Abstract

On March 19, 2019, Consob published a consultation paper about Initial Coin Offerings (ICOs) and crypto-activity exchanges. Consob has proposed a regulatory framework on these innovative operations, with a clear purpose of protecting investors. The consultation paper, in comparison with similar papers drafted by other national Authorities or European Institutions, is characterized by the creation of a new, autonomous, crypto-activity category, separated from both financial instruments and financial products. This new category is functional to the application of an «ad hoc» regulation - subject to an opt-in mechanism - of ICOs (primary market) and exchange (secondary market, through exchange platforms), taking into account the size of initiatives and the technology used. The Consob regulatory proposal is still to be defined in detail. In view of the completion of the regulatory process, the authors hope the final intervention will be sufficiently tailored and proportionate to affordable compliance costs.