Distributed ledger technology: member states endorse agreement reached with European Parliament – EU News

Science & Technology

We use cookies in order to ensure that you can get the best browsing experience possible on the Council website. Certain cookies are used to obtain aggregated statistics about website visits to help us constantly improve the site and better serve your needs. Other cookies are used to boost performance and guarantee security of the website.
With your permission, we will use AT internet cookies to produce aggregated, anonymous data about our visitors’ browsing and behaviour on our website. We will use this data to improve your experience on our website.
To get more information about these cookies, how and why we use them and how you can change your settings, check our cookies policy page.
European Council
Council of the European Union
The European Council
The Council of the EU
Eurogroup
Topics
EU Policies
Feature stories
Meeting calendar
EU leaders' meetings
Ministerial and other meetings
Latest news
Audiovisual resources
Press service
Research
Resources
Council Library services
EU ambassadors today endorsed the provisional political agreement, reached on 24 November, between the Council Presidency and the European Parliament’s negotiators on a pilot regime for market infrastructures based on distributed ledger technology (DLT). The pilot regime lays down the conditions for acquiring permission to operate a DLT market infrastructure, defines which DLT financial instruments can be traded and details the cooperation between the operators of DLT market infrastructures, national competent authorities and ESMA.
This agreement is an important step in making the EU fully fit for the digital economy. The pilot DLT regulation will contribute to strengthening our innovation and competitiveness in the field of digital finance. It will help delivering the benefits of digital finance for businesses and citizens while protecting consumers and preserving financial stability.
The DLT pilot regime aims to test the development of the European infrastructure for trading, clearing and settlement of DLT-based financial instruments. Crypto-assets are one of the main DLT applications for finance. Distributed ledger, broadly defined, is a consensually shared database through which a transaction is validated.
A provisional agreement between the Council and the Parliament was reached on the following main issues discussed during the negotiations:
This pilot regime will be in place for three years, after which the Commission, based on advice from ESMA, should report to the Council and the Parliament on the costs and benefits of extending, modifying or ending it.
The Commission proposed the DLT regulation in September 2020, together with the proposals on markets in crypto-assets (MiCA), digital operational resilience (DORA) and a complementing amending directive. This digital finance package bridges a gap in existing EU legislation, to ensure it does not pose obstacles to the use of new financial instruments. The package supports innovation and uptake of new financial technologies while providing for an appropriate level of consumer and investor protection.
The provisional political agreement on the DLT Regulation was endorsed by EU ambassadors in the committee of permanent representatives. It will now be formally adopted by the Council and the Parliament. It will then be published in the Official Journal of the European Union and enter into force.
If you are not a journalist, please send your request to the public information service.
Subscription options
Is there something wrong with this page?
We want to hear your feedback about our website.
This will help us improve your experience.
Please take a few minutes to complete a survey at the end of your visit.
About the secretariat
Corporate policies
Contact
Email subscription
Sign up to receive our email and SMS alerts
About this site
This website is the official website of the Council of the EU and the European Council. It is managed by the General Secretariat of the Council, the body of staff responsible for assisting the Council of the EU and the European Council.
Follow us

source