The European Council has just approved the transitional regulatory framework for testing the use of distributed ledger technologies (DLT) in market infrastructures, the so-called pilot scheme. It is expected to come into force at the end of 2022 and to be implemented 9 months later. Will future "tokenized" financial securities platforms compete with traditional stock exchanges? Here are some insights...
"The pilot scheme is an adapted regulation but not a lighter one"
Faustine Fleuret (Adan): "Certain provisions will remain obstacles to both the effectiveness of these regulations and the competitiveness of our companies.