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The Legal Characterization of Crypto-Exchange Platforms

Abstract In a thriving crypto-assets market, crypto exchange platforms play a pivotal role. Indeed, such trading systems are instrumental to the matching of demand and supply (trading) as well as the transfer of tokens (settlement and post-trading). Yet, there is currently no bespoke regulatory framework applicable to crypto exchange, raising pressing questions on whether and how those platforms are regulated. This article examines the Italian regulatory framework applicable to crypto-exchange platforms. It shows that the present regulatory engagement with crypto exchanges relates to the qualification of the crypto assets traded. Depending on such qualification, different financial regimes could be triggered.