Publications

MiCAR and DeFi. The Perimeter.

MiCAR has entered its applicative phase. Edge-cases remain open: DeFi, staking, lending, borrowing, non-custodial wallets and access interfaces to decentralised protocols. The question is not whether a smart contract underlies the activity, but whether — in substance — a subject provides, organises…

2026-05-23

Real Estate Tokenization — Global Outlook 2026

Real estate, on-chain. State of the global market: size, players, infrastructure, trajectory to 2030

Real estate tokenization has moved beyond experimental into the institutional-infrastructure phase. It remains tiny vs global RE (~$393T, Savills 2025) but grows at double-to-triple-digit rates. The report distinguishes retail tokenization from institutional wrapping, maps eight jurisdictions with…

2026-04-22

SMEs and the Listing Act — what changes

European novelties for SME access to capital markets

9-slide carousel on the main interventions of the EU Listing Act (Reg. 2024/2809 and Dir. 2024/2810) and the implications for Italian SMEs: simplified prospectus, exemption thresholds, dual-class shares, secondary-market liquidity regime, MAR deregulation.

2026-04-02

Multiple voting rights in M&A transactions

Practical profiles and impact on SPAs, governance and drag-along clauses after the 2024 reform

9-slide carousel on how Italy's multiple-voting-rights regime (post-reform) reshapes SPA design, shareholders' agreements and drag-along clauses in M&A.

2026-03-18