Speakers
Session overview
This session will assess the operational, regulatory and supervisory conditions required to support the wider adoption of tokenisation in EU capital markets and enable it to contribute to the objectives of the Savings and Investments Union (SIU). Building on the previous session on “Tokenisation use cases”, it will focus on the conditions needed for tokenised markets to operate and develop at scale.
Points of discussion
1. Operational conditions for scaling tokenisation
What operational conditions are needed to support the wider adoption of tokenisation in EU capital markets? How can interoperability across DLT platforms and with traditional infrastructures be ensured, and the transition from legacy systems effectively managed? How can tokenised markets develop sufficient liquidity, market depth and network effects? What roles should central bank money and private settlement assets play in supporting the scaling of tokenised securities markets?
2. Regulatory and supervisory framework
Do current and proposed EU frameworks provide sufficient legal certainty and flexibility for tokenised markets to operate and develop at scale? Are the regulatory arrangements for tokenised markets and settlement assets appropriate and sufficiently clear? How should supervision address the specific risks of tokenised markets as they scale and become more interconnected and cross-border?