Nasdaq and Boerse Stuttgart have stepped up calls for the European Union to overhaul the DLT Pilot Regime’s limits on tokenized securities. Right now, the regime keeps a €6 billion cap, rising to €9 billion in some cases, on the total value of securities that can run through these blockchain-based systems.
The exchanges say that ceiling is too restrictive for institutional markets. They argue that while the cap works for experiments, it is too small for meaningful issuance or secondary trading. That leaves the regime acting more like a sandbox than a route for mainstream market activity.
That matters because tokenization only becomes operationally important when institutions can use it for real funding, settlement and trading volumes. The next test is whether EU lawmakers keep treating the pilot as an experiment, or start treating tokenization as a real part of Europe’s market infrastructure.