Clear Summit 2024 (EN)

The event promoted by CheckSig on the adoption of Bitcoin and digital assets in traditional finance concluded with great success. Over 300 registrants, coming from the main Italian financial institutions, interested in exploring the crypto world and its adoption in banking.

Milan, April 10, 2024 – The adoption of Bitcoin and crypto by the traditional financial world was the theme of the Clear Summit 2024 organized by CheckSig in the afternoon of Monday, April 8. It was the occasion to present CheckSig Clear, the Crypto-as-a-Service infrastructure for financial institutions proposed by the Italian fintech company. But there was also talk in general of all the most relevant topics on this frontier of innovation: fiscal, regulatory, strategic, and technological aspects, with the contribution of the best experts in the sector. The debate was presented and moderated by Federico Morgantini, publisher and director of DigiTech.News.

The authorization of Bitcoin ETFs in the United States, which took place on January 10, clarified the importance of Bitcoin as a financial asset, with BlackRock and Fidelity already having raised over 12 billion dollars, pushing the price of Bitcoin to new all-time highs. With the imminent implementation in the European Union of the MiCA regulation and the definition of fiscal regulations, favorable conditions are also being created in Europe for the entry of crypto-assets into investment portfolios.

The cultural perspective

Luca Fantacci (University of Milan) opened Clear Summit 2024 by describing the history of monetary innovation, from the origins to the technological frontier: “The current phase of innovation, inaugurated by the advent of Bitcoin, offers the community the opportunity to redesign the monetary system: the goal to pursue is to facilitate investments, exchanges, and savings in such a way that the growth of individual wealth also corresponds to a growth of collective wealth.”

Ferdinando Ametrano (CEO CheckSig and professor at ESSEC Paris) presented Bitcoin as the digital equivalent of gold: “The first digital good that is transferable but not duplicable, thus scarce like nothing ever before in the digital realm: if we consider the role of physical gold in the history of civilization, money, and finance, the emergence of digital gold is disruptive in our digital civilization and in the future of money and finance.”

At the event, the 21st quarterly report of the Digital Gold Institute (DGI) was also presented – unmissable for those following the sector. The report summarized the relevant events of the first quarter of 2024: above all, the growth of Bitcoin prices triggered by the approval of U.S. ETFs. According to Paolo Mazzocchi (CEO DGI): “Bitcoin has attracted global attention for the new price record, but this is only the effect of the real news: the transparency and regulatory clarity culminated in the approval of ETFs promoted by the main international asset managers, who have already raised over 12 billion dollars in less than three months.”

The perspective of traditional finance

After the first part of the afternoon dedicated to the more genuinely cultural and informational aspects, the second part shifted towards operational insights for the financial industry.

Michele Mandelli (managing partner of CheckSig) presented the CheckSig Clear platform: “More than one million Italians have already invested in crypto and demand is growing strongly. Bitcoin, Ether, and other coins are now an irreplaceable part of a diversified investment portfolio. If in the past this market was left to operators sometimes not very reliable, today the banking system has understood the importance of accompanying clients also in this asset class, with the professionalism and experience that only a financial intermediary can guarantee.
For this reason, we launched CheckSig Clear, a technological infrastructure created specifically for financial intermediaries who want to offer their clients crypto services with simplicity and complete security.
With CheckSig Clear, banks and regulated operators can allow their clients to buy, sell, transfer, and custody digital assets. Always in full regulatory and fiscal compliance.
It is an extraordinary opportunity to protect and retain their clients, but also to attract new ones with innovative services.”

The following industry panel included the participation of the main Italian experts in regulatory, fiscal, and anti-money laundering matters.Francesco Avella (Avella & Associati) emphasized that:“The fiscal regulation allows operators to act in a framework that is in some respects still immature but clear in its guidelines.” Andrea Conso (Annunziata & Conso) highlighted that:“The regulatory framework favors supervised intermediaries even more than start-ups, showing how the regulator prefers traditional players.”Michele Santulin (Chainalysis) debunked false myths about Bitcoin and crypto, documenting how even in this sector it is today: “Possible to have effective anti-money laundering and counter-terrorism financing controls. In fact, the blockchain of crypto-assets is an extraordinary opportunity to improve the transparency of financial transactions.”

The final panel hosted representatives of traditional finance.Niccolò Bardoscia (Head of Digital Assets Trading & Investments, IMI CIB Division, Intesa Sanpaolo) explained that: “Crypto are not just a new asset class, but multiple asset classes, each with its own fundamentals.” “Digital assets are an investment category that, even if carefully measured, must be included in a portfolio even just for diversification needs,” added Damiano Bonazzi (Diaman Partners), while Massimiliano Belingheri (CEO BFF Banking Group) concluded by clarifying how: “For a custodian bank, performing its role also in the field of digital assets is a natural evolution.”

Upcoming events

Clear Summit 2024 represented an important moment of discussion on the adoption of Bitcoin and digital assets in traditional finance, and CheckSig confirmed its leadership in the sector.

On the website clear.checksig.com the slides presented by the speakers are available.

The dialogue will continue in the coming months, starting with the presentation of the 22nd quarterly report of the Digital Gold Institute, scheduled for July, while the next Clear Summit is scheduled for April 2025.

Download the press release (ITA).