WST

Two major Italian companies—one providing blockchain services and belonging to a listed group, and a luxury automotive manufacturer, also listed—have launched an innovative project by developing a digital token that grants the exclusive right to participate in a digital car auction. The token will be part of a digital wallet developed within a blockchain-based infrastructure, can be managed through the automotive manufacturer’s app, and the purchase of the ownership right will be secured through highly advanced security and encryption protocols. The token issuance was carried out in accordance with Regulation (EU) 2023/1114 (Markets in Crypto-Assets Regulation, or MiCA), which governs crypto-asset markets with the aim of mitigating the risks that an uncontrolled development of such products could pose to the proper functioning of the payments system. MiCA introduces a harmonized framework within the European Union for the issuance, public offering, and admission to trading of certain crypto-assets, as well as for the provision of services related to specific types of crypto-assets, such as: Electronic money tokens (EMTs), defined as crypto-assets intended to maintain a stable value by referencing a single official currency; Asset-referenced tokens (ARTs), defined as crypto-assets that are not EMTs and that aim to maintain a stable value by referencing another value, a right, or a combination thereof, including one or more official currencies; Crypto-assets "other than" EMTs and ARTs, a category encompassing all crypto-assets that do not fall within the first two definitions. The token described appears to fall within this third category, as it grants a right to participate in the auction and, as such, provides a genuine service. The trust placed in the use of blockchain as a tool capable of ensuring the secure acquisition of ownership rights through simple and safe steps—expressed by a historic luxury automotive group—highlights the importance of innovation, even when linked to the specific context of an auction. From this perspective, the entire luxury industry may evaluate whether to replicate the use of blockchain. More generally, the progressive development of regulatory frameworks, including in Italy—such as the recent supervisory provisions issued by the Bank of Italy concerning EMTs and ARTs—will increasingly encourage the adoption and dissemination of similar structures, providing greater legal certainty in the use of crypto-assets.