(Ticker) – “There can be no regulation of virtual instruments without including regulation of multiple new accounting techniquesalso to make them mutually fungible in order not to create a fragmentation of the unity of the market”. This was stated by the president of CONSOB, Paul Savonaon the occasion of the 2023 ASSOSIM annual meeting, talking about digitized or tokenized tools.
“There technological neutrality reaffirmed in the primary regulations therefore requires a secondary regulation involving all the institutions and trade associations, obviously including ASSOSIM – he added – It could happen that the second requires changes to the first”.
According to Savona, market operators and supervisory authorities “nevertheless must have the gathering and computing power to follow the unfolding of the extraordinary amount of market operations in the Infosphereaccumulating data in scientific languages to process them with artificial intelligence techniques”.
In his conclusions, the number one of CONSOB underlined “the complexity of the articulation of instruments and intermediaries market, which has not yet led to an expansion of savings which is channeled towards the growth of investments and productive activity”.
According to the economist, there is a “need to take into consideration” the new decentralized ledger accounting technologies, which offer the opportunity for a change in the institutional architecture of money and finance, to integrate traditional and virtual tools; but also “the urgency of creating common collection centers for the enormous amount of informationto allow the use of AI methods”.