On 9 October 2026 ESMA opened a call for evidence on CCP collateral tokenisation (ESMA91-1505572268-4934), asking whether tokenised securities and tokenised cash could be posted as margin and default fund contributions at EU central counterparties without weakening the safeguards EMIR builds around collateral. Comments are due by 15 January 2027. ESMA says it will assess…
On 2 October 2026 the CSSF published version 1 of its FAQ on tokenisation, a nine-page document with six questions about Luxembourg investment funds that issue units or shares on a distributed ledger and about the control agents created by Blockchain Law IV. The CSSF tokenisation FAQ splits its answers evenly: three for fund managers…
On 27 May 2026 the Bank for International Settlements and the Institute of International Finance published the findings report for Project Agora, and the headline was concrete. A prototype had settled wholesale cross-border payments across several currencies using tokenised central bank reserves and tokenised commercial bank deposits, and the project’s legal analysis found that settlement…
On 19 August 2026 the Eurosystem named 61 financial market stakeholders and public sector institutions to the Appia contact group, the standing forum that will now shape how central bank money settles tokenised assets in Europe. The seats were filled from a call for expressions of interest issued on 1 June 2026, and the group…
On 17 December 2024 the European Securities and Markets Authority published its Final Report and, in Annex III, the Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments, reference ESMA75453128700-1323. That document, often shortened to the CAFI Guidelines, addresses whether a crypto-asset qualifies as a financial instrument and is therefore…
The first mistake teams make with ECB Appia is filing it under the wrong roadmap. The name surfaces in payments newsletters next to SEPA instant credit transfers and the Verification of Payee deadline, so it gets read as the next step in the retail instant payments programme. It is not. Appia, and its short-term twin…