Conio secures MiCAR licence: green light for crypto services and tokenisation

In this context, Conio aims to provide technological infrastructure and support services to financial institutions and businesses interested in developing projects based on blockchain technology. The company states that it operates not only in the financial sector but also in areas such as energy, digital collectables and Real World Assets (RWA).

Obtaining the licence is also significant for the Italian market as a whole. The entry into force of MiCAR represents, in fact, one of the most significant regulatory changes for the cryptocurrency sector since the inception of Bitcoin. The aim of the European legislation is to create a uniform framework for all Member States, introducing requirements relating to governance, internal controls, investor protection, risk management and the fight against money laundering.

“In a strategic field such as digital assets – which concerns the safekeeping of value, the future of finance and also the technological competitiveness of national systems – it is essential that Italia can rely on organisations capable of innovating and developing expertise,” observes Christian Miccoli, chief executive and founder of Conio.

For banks and traditional intermediaries, the new regulatory framework reduces some of the uncertainty that had slowed the development of initiatives related to digital assets in recent years. Many institutions are, in fact, considering how to integrate activities such as cryptocurrency custody, the tokenisation of financial instruments and the use of blockchain for operational efficiency into their services.

Meanwhile, the financial sector’s interest in these technologies continues to grow. In recent months, numerous European banking groups have announced trials and projects focused on the tokenisation of bonds, funds and other financial instruments. At the same time, there is growing interest in so-called ‘Real World Assets’, namely the transformation of existing real-world assets into digital tokens.

Tokenisation is regarded by many market participants as one of the most promising applications of blockchain technology. The ability to create digital representations of traditional assets could, in fact, reduce administrative costs, speed up settlement times and broaden access to certain investments. However, a number of challenges remain regarding regulatory issues, technological standardisation and interoperability between different platforms.

The real challenge will lie in the ability of banks, businesses and investors to identify practical applications for digital assets and tokenisation, transforming a technology that has so far remained largely confined to experimental settings into tools used on a wider scale by the financial system.