Italy“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
Asset tokenization in Italy
We build the platform to tokenize bonds, shares and revenue rights in Italy: investor onboarding, ERC-3643 tokens and integration with the digital circulation register manager, coordinated with the law firm that structures the issuance under Decree-Law 25/2023 or MiCA.
Tokenize your asset
They trust Metlabs to tokenize their assets
Why Italy
Why tokenize assets in Italy?
Italy has had its own regime for digital financial instruments since 2023: Decree-Law 25/2023 allows shares, bonds and other securities to be issued and transferred through entries on a distributed ledger kept by a register manager listed with CONSOB. MiCA applies alongside it through Legislative Decree 129/2024. For an issuer, the decision is which right to tokenize and who keeps the register.
2023
year of Decree-Law 25/2023, which governs the issuance and circulation of financial instruments on distributed ledgers
Normattiva · Mar 17, 20237
categories of financial instruments that can take digital form, from shares and bonds to fund units
DL 25/2023, Art. 22024
year of Legislative Decree 129/2024, which aligns Italian law with MiCA and splits supervision between CONSOB and Banca d'Italia
Normattiva · Sep 14, 2024What gets tokenized
Debt, equity and revenue: what gets tokenized in Italy
Almost every tokenized issuance represents one of these three rights against the issuer. The right determines the vehicle, the applicable law and who keeps the register, and it is settled before the network or the token standard.
| Right | Debt | Equity | Revenue |
|---|---|---|---|
| What is issued | Bonds and debt securities | Shares in an S.p.A. | Revenue rights |
| The investor receives | The investor lends to the issuer and receives interest and, at maturity, the principal. | The investor joins the share capital: dividends, voting rights and a share of any sale or liquidation. | The investor receives a share of the income from an asset: rents, energy sold, sales or royalties. |
| The token enforces |
|
|
|
| Issuer | S.p.A. or S.r.l. | S.p.A. | S.p.A. or S.r.l. |
| Register | Register manager | Register manager | Manager if an instrument |
| Law | DL 25/2023 and Civil Code | DL 25/2023, Art. 2 | DL 25/2023 or MiCA |
| How it is issued | They are issued and transferred through entries on a digital circulation register kept by a manager listed with CONSOB or by a pilot regime infrastructure. An S.r.l. can only place debt securities with supervised professional investors; an S.p.A. issues bonds up to twice its capital and reserves, except for those investors. | Shares in an S.p.A. can take digital form: each issuance is recorded on a single register with a single manager, and the issuer notifies CONSOB. Quotas in an S.r.l. are not among the decree's categories, which leaves CONSOB the power to add them by regulation. | Classification is decided case by case: a financial instrument in the decree's categories can be issued in digital form; a crypto-asset other than an ART or EMT follows Title II of MiCA, supervised by CONSOB. Contractually, it takes the form of an associazione in partecipazione (Art. 2549 of the Civil Code). |
Regulation
Regulation guide for ItalyWhich regulation applies to tokenization in Italy?
It depends on the right the token represents. If it is a financial instrument in the categories of Decree-Law 25/2023, such as a share or a bond, it can be issued and circulate on a distributed ledger with its own legal effects, under CONSOB supervision. If it is a crypto-asset, MiCA applies, which Italy implements through Legislative Decree 129/2024; the former OAM register stopped covering services by June 30, 2026 at the latest.
Outside pilot regime infrastructures, issuance is only allowed on registers kept by managers listed with CONSOB: banks, investment firms and market operators, other intermediaries for their group's issuances, the issuer itself for its own securities, or other entities established in Italy. Each issuance sits on a single register, and the issuer notifies CONSOB. The register must prevent unauthorized use, ensure continuity and recovery, and publish its transition strategy.
Keeping the register is not the same as providing investment or crypto-asset services: distribution and trading need their own permissions, and a bank or investment firm cannot provide certain services on instruments recorded on its own register. A public offer follows the Prospectus Regulation. We coordinate the structure with specialist law firms, and authorized entities provide the regulated services.
Italy
FavourableScore89
- Authorities
- CONSOB and Banca d’Italia according to entity, instrument and service
- Latest regulatory change
- Jul 2026
Key authorisations
- CASP authorisation or MiCA Article 60 notification according to entity
- Investment permissions for services involving financial instruments
- Registration as a digital register operator where applicable
- Specific permission for DLT Pilot infrastructure
Our legal partners
Methodology
How we tokenize an asset in Italy, step by step
The four phases of our methodology, with the parties involved in Italy. The law firm and our engineering team work in parallel from the asset review to investor acquisition.
We review the asset's title, encumbrances and cash flows, and decide with the issuer whether the token will be debt, shares or a revenue right. That sets the vehicle, an S.p.A. or an S.r.l., the amount and the rules of the issuance.
The law firm checks that the instrument fits a category of Decree-Law 25/2023, drafts the issuance document, and chooses the listed register manager and the offer route. Before issuing, the issuer notifies CONSOB of the issuance and its register manager.
We configure the white label platform with your brand: investor onboarding with KYC, signature, payment and ERC-3643 tokens carrying the offer's rules. The integration with the register manager, or the register itself if the issuer lists for its own issuances, is custom development with its continuity and recovery controls.
With the issuer and, where there is one, the placing entity, we prepare the offer page and measure the journey to a paid subscription. After the issuance, the platform handles distributions, transfers between verified investors and reporting.
Reviews in Italy
What do our clients think of Metlabs?
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
Platform
What does our white label tokenization platform include in Italy?
The investor portal, ERC-3643 tokens and issuer console, under your brand. Out of the box it handles onboarding, signing, payment and distributions; anything else your issuance needs, such as a local payment method or a connection to your bank or custodian, we build on the same platform.
Request a demo
- Your brand and domainYour visual identity and legal notices across the investor portal.
- Investor onboardingSign-up, KYC with identity card (CIE), KYB, AML checks and a custodial wallet.
- End-to-end investmentE-signature and payment in euros by SEPA transfer or with stablecoin (USDC/EURC).
- ERC-3643 tokensEvery subscription is issued under the rules of the offer to qualified investors.
- Issuer consoleProjects, investors, euro reconciliation, distributions and reporting.
- Compliance and audit trailKYC and AML file (D.Lgs. 231/2007) per investor and an exportable audit log.
Institutional custody, integrated
We integrate custody and key management providers through their APIs, including Fireblocks, BitGo, Coinbase Prime, Anchorage Digital, Copper and Ledger Enterprise. Depending on the provider and model, keys are managed with MPC or multisig so that none depends on a single device. If the token is a security, custody on behalf of clients is provided by an authorized entity.
FAQ
Frequently asked questions about tokenization in Italy
What we are asked before a project starts.
Talk to our teamIs asset tokenization legal in Italy?
Yes, and under a dedicated regime: Decree-Law 25/2023 recognizes the issuance and transfer of shares, bonds and other financial instruments through entries on a distributed ledger. MiCA, implemented by Legislative Decree 129/2024, regulates crypto-assets. What requires listing or authorization is the activity: keeping the register, placing the issuance or providing services.
Can an Italian S.r.l. tokenize its quotas?
Quotas in an S.r.l. are not among the decree's categories; the law lets CONSOB add them by regulation, and the law firm checks whether it has done so before structuring. An S.r.l. can issue debt securities in digital form if its articles provide for it, placed with supervised professional investors.
How much can be raised without a prospectus in Italy?
It depends on the route. An authorized crowdfunding platform allows up to €5 million per project owner over 12 months. Outside it, the exemption threshold is set by the Prospectus Regulation, which the EU Listing Act revised in 2024, and the law firm confirms it for each offer.
Does the token give ownership of the property?
Not by itself. The decree gives legal effect to the entry of a financial instrument, not to ownership of a property: the token is a share, a bond or a revenue right against the issuer. The property stays in its owner's name, usually the issuing company.
Asset tokenization
Assets we tokenize in Italy.
Asset tokenization
Articles on tokenization
MiFID II and tokenization: classification, services and limits
MiFID II and tokens: financial instrument classification, investment services and the distinction from MiCA before designing an issuance.
What are the differences between security tokens and utility tokens?
How to distinguish financial rights from service access, what legal classification examines and why a token’s name does not determine its regulation.
OpenZeppelin and ERC-3643: how a security token is built
What OpenZeppelin libraries and ERC-3643 controls provide, and what a securities issuance also requires: rights, permissions, operations and review.
Tokenize your asset in Italy
Tell us which right you want to issue and we will propose the technical structure, timeline and phased budget.
Where we are
We're your tokenization company in:
Metlabs Offices
Av. García Sabell, 1, Edificio Proa 15009 A Coruña, Spain
We tokenize assets in
SpainUnited StatesUAEUnited KingdomMexicoSingaporeAustraliaSwitzerlandColombiaArgentinaChilePeruPortugalGermanyHong KongBrazilEcuadorFranceIndiaPanamaAndorraAustriaBahrainBelgiumBoliviaCanadaCosta RicaCubaCyprusCzechiaDenmarkDominican RepublicEl SalvadorEstoniaFinlandGreeceGuatemalaHondurasHungaryIrelandIsraelJapanKuwaitLiechtensteinLithuaniaLuxembourgMaltaMonacoMoroccoNetherlandsNew ZealandNicaraguaNigeriaNorwayOmanParaguayPolandPuerto RicoQatarRomaniaSan MarinoSaudi ArabiaSeychellesSouth AfricaSouth KoreaSwedenTurkeyUruguayVenezuela
