A REGULATORY PERSPECTIVE ON THE TOKENIZATION OF FUND UNITS: Italy vs Luxembourg

Financial asset tokenisation represents the future of finance. Tokenized funds are a noteworthy invention that hold promise for improved accessibility, efficiency, and liquidity. On the other hand, they also provide difficulties including the requirement for technology integration, operational complexity. The overall family of digital funds can be distinguished in funds that issue tokenized units, funds that invest in digital assets and funds that do both i.e., issue tokenized fund units and invest in digital assets. The focus on this thesis is to understand how tokenised funds are regulated. Tokenized fund unit do not full under MiCAR since are security token, hence are regulated as traditional units of collective investments. If a tokenised fund invests in crypto asset, however it is covered also MiCAR. An investment fund can be structured under UCITSD, AIFMD, or AIFMD plus MiCAR. At EU level also the DLT pilot regime is considered. Then the regulatory approach of Italy and Luxemburg is further explored and compared. Luxembourg framework emerged as a model to be followed.