project Security Token & Alternative Investment, was to build a platform based on DLT/blockchain technology for tokenization of alternative investments.

The developed platform is prepared for the tokenization of major alternative asset classes, offering the possibility to configure these components differently to meet the needs of a solution for the issuance, placement and management of Security Tokens representing asset classes.

From the results of the end-of-trial Survey, it was found that according to the participants, the platform allows them to benefit from a smooth, highly digitized and automated user experience. This in turn fosters overall efficiency, with a significant reduction in time and cost in carrying out the various activities related to transactions, which are thus markedly simplified from the time of issuance to eventual redemption/sale.

The experimentation proposed by Cetif Advisory within Sandbox Regulatory has, among its main objectives:

  • Design the tokenization process for the asset class of investment funds, following a mirroring approach with the traditional process;
  • test in a controlled and protected environment (Sandbox) the actual issuance and placement of tokens.

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