Tokenized Assets: Regulatory Frameworks and Emerging Grey Areas under MiCAR, MiFID II, and the DLT Pilot Regime. Analysis of European Case Studies.

This thesis aims to explore the issues related to the grey areas emerging from the interpretation of the regulatory framework governing the tokenization of major assets. The ultimate objective is to reflect on selected European case studies alongside other key uncertainties arising from regulatory interpretation, examining how a given asset or structure may fall within one or another framework depending on divergent approaches, and addressing broader issues of legal qualification in tokenized finance. In order to achieve a comprehensive understanding of this phenomenon, the potential benefits that firms may derive from the use of these instruments and from diverse regulatory interpretations will also be examined. Chapter One introduces tokenized assets by clarifying key concepts and outlining the technological foundations necessary to understand their functioning. Chapter Two examines the European regulatory framework applicable to tokenized assets, exploring how the regimes governing financial instruments, crypto-assets, and experimental DLT infrastructures interact in practice. Chapter Three applies this framework to selected European cases and emerging areas of uncertainty, highlighting how regulatory boundaries influence market behaviour and shape the broader development of tokenized finance.