Markets in crypto-assets (MiCAR)
MiCAR Regulation and related national implementing legislation.
Consob authorises the first service provider (CASP)
Digital finance
Digital finance
Digital finance refers to the application of digital technologies to financial market services, activities and infrastructures.
This section brings together content on crypto-assets, tokenisation, digital financial instruments, artificial intelligence, cybersecurity and innovation in financial markets, with references to regulation, supervision, studies and investor protection.
Technological innovation can help make markets more efficient, accessible and competitive, fostering new operating models and innovative services. At the same time, it requires appropriate safeguards in terms of transparency, operational resilience, cybersecurity and investor protection.
In this area, Consob monitors developments in the national and European regulatory framework, promotes dialogue with the market and contributes to the supervision of phenomena linked to the digital transformation of the financial sector.
News
This section brings together updates, press releases and insights dedicated to the evolution of digital finance, with a particular focus on the regulatory framework, Consob’s initiatives and the main market developments.
Regulatory testing
Sandbox and dialogue with operators
The Regulatory Sandbox promotes dialogue between Authorities and operators through controlled testing of innovative projects in the financial, banking and insurance sectors.
The national rules on the Regulatory Sandbox, namely Ministerial Decree No. 100/2021, are currently under review. The public consultation on the new text proposed by the Ministry of Economy and Finance has been completed and, in the coming months, the new text is likely to replace Ministerial Decree No. 100/2021. See the page of the Ministry of Economy and Finance
Informal dialogue form
The form allows operators to request initial support from the Consob-Tech Team by providing essential information on the requesting entity and on the project. It is intended to facilitate preliminary dialogue on the regulatory framework, specific aspects of the project or procedures for participating in the Sandbox.
Download the formDigital finance regulation
National and European regulatory framework on crypto-assets, digital financial instruments, digital operational resilience, cybersecurity and artificial intelligence applied to financial services.
The links below lead to the Italian-language sections of the Consob website where the relevant legislation and regulatory materials are published.
Digital financial instruments and the DLT Pilot Regime
DLT Pilot Regime Regulation and national FinTech legislation.
Cybersecurity, DORA and NIS2
DORA, NIS2 and measures for digital operational resilience.
Artificial intelligence and the AI Act
AI Act and the application of AI in financial services.
ESMA level 2 and level 3 measures
ESMA technical measures and guidelines on digital finance.
National implementing legislation
Legislative decrees and Consob measures on digital matters.
Sandbox and dialogue with operators
The Regulatory Sandbox promotes dialogue between Authorities and operators through controlled testing of innovative projects in the financial, banking and insurance sectors.
This section brings together operational information on the Italian Sandbox, including access procedures, application windows, FAQs, documentation and support tools for FinTech operators and innovative businesses. The linked content leads to the Italian-language sections of the website.
Analysis
Studies and research
Analyses, publications and insights by Consob and other national and international authorities on digital finance issues.
This section includes studies on tokenisation, crypto-assets, artificial intelligence, cybersecurity, digital infrastructures and innovation in financial markets.
Protection
Investor protection and action against digital unauthorised activities
Information, warnings and useful tools to recognise risks, fraud and unauthorised operators in the crypto-assets sector and in digital financial services.
This section brings together content dedicated to investor protection, online financial unauthorised activities and the supervisory and enforcement initiatives promoted by Consob.
See also
Quick links to insights, initiatives and tools related to digital finance.