21X plans to launch a regulated exchange and settlement system on a permissionless blockchain in Q1 2025, after German regulator BaFin awarded it a DLT Pilot Regime license as a financial market infrastructure (FMI).
This is the first trading and settlement system (TSS) license awarded since the EU’s DLT Pilot Regime came into force in March 2023. It took 18 months of work with BaFin with input from the European Securities and Markets Authority (ESMA) and the European Central Bank (ECB). The first security will likely be a tokenized money market fund. 21X recently partnered with Singapore-based SBI Digital Markets, which will tokenize assets and fund administrator Apex.
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