Consortium Backed by Italy’s Central Bank to Develop Institutional DeFi for Security Tokens
A consortium of companies is receiving developmental support from the Milano Hub, a research center backed by Italy’s central bank, to establish an “Institutional DeFi for Security Token” ecosystem.
Led by Cetif Advisory, the project aims to create a safe and open operating environment for traditional financial institutions to explore DeFi. The ecosystem will incorporate traditional rails such as know-your-customer and anti-money laundering protocols, familiar to these firms.
The goal is to open access to the platform by 2024 and allow real-world testing of the tokens on secondary markets. Support from Italy’s largest financial institutions, including Banca Mediolanum and Intesa Sanpaolo, will contribute to the creation and value backing of the security tokens. The Milano Hub will offer expert consultants on financial regulation and coordinate events to support the project over a six-month period, but it will not provide financial support.
Clever Robot News Desk 28th July 2023
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