"Fintech" is the term generally adopted with reference to all financial innovations, linked to the advancements of technology, which may entail the development of new business models, processes or products, as well as that of new market operators.

The relation with technology is the necessary feature making financial innovation possible. The nature of the relationship between technological innovation and financial intermediation has been investigated - from different perspectives – through a plenty of international public and private forums, with relation to the impact had by technological transformation on the worldwide financial system. The changes taking place today in the markets for financial services, driven by technology, have a far deeper and wider political-strategic substance than a simple reshaping of specialized economic entities (markets and financial intermediaries, above all), as we know them today.

Consob is interested in these changes in the dual perspective of both regulator and Authority in charge of investors' protection; following these premises, Consob deemed it appropriate to investigate the Fintech phenomenon and, more specifically, the Initial Coin Offerings (ICO), through the first publication of a document for discussion aimed to sketch a first attempt to define the basic principles of the ICOs phenomenon as well as to define a regulatory approach suitable to the offers of newly issued crypto-assets as well as with regard to the step of subsequent negotiation of the crypto-assets subject to prior issue and dissemination to the public. On the basis of the answers given to the discussion document, received by 5 June 2019, Consob published a final report ("Initial offers and crypto-activity exchanges") having the purpose of providing a feedback on the issues emerging from the analysis of the consultation outcomes.

Consob workshops and conferences
  1. 8/10/2021 - 04/03/2022 - The new frontiers of tokenization. Implications for the national market
Consob documentation
  1. Commissione nazionale per le società e la borsa (CONSOB)
Links to other sites of interest relating to FinTech
  1. Bank of Italy
  2. Ministry of Economy and Finance
Useful documentation
  1. Commissione Europea (CE)
  2. European Securities and Markets Authority (ESMA)
  3. European Central Banck (ECB)
  4. International Organization of Securities Commissions (IOSCO)


Digital Finance Package Cybersecurity: Legislative Decree 65/2018 transposing the NIS directive [Italian language] Consob Selected Documents on Fintech Fortune Finance: Market and Rules, how Fintech is changing Fintech channel – The Bank of Italy Speech by Commissioner Paolo Ciocca on the Initial Coin Offering (19 April 2019) Speech to ABI by Commissioner Paolo Ciocca: "Data and finance: new opportunities and new vulnerabilities. The need to change the paradigm" (18 November 2020) Meeting open to the public on ICOs of 21 May 2019 (documents and videos) Interview by Commissioner Paolo Ciocca "Fortune Finance: Market and Rules, how Fintech is changing" (26 September 2019) Fintech Committee and Regulatory sandbox – Setting up Consob-European University of Rome Conference on "Fintech between regulation, market and competition" - Rome 24 October 2019 OECD Global Blockchain Policy Forum 2019 Fintech and the IMF SEC - Strategic hub for innovation and financial technology (FinHub) EBA report with advice for the European Commission on "crypto-assets" (January 2019) G7 Working group on "stablecoins", Report on ‘Investigating the impact of global stablecoins' (October 2019) G7 Fundamental Elements of Cyber Exercise Programmes (25 November 2020) G7 - Cyber Expert Group (CEG) occasional paper: Proposal for a common categorisation of IT incidents (6 April 2021) Regulation on the discipline of the Committee and FinTech experimentation (Ministry of Economy and Finance Decree no. 100 of 30 April 2021) Speech by Commissioner Paolo Ciocca at University of Insubria, Digital Finance Laboratory: "Regulatory initiatives for Fintech: where are we at?" (4 May 2021) Hearing of Commissioner Paolo Ciocca to the Finance Commission of the Italian Chamber of Deputies about the "Digital Finance Package" (8 June 2021) Final document approved by the VI Commission (Finance) of the Chamber of Deputies in relation to the package of measures for digital finance (20 October 2021) Hearing of Maria Antonietta Scopelliti about "FINTECH: Warning profiles and opportunities for issuers and national savings", at the Bicameral Inquiry Committee of the Italian Parliament about the Banking and Financial System (6 July 2021) EBA Report on the use of digital platforms in the EU banking and payments sector (September 2021)