DLT: ESMA publishes final report on the functioning and review of the DLT Pilot Regime
17/09/2025
On 25 June 2025, publication of the ESMA’s final report on the functioning and review of the DLT Pilot Regime with information about business models, types of DLT financial instruments offered, and technical or legal issues encountered by supervisors to date.
It also analyses the types of exemptions requested by DLT market infrastructures and the conditions under which National Competent Authorities have granted those exemptions.
This report comes at an inflection point for the DLT Pilot Regime, which, despite an initially limited uptake, is now seeing growing interest from potential applicants.