Most recent Articles


The first STO milestone is German: Bitbond issues the first BaFin approved security token bond


Published March 6, 2019 on Hackernoon.com and Medium.com and Blockchain4innovation.it

 

Lastly it happened: a German company has won the race to issue a fully regulated security token, at least in Europe.  Despite others having claimed to have "tokenized" something in the past, this Bitbond issue is a radical shift in the STO narrative so far.

Indeed Bitbond - a Berlin based crowdfunding company - has released a prospectus approved by German regulator BaFin to raise funds by issuing a security token bond on the Stellar blockchain, without a depositary bank, without certificates or coupons and intermediaries. Differently from what happens with traditional bonds, no commission/premium/agio will be charged to subscribers.

An update on recent Crypto regulatory development around the world


Published March 2, 2019 on Blockchainflashnews.com and Hackernoon.com and Medium.com

 

The beginning of the year has brought some important regulatory news for crypto from the US, the UK and the EU.

 

USA

In the crypto-friendly and dynamic US State of Wyoming, 2 new legislative bills have been filed in January. The first one aims at classifying digital assets as "intangible personal property" within the applicable Uniform Commercial Code as well as introducing an opt-in framework for banks to provide custodial services for digital asset property.

 

The second one proposes to allow Wyoming corporations to issue "certificate tokens" and substantially recognizes "certificate tokens" as equivalent to normal stock certificates. Of course these are not enacted legislations and we will see how .....

 

 

Will Italy be the first to enforce DLTs time-stamping and Smart Contracts?


Published 30th January 2019 on Blockchainflashnews.com and Medium.com

 

Italy never stops to amaze me. It is what we Italians call "genio e sregolatezza" - genius and insanity. It is a country which has produced talents and excellence since the Roman times in many areas and still does. Italian artists, products, style and technology are known, appreciated, sought after and often imitated worldwide.  It is a country full of talents which could still lead in the world in many ways, but it is chronically plagued by internal conflicts, self-interest and lack of leadership.  This makes it very hard for Italian businesses to compete internationally and many young Italian talents are compelled to leave "il bel paese" to look for better opportunities abroad ...



Can the EU still win the tokenization race?


Published 23rd November 2018 on Blockchainflashnews.com and Hackernoon.com and Blockchain4innovation.it

 

Just one year ago - at the top of the ICO mania - the EU was well positioned in the race towards crypto use and blockchain/DLTs adoption. When regulators around the world, led by the US, started cracking down on ICOs and crypto markets, the EU took a bit of a "laissez faire" attitude. In hindsight this was good since - despite the initial worries - the damages were very much contained and there was a substantial growth of new businesses and investments in the sector.

 

And whether this was due to the slow reaction of EU regulators to new developments or - rather - a voluntary policy stance, is anyone´s guess.  The result was however positive, specially when compared with ...

 


Use the Blockchain and token-economics to fix privatizations


Published 25th September on Cointelegraph.com and Hackernoon.com and Medium.com

 

When I wrote this article about the dramatic collapse of the Morandi Highway Bridge in Genoa, I did it out of anger.  Though it was clear to me that the roots of this tragic event were to be found in the wrong privatization model and its wrong incentives, I did not yet realize how this was a global issue. In the sense that the discontent and the failures of the privatizations are a worldwide phenomenon, little known, mostly unacknowledged and little debated.  

 

Indeed a quick web search under the key words "failed privatizations" results in a long list of global failures anywhere from Europe, to Africa, the USA, South America and Asia. This Columbia University paper and this Michael Hudson´s paper "Let us glory in inequality" are worth reading.

 


Why Tokenization is still a Chimera


Published 31st July, 2018 on Hackernoon.com and Cointelegraph.com and Medium.com and Blockchainflashnews.com Italian translation

 

Tokenization is nothing new

 

The term "tokenization" is mainly associated with securities, equities and real assets and indicates the creation of a digital token which represents ownership rights to the underlying assets and which is issued on a Blockchain.

But tokenization is per se nothing new. It is an evolution of derivative instruments and securitized assets such ABS.

For instance, the CDOs and MBS at the heart of the 2009 financial crisis were substantially tokens representing debt. The first examples of securitizations go back to the 17th and 18th century.

Despite the promises that I also share about the potential of STOs and ...

 



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