In response to the public consultation on ICOs and exchanges, Fernando Tozzi, ABIE associate and CEO of the Dindicash project, has contributed to the drafting of the letter preface, sent by ABIE to the Consob, and has invited us to reflect on this document.
In this letter, in addition to the answers to the 15 questions posed by Consob, ABIE, a subsidiary of Confindustria Digitale, wanted to add some reflections on the new economic-financial ecosystem that the so-called fintech is helping to design.
Starting from the premise that new financial technologies do not only concern value transfer operations, ABIE points out that what is underway is the actual construction of new financial architectures for the creation, distribution and the transfer of value.
It is worth noting that, for example, the so-called DAO (Decentralized Autonomous Organization), which operate in this sector through ICOs and IEOs, pose new challenges to the regulator itself.
In this completely new and radically different scenario, fintech has to face several challenges, starting from the remuneration of the intangible, creating value with everything that the current exchange economy is not yet able to really enhance, like for example information and data, with the ultimate goal of creating and spreading wealth.
In fact, in this new perspective of value creation and welfare distribution, since we live in the sharing era, the regulator should take into account that tokens and blockchain technology are the ideal tool to allow the creation of collaborative-participatory economic models in which the economic aspect is only one of several contributions that members of the community are able to transmit to the community itself.
As a result, a DAO looks more like a huge cooperative than a company, as each individual member contributes their own work and shares their own information for their own personal benefit and for the success of the project.
The game will, therefore, be difficult even for the regulators. For example, Consob’s mandate is to protect the investor, but in a DAO the investor may also be a contributor at the same time, and therefore current laws may not be suitable for regulating these new communities that outline the new figure of the investor.
The letter also states that the so-called tokenisation for the funding of companies and start-ups could allow small and medium-sized businesses to access capital, both Italian and foreign, in ways that are diversified and integrative with respect to current forms: these opportunities should not be lost due to excessively stringent regulations, it being understood, however, that they must at the same time also rigorously protect investors and contribute to the fight against money laundering and terrorism.