Micar - ART - CONSOB AND ITS ACTIVITIES
Title III of Regulation (EU) 1114/2024 (“MiCAR”) applies to the issuance, offer to the public and admission to trading of asset-referenced tokens (ARTs)
Article 3(3) of Italian Legislative Decree 129/2024, implementing MiCAR, has designated Bank of Italy and Consob as the Competent Authorities pursuant to the aforementioned Title III.
The aforementioned Decree sets out that supervision on ARTs is carried out by the Bank of Italy, with regard to risk mitigation, financial stability, and sound and prudent management, and by Consob, with regard to transparency, fair conduct, orderly trading conditions and protection of holders of asset-referenced tokens.
Pursuant to Article 16 of MiCAR and the implementing Italian Legislative Decree 129/2024, when Italy is the Home Member State, the following entities may offer to the public and seek the admission to trading of an asset-referenced token:
- a legal person or other undertaking that has been authorised by the Bank of Italy, in agreement with Consob, pursuant to Article 21 of MiCAR (so-called "Specialized ART Issuers") and that, consequently, has obtained the approval of the related white paper from the Bank of Italy, in agreement with Consob;
or
- a credit institution that has provided the Bank of Italy with the documentation referred to in Article 17(1)(b) of MiCAR and that has obtained the approval of the white paper from the Bank of Italy, in agreement with Consob.
In relation to the above, requests for authorisation/approval must be submitted to the Bank of Italy. It is the Bank of Italy’s duty to make the documentation available to Consob for the purpose of granting the agreement on the authorisation/approval.
Pursuant to Article 13 of Italian Legislative Decree 129/2024, issuers of exempted asset-referenced tokens, under Article 16(2) of MiCAR, are required to provide Consob, as well as the Bank of Italy, with the white paper on the crypto-assets.
