During the recent Crypto Asset Conference, one of the panels featured speakers from Societe Generale Forge and Goldman Sachs. Both see potential in the DLT Pilot Regime, the EU initiative that relaxes some laws for trading and settlement platforms. Previously banks such as BNY Mellon expressed reservations about the initiative because the transaction limits are relatively low.
The Regime came into force in March, and apart from a couple of startups, there have been no announcements of major initiatives.
Mathew McDermott, who leads Digital Assets at Goldman Sachs, said the Pilot Regime provides a catalyst. The European Investment Bank (EIB) recently used Goldman’s Digital Asset Platform (GS DAP) for a bond issuance. However, because GS DAP is not registered as a central securities depository (CSD) it wasn’t possible to make a secondary market for the bond using trading venues.
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