The DLT Pilot Regime currently establishes a legal framework for trading and settling crypto-assets classified as financial instruments under MiFID II. It supports the creation of new market infrastructures, including DLT multilateral trading facilities and settlement systems, to test blockchain applications in finance.
The European Commission proposed raising the current market capitalization ceiling for these assets from €6 billion to €100 billion. However, industry groups, including ADAN, argue that this limit remains insufficient to maintain competitiveness against global markets, particularly in the United States.
Industry representatives noted that some existing European projects already manage volumes reaching €350 billion. They argue that the proposed €100 billion cap would unnecessarily restrict the growth of local projects, as these thresholds are based on market capitalization rather than actual trading volume.
The organizations are urging EU policymakers to either remove the quantitative caps entirely or set significantly higher limits. They also advocate for the implementation of a flexible adjustment mechanism that would allow for future increases to accommodate the rapid expansion of the tokenized asset sector.
