Leaving behind the Covid-19 crisis while aiming for blockchain and decentralised finance

03.Jun.2020Press release

Pacini Battaglia, Consulcesi Tech: “More transparency, decentralization and execution speed for overcoming the current situation”

Creating a financial and dematerialized ecosystem that encourages the launch of new business ventures related to blockchain by legally protecting the investors: It is the main scope of the Fintoken Act, the bill signed into law just a few days ago in Albania, which follows the regulatory path already traced by the frameworks of France and Malta. The approval of this law comes at a time when Italy also becomes more aware of the importance of fintech for overcoming the crisis.
«The Blockchain Economy and decentralized finance can become major players when it comes to financial recovery during this time of post-pandemic crisis. – says Gianluigi Pacini Battaglia, CEO of Consulcesi Tech -Transparency, decentralization and speed of execution are sought after by enterprises to go through the current situation. Another example is Malta, the country that approved the Virtual Financial Assets Act in 2018, for which the International Monetary Fund predicts the lowest decrease of GDP among all European states. »
This Act is one of the first European regulations to harmoniously regulate the sector of blockchain technology applications by favoring operators and decentralized finance (DeFi) in traditional markets. Beneficiaries are all entities that exercise activities according to the object of this law, in or from the territory of the Republic of Albania. The Fintoken Act also sets out the possibility of approving a license within the 60-day period.
The proposed solution of an integrated and regulated ecosystem also seems to offer an answer to the criticisms often raised against cryptocurrencies regarding the issue of combating money laundering and illicit trades. A clear categorization of the types of digital tokens (utility token, payment token, security token and asset token) is introduced, to respond first and foremost to the controversial issue of hybrid tokens.
It’s a long-awaited shift. According a whitepaper of CDP (Cassa Depositi e Prestiti), more and more enterprises are adopting and developing DLT (Distributed Ledger Technology) with great benefits. It should be considered that between 2015 and 2017 the companies that invested in Blockchain made profits from 1.6 billion dollars to 27.3 billion dollars during 2017-2018. Patent applications for projects also increased in the same two-year period, going from 648 to 1441.
Consulcesi Tech therefore launches a strong appeal to national authorities to consider the Fintoken Act as a model for encouraging the development of new ventures based on blockchain and digital assets. It is a technological renaissance necessary for Italy: thanks to secure and certified registers, Blockchain technology would also offer more guarantees to a country that needs to breathe innovation and return to promote itself with a new confidence in the markets.