News, data and analysis on tokenized assets, market design and digital economic systems.
The European Union's executive, holding the sole right to propose EU legislation, and author of both the Markets in Crypto-Assets Regulation and the DLT Pilot Regulation that lets market infrastructures test tokenized trading and settlement.
The European Union's executive, established in 1958 and based in Brussels, with the sole right to propose EU legislation, responsibility for enforcing it alongside the Court of Justice, and a College of 27 Commissioners supported by policy Directorates-General. It authored the Markets in Crypto-Assets Regulation, adopted in 2023, and the DLT Pilot Regulation (2022/858) that lets market infrastructures test tokenized trading and settlement under waivers from existing rules; two parallel consultations on the MiCA review closed for comment on 31 August 2026. Its market integration and supervision package of 4 December 2025 would transfer direct supervision of significant cross-border crypto-asset service providers and market infrastructures to ESMA, which would remove the incentive for firms to seek a MiCA licence from the most accommodating national authority.
Developments in which European Commission is a named party, newest first.
The European Parliament approved its position on the digital euro regulation on 9 July 2026, following a committee vote in June. Trilogue negotiations with the Council and Commission were expected to begin by the end of July, with the aim of concluding the…
The European Commission opened a two-part consultation on revising the Markets in Crypto-Assets Regulation in May 2026, with responses due by 30 August 2026. The review's central…
The remaining titles of Regulation (EU) 2023/1114 took effect, requiring firms providing crypto-asset services in the European Union to be authorised and supervised. National regimes were replaced by a single set of rules with passporting across member states, subject to transitional arrangements set by each state.
Titles III and IV of Regulation (EU) 2023/1114 took effect, making authorisation, reserve and redemption requirements binding on issuers of asset-referenced tokens and e-money tokens. The European Banking Authority subsequently urged issuers and distributors to align with the rules, noting that some tokens on offer in the EU were not yet compliant.
The Council gave final adoption to MiCA, described by the Council as the last step in the legislative process following the provisional agreement of 30 June 2022. The regulation covers utility tokens, asset-referenced tokens and e-money tokens, and the trading venues and wallet providers that serve them.
The Council presidency and European Parliament negotiators agreed a provisional text of MiCA, covering issuers of asset-referenced and e-money tokens and crypto-asset service providers. The text required stablecoin issuers to hold a liquid reserve at a 1:1 ratio, set a three-month deadline for national authorities to decide on authorisation applications, and gave ESMA a register of non-compliant operators.
The European Commission adopted a digital finance package containing digital finance and retail payments strategies and legislative proposals on crypto-assets and operational resilience, including the proposed Regulation on Markets in Crypto-Assets. The proposal became the basis of the EU authorisation and reserve regime for asset-referenced and e-money tokens that entered application in 2024.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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