Time for an Upgrade: Improving the EU DLT Pilot Regime 🇪🇺 One year ago I called out the EU DLT Pilot Regime for being a pilot regime without pilots. Unfortunately, the picture hasn’t changed much 2 years after the regime's entry into application: just 2 authorizations, but still no live trading or settlement. Finally, a much-needed push is coming from France 🇫🇷 and Italy 🇮🇹. The AMF (French regulator) and CONSOB (Italian regulator) issued a joint proposal with concrete recommendations to make the EU DLT Pilot Regime competitive and fit for purpose. I strongly support their call for a more flexible, future-proof regime to drive blockchain-based innovation in European capital markets 👇 ✅ The EU has a head start in tokenizing its capital market with the DLT regime entered into application in March 2023. But without real pilots, we risk wasting our lead. 🚩 Sadly, the uptake remains marginal due to regulatory complexity and costs, low thresholds, limited asset classes, lack of legal clarity and long-term ROI. What France and Italy propose 👇 1. More flexibility to foster experimentation • Greater proportionality based on project size • Easier access to DLT Trading & Settlement System (TSS) status • Broader use of e-money tokens and tokenized deposits​ 2. Broader scope and long-term visibility • Raise issuance thresholds to enable viable business models • Extend eligible assets to structured bonds and derivatives • Allow Organized Trading Facility (OTF) status for more flexibility • Clarify and extend the regime’s timeline to justify long-term investment​ 3. Boost interoperability and market awareness • Build gateways between DLT and traditional infrastructure • Set EU-wide technical standards • Launch awareness campaigns for issuers and investors​ 💡Leading the tokenization of capital markets is, in my opinion, one of Europe’s best bets to build a truly EU-wide harmonized savings and investment union, and finally a globally competitive capital market that attracts companies and investors around the world instead of pushing IPOs abroad. Let’s not waste that chance!