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Because the Italian crowdfunding platforms risk not being able to work anymore

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Because the Italian crowdfunding platforms risk not being able to work anymore

There is the so-called Bolkestein directive, the one that should regulate (among other things) bathing concessions, on which Italy has been overdue for over 10 years now, but there are many other European Union regulations on which our country is in default. One concerns crowdfunding, the collective financing done (usually) through the Net: it is called EU Regulation 2020/1503 (and this)entered into force in November 2021 and will become fully operational by the end of October 2022. In short, not much is missing.

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What is the purpose of Regulation 2020/1503

As he reminded us Luca Fabris, Lemonway senior sales representativea French payment platform, active (also) in the crowdfunding sector, the purpose of the rule is “to harmonize the laws of the various states for providers of this type of service, open barriers and allow transactions between one state and another “, So as to create fundraising that allow for look for investors across Europewith a single license valid in all Member States.

What Italy should do

What our country should do and is not doing is what it is Germany, France and Spain have already done (or are about to do): appoint a national regulatory body, an authority that is able to assign European authorizations to Italian platforms, both those already existing and those that will be born in the future. So they can operate across the EU.

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The question of time is of the essence: not only is there not much left to establish who the various platforms will have to contact to be authorized, but also (from what we understand) it will take a lot for the approval process of each to be completed. In short: it is obvious that we cannot wait for the last useful day to designate the regulatory body.

The options, however, do not seem to be lacking: “It could be create a new authority within the Bank of Italywithin Consob (which already oversees the Stock Exchange, ed) or the Ministry of Economy – Fabris explained – Or even these same entities could take on this role “.

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What if Italy does nothing

Another important thing to understand is that with the 2020/1503 Regulation we can not do as with the Bolkestein: we can’t ask for more time. Because? “Quite simply, because it would be the very body that Italy must nominate that would be authorized to ask for an extension”. If it’s not there, you can’t ask.

With this option removed, how will it end? Fabris clearly told us to have “confidence that everything will work out for the best” and that Lemonway is ready to help, “by informing the State and individuals on what must be done and how to do it”, also because this is precisely the heart of the business of the company, which focuses mainly on helping online marketplaces to comply with various regulations (anti-fraud, anti-terrorism, anti-money laundering and so on).

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But what if everything didn’t turn out for the best? What would happen if our country did nothing and let the deadline pass? “That would be a lot of damage,” admitted Fabris. A damage for the Italian equity or lending crowdfunding platforms (of which there are about a hundred), because “from November 2022, only those authorized will be able to operate in Europe: the Italians will no longer be able to work, while the foreign ones will be able to work in Italy “. It is also a damage to the economic fabric of the country, because crowdfunding moves much more money than one imagines: “Only in 2021, this is how raised about 3.5 billion euros of funds – Fabris reminded us again – which then went to small and medium-sized enterprises or were used to finance social projects, feed personal loans and support startup and their ideas “. Who in a few months risk being cut off an important source of livelihood.

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