Il regime di responsabilità del tenutario del registro nella circolazione degli strumenti finanziari digitali

The essay aims to examine the liability profiles of responsibility of keepers of distributed registers introduced by the Legislative Decree No. 25/2023 (the so-called FinTech Decree), which established a comprehensive regulatory frame- work for the circulation of digital financial instruments. The first sections inves- tigate the new rules governing the circulation of digital financial instruments, which, thanks to DLT, enable the disintermediation of token exchanges without the need for an intermediary. Particular attention is then devoted to how the civil liability regime of the keepers of distributed registers is configured in light of the technological peculiarities that characterise distributed ledger technologies, and highlighting the problems related to the imposition of an aggravated liability re- gime. The essay also references the debate between law and technology, updating it in the context of DLT developments, which appear to confirm the view that technology may dominate and reduce the role of law, thereby presenting new regulatory challenges.