Scholarlink

<p>This article analyses the European Union’s regulatory evolution regarding Distributed Ledger Technology (DLT) in financial markets, tracing the journey from the inception of Regulation (EU) 2022/858 to the transformative Market Integration and Supervision Package (MISP). It explores the foundational value proposition of tokenisation, namely atomic settlement and fractionalisation, while contrasting institutional successes like Project Guardian with systemic failures such as the ASX CHESS replacement. The study identifies the ‘ceiling on success’ inherent in the initial DLT Pilot Regime (DLTR), characterised by restrictive capitalisation thresholds and a lack of native cash leg integration. The analysis further evaluates the 2025 ESMA recommendations and the Commission’s subsequent MISP proposal, which seeks to establish a permanent, scalable architecture through unbundled CSD services introducing DLT Notaries and Account Keepers, and significantly elevated aggregate thresholds of €100 billion. The article concludes by arguing that the framework’s ultimate success depends on securing European technological sovereignty and maintaining an agile, national-level supervisory model rather than succumbing to premature centralisation.</p>

错误：搜索内容不能为空，请输入英文关键词
错误：关键词超出字数限制，请精简
高级检索

Expanding the scope and scale of the EU’s DLT market infrastructures

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年7月7日

查看全文
  • Christopher P. Buttigieg,
  • Andrea Gentilini

摘要

This article analyses the European Union’s regulatory evolution regarding Distributed Ledger Technology (DLT) in financial markets, tracing the journey from the inception of Regulation (EU) 2022/858 to the transformative Market Integration and Supervision Package (MISP). It explores the foundational value proposition of tokenisation, namely atomic settlement and fractionalisation, while contrasting institutional successes like Project Guardian with systemic failures such as the ASX CHESS replacement. The study identifies the ‘ceiling on success’ inherent in the initial DLT Pilot Regime (DLTR), characterised by restrictive capitalisation thresholds and a lack of native cash leg integration. The analysis further evaluates the 2025 ESMA recommendations and the Commission’s subsequent MISP proposal, which seeks to establish a permanent, scalable architecture through unbundled CSD services introducing DLT Notaries and Account Keepers, and significantly elevated aggregate thresholds of €100 billion. The article concludes by arguing that the framework’s ultimate success depends on securing European technological sovereignty and maintaining an agile, national-level supervisory model rather than succumbing to premature centralisation.