Track record
Deals advised by the Firm: DLT-native issuances, CASP authorisations, M&A and venture rounds in regulated markets.
CASP authorisation covering eight of the ten MiCAR services for an Italian crypto-asset exchange
Exchange platform · Crypto-assets — 2026
By resolution no. 24059 of 30 June 2026, CONSOB, in agreement with the Bank of Italy, authorised an Italian platform under Regulation (EU) 2023/1114 to provide eight of the ten MiCAR services: custody and administration, execution of…
CASP authorisation for an operator previously registered with the OAM
Crypto-asset services · Veneto — 2026
By resolution no. 24030 of 10 June 2026, CONSOB authorised an operator previously registered with the OAM to provide the services of exchanging crypto-assets for funds, exchanging crypto-assets for other crypto-assets and placing. The…
Integrated CASP and EMI authorisation for a payments and crypto-asset operator
Electronic money · Crypto-assets — 2026
One of Italy’s first cases of integrated CASP + EMI authorisation concerned an operator already registered with the OAM. By resolution no. 24060 of 30 June 2026, after consulting the Bank of Italy, CONSOB authorised custody and…
Private authorization under DL Fintech
Italian private operator · Fintech sector — 2024
LX20 advised in the authorization procedure relating to the first private operator authorized by CONSOB under D.L. 17 March 2023, no. 25 ("DL Fintech") for the provision of services connected to digital financial instruments represented on…
Italian fund investment in DLT-native digital financial instruments
Asset management firm · Italian SGR — 2023
LX20 advised on structuring the first Italian investment, by an Italian alternative investment fund, in participating financial instruments natively issued on DLT. The transaction required the coordination of regulatory, corporate and…
Italian blockchain-based investment structure
DLT-based investment vehicle · Fintech sector — 2023
LX20 advised in the creation of an investment structure based on a participating holding company, digital financial instruments and a reserved alternative investment fund operating in a DLT environment. The engagement covered the design of…
Among the first Italian DLT-native bond issuances
Regulated Italian bank · Banking sector — 2022
LX20 advised on the issuance of one of the first Italian-law bonds natively represented on blockchain and fully subscribed by a regulated intermediary. The transaction was completed prior to the adoption of DL Fintech and required a…
S.r.l. to S.p.A. transformation with DLT-native shares
Italian company · Tech sector — 2023
LX20 advised on the transformation of an Italian limited liability company (S.r.l.) into a joint-stock company (S.p.A.) with shares natively issued on DLT. The transaction required a review of corporate governance, adaptation of corporate…
Among the first Italian corporate DAOs
Corporate DAO · Innovation sector — 2023
LX20 advised on the structuring of one of the first Italian corporate DAOs, integrating decentralized governance mechanisms with national company law. The engagement covered the definition of governance, the compatibility of decentralized…
DAO-based venture studio
Venture studio · Innovation sector — 2024
LX20 advised on the creation of an Italian venture studio based on a corporate DAO, within an innovative structure for governance and the development of entrepreneurial projects. The engagement required defining the relationships between…
Among the first Italian transfers of DLT-native shares
Italian M&A transaction · Tech sector — 2024
LX20 developed the legal infrastructure supporting one of the first Italian transactions involving the transfer of DLT-native shares. The engagement included structuring the digital issuance, circulation and transfer mechanisms for the…
Italian shares and quotas on blockchain
Italian companies · Cross-sector — 2021
LX20 advised on the creation of the first shares and quotas of Italian companies natively represented on blockchain. The engagement covered the structuring of rights incorporated in the digital instruments, the definition of circulation…
Italian convertible participating financial instruments on DLT
Italian issuer · Tech sector — 2020
LX20 advised on the structuring and issuance of convertible participating financial instruments (SFP) represented on DLT. The transaction required the definition of administrative and economic rights incorporated in the instruments, and…
One of the first corporate contributions backed by BTC/ETH
Italian company · Digital-assets sector — 2023
LX20 advised on one of the first Italian corporate contributions involving receivables backed by crypto-assets, including BTC and ETH. The engagement required analyzing the civil, accounting and corporate profiles connected to the…
ECSPR authorization for an Italian listed group
Italian listed group · Crowdfunding — 2023
LX20 advised an Italian listed operator and its subsidiary on obtaining authorization under Regulation (EU) 2020/1503 on European crowdfunding service providers for business (ECSPR). The engagement included preparing the authorization…