Methodology - This thesis adopts a qualitative and comparative research approach, combining legal, technological, and market analyses to explore the emerging phenomenon of real estate tokenization within the Italian context. It is designed to understand how blockchain-based tokenization can transform real estate transactions, interact with existing cadastral and legal infrastructures, and potentially redefine the institutional and regulatory boundaries of the sector, identifing the regulatory limit of such application. In the study are used: • Academic literature on blockchain, tokenization, real estate finance, and land administration; • Institutional documents, reports and laws (Agenzia delle Entrate, Bank of Italy, European Commission, and international financial authorities); • Company case studies, based on publicly available data and industry reports; • Direct professional experience, used as empirical support for the comparative case study between Italy and the UK. Design Part I – Tokenization of real assets: an exploratory review of academic and professional literature on blockchain systems, consensus mechanisms, and the classification of digital tokens, with particular attention to their application to real-world assets such as real estate. This section also includes a comparative review of twelve international companies that have developed tokenization platforms, allowing to identify common models and operational frameworks. Part II – Cadastral systems: a descriptive analysis of the Italian cadastral and real estate transaction systems, followed by a case study comparison between an Italian and a UK property transaction. This case study, based on the author’s direct professional experience, highlights procedural, technological, and institutional differences between the two markets. Part III - Italian law and EU regulation on FinTech: a doctrinal analysis of Italian and European legislation relevant to fintech and tokenization, including the MiCA Regulation, the Italian Decree-Law 135/2018, and Law No. 130/1999 on securitization. This part also reviews the functioning of the Italian FinTech sandbox as an experimental environment for digital financial innovation. Part IV - Risks and future perspectives: a forward-looking synthesis that integrates findings from the previous parts to outline potential implications, risks, and defines three possible structures of tokenization and cadastral systems integration for Italy context.
Metodologia - Questa tesi adotta un approccio di ricerca qualitativo e comparativo, combinando analisi tecnologiche e di mercato per esplorare il fenomeno emergente della tokenizzazione immobiliare nel contesto italiano. L’obiettivo è comprendere come la tokenizzazione basata su blockchain possa trasformare le transazioni immobiliari, interagire con le infrastrutture catastali e legali esistenti e potenzialmente ridefinire i confini istituzionali e normativi del settore, identificando i limiti di tale applicazione. Nello studio si utilizzano: • Letteratura accademica su blockchain, tokenizzazione, finanza immobiliare e amministrazione del territorio; • Documenti istituzionali, report e leggi (Agenzia delle Entrate, Banca d’Italia, Commissione Europea e autorità finanziarie internazionali); • Studi di casi aziendali, basati su dati pubblici e report di settore; • Esperienza professionale diretta, a supporto empirico di una comparazione tra Italia e Regno Unito. Struttura Parte I – Tokenizzazione di asset reali: Revisione esplorativa della letteratura accademica e professionale su sistemi blockchain, meccanismi di consenso e classificazione dei token digitali, con particolare attenzione alla loro applicazione ad asset reali come gli immobili. Questa sezione include anche una revisione comparativa di dodici aziende internazionali che hanno sviluppato piattaforme di tokenizzazione, permettendo di identificare modelli comuni e framework operativi. Parte II – Sistemi catastali: Analisi descrittiva dei sistemi catastali italiani e delle transazioni immobiliari, seguita da uno studio di caso comparativo tra una transazione immobiliare italiana e una britannica. Questo caso studio, basato sull’esperienza professionale diretta dell’autore, evidenzia differenze procedurali, tecnologiche e istituzionali tra i due mercati. Parte III – Diritto italiano e regolamentazione UE sulle FinTech:Analisi dottrinale della legislazione italiana ed europea rilevante per fintech e tokenizzazione, inclusi il Regolamento MiCA, il Decreto-Legge Italiano 135/2018 e la Legge n. 130/1999 sulla cartolarizzazione. Questa parte analizza anche il funzionamento del FinTech sandbox italiano come ambiente sperimentale per l’innovazione finanziaria digitale. Parte IV – Rischi e prospettive future: Sintesi che integra i risultati delle parti precedenti per delineare implicazioni potenziali e rischi, ipotizzando tre scenari che integrano la tokenizzazione con il sistema catastale nel contesto italiano.
Blockchain in the built environment: tokenization and cadaster : between financial innovation and transaction transformation
Casu, Gabriele
2024/2025
Abstract
Methodology - This thesis adopts a qualitative and comparative research approach, combining legal, technological, and market analyses to explore the emerging phenomenon of real estate tokenization within the Italian context. It is designed to understand how blockchain-based tokenization can transform real estate transactions, interact with existing cadastral and legal infrastructures, and potentially redefine the institutional and regulatory boundaries of the sector, identifing the regulatory limit of such application. In the study are used: • Academic literature on blockchain, tokenization, real estate finance, and land administration; • Institutional documents, reports and laws (Agenzia delle Entrate, Bank of Italy, European Commission, and international financial authorities); • Company case studies, based on publicly available data and industry reports; • Direct professional experience, used as empirical support for the comparative case study between Italy and the UK. Design Part I – Tokenization of real assets: an exploratory review of academic and professional literature on blockchain systems, consensus mechanisms, and the classification of digital tokens, with particular attention to their application to real-world assets such as real estate. This section also includes a comparative review of twelve international companies that have developed tokenization platforms, allowing to identify common models and operational frameworks. Part II – Cadastral systems: a descriptive analysis of the Italian cadastral and real estate transaction systems, followed by a case study comparison between an Italian and a UK property transaction. This case study, based on the author’s direct professional experience, highlights procedural, technological, and institutional differences between the two markets. Part III - Italian law and EU regulation on FinTech: a doctrinal analysis of Italian and European legislation relevant to fintech and tokenization, including the MiCA Regulation, the Italian Decree-Law 135/2018, and Law No. 130/1999 on securitization. This part also reviews the functioning of the Italian FinTech sandbox as an experimental environment for digital financial innovation. Part IV - Risks and future perspectives: a forward-looking synthesis that integrates findings from the previous parts to outline potential implications, risks, and defines three possible structures of tokenization and cadastral systems integration for Italy context.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/247113