Executive Summary
The evolution of distributed ledger (or “blockchain”) technology (DLT) and the increased recognition that it could provide significant benefits to the world economy have created the need for a DLT strategy at the European Union level. With the perspective of fostering innovation while also addressing the risk linked to the technology, two regulatory initiatives have been proposed by the European Commission: the Markets in Crypto-Assets (MiCA) and the DLT Pilot Regime regulations. The former gives requirements for crypto-assets issuers and crypto-assets service providers; the latter sets out a pilot regime for currently authorised and compliant market participants (market operators, investment firms and central securities depositories) to operate a DLT market infrastructure.
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