Moneta digitale, mercato dei capitali e DLT Pilot Regime: un primo bilancio

The essay analyzes the tokenization of financial instruments and the role of DLT in the transformation of European capital markets. It highlights the benefits — efficiency, programmability, disintermediation, and cross-border integration — as well as the risks related to governance, interoperability, legal certainty, resilience, and financial stability. Particular attention is devoted to the DLT Pilot Regime, the Italian framework introduced by the Fintech Decree, and the initial practical evidence, which remains limited also due to the absence of cash on chain in central bank money. Finally, the contribution considers the Market Integration Package as a first step toward a stable framework capable of combining innovation, investor protection, and market integration.