Nasdaq, Boerse Stuttgart and most of the firms licensed under the EU’s DLT Pilot Regime are asking the European Parliament and Council to scrap the cap on the value of tokenized securities that can trade on DLT venues. The letter, signed by ten securities firms and 16 fintech associations, also insists that any remaining caps apply equally to new DLT venues and to incumbent central securities depositories.
When the EU passed the first laws for the DLT Pilot Regime, large incumbents decided to sit out the regime because the caps were prohibitively small for institutional usage. Those laws are still in force which limit the value of securities listed on a venue to €6 billion in aggregate. In December 2025 the European Commission launched broad financial legislative proposals, the Market Integration and Supervision Package (MISP), which included a section on the DLT Pilot Regime. It proposed substantial changes, including lifting the €6 billion cap to €100 billion, and allowing a full range of securities, not just stocks, bonds and funds.
The latest letter asks for the caps to be dropped, and failing that, to be significantly higher at €1.5 trillion. Without naming the organization, they point to the DTCC’s US no action letter that would allow the tokenization of securities relating to entities worth one hundred times that value. If caps are to remain, they request that the European Commission be given the authorization to adjust them without predetermined maximum caps.
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