The European Union’s DLT Pilot Regime for exploring tokenization has had limited adoption. In June 2025 the European regulator ESMA proposed changes after the French and Italian regulators also requested an update. Now the European Commission has said it plans to announce amendments in December.
Apart from 360X, a startup co-founded by the Deutsche Börse, Europe’s largest institutions have not engaged with the DLT Pilot Regime. By contrast, the newer UK Digital Securities Sandbox has attracted leading institutions including Euroclear, LSEG and Tradeweb, alongside major banks such as HSBC and JP Morgan. Making the DLT Pilot Regime participation thresholds more flexible is amongst the changes proposed by ESMA.
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