Bonds, equity, fund units, real estate, art: the instrument-by-instrument legal map of asset tokenization in Europe, with the norm cited for each case.
Every week someone pitches an Italian entrepreneur a tokenization project: put your bond on chain, fractionalize your building, sell digital shares of a painting. Half of these pitches describe something perfectly legal that already has a working Italian framework. The other half describe something that, done as pitched, is an unauthorized public offering of financial products.
The problem is that the two halves sound identical in a slide deck. So this is the reference page I wish existed: instrument by instrument, what is legal in Italy today, what is not, and what sits in the grey zone, with the norm cited each time. I write from the Italian market, but two of the three pillars here (the DLT Pilot Regime and MiCA) are EU regulations that apply identically in every Member State.