Without much time to think about the Markets in Crypto Assets (MiCA) proposal voted Monday (March 14) by the European Parliament’s (EP) Committee on Economic and Monetary Affairs, the EP will debate next week, in plenary, another important proposal on blockchain technology.
The parliament will discuss a regulation to develop a pilot regime for market infrastructures based on distributed ledger technology (DLT). “The DLT Pilot” aims at developing the trading and settlement of “tokenized” securities. According to the European Securities and Markets Authority (ESMA), the DLT Pilot will “enable market participants as well as EU regulators to gain experience on new opportunities and issues raised by DLT while ensuring financial stability, investor protection and market integrity.”
The DLT Pilot introduces three categories of DLT market infrastructures (DLT MI): DLT Multilateral Trading Facilities (DLT MTF), DLT Trading and Settlement Systems (DLT TSS) and DLT Settlement Systems (DLT SS). The permission to operate a DLT MI may come in addition to an authorization as a…
