The European Commission has published a proposal for a new EU Regulation on a pilot regime for distributed ledger technology. The pilot regime is intended to promote legal certainty, to support innovation, to preserve market integrity and to ensure financial stability for the use of DLT in crypto-asset and e-money token markets. The Commission has simultaneously published a proposed Regulation on markets in crypto-assets and e-money tokens. The proposed Regulations follow the Commission's consultation on an EU framework for crypto-assets, which closed in January 2020.
 
The proposed DLT Regulation sets out the permissions regime for operators of DLT market infrastructures (namely trading venues and central securities depositories), the operating conditions for those infrastructures and the supervisory regime applicable to them. The proposed Regulation also envisages that the European Securities and Markets Authority will produce a report, at the latest after a five-year period, on the pilot DLT regime, in response to which the Commission will publish its own report on whether the regime should be maintained, amended or extended.

View the Commission's proposed Regulation
 
View details of the Commission's consultation on an EU framework for crypto-assets.

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