Regulation · Instrument · European Union · Primary legislation · European Commission
EU market integration and supervision package (COM(2025) 940-943)
Commission legislative package of a Master Regulation, a Master Directive and a new Settlement Finality Regulation that would amend the DLT Pilot Regime, MiCA, CSDR, MiFIR and other laws. For tokenisation it would make the DLT Pilot permanent in effect, with much higher caps, move supervision of all crypto-asset service providers to ESMA, and make CSDR technology-neutral.
Proposed · part of EU DLT Pilot Regime
Key points
- Adopted by the Commission on 4 December 2025 as three legislative proposals plus a communication.[1]
- DLT Pilot changes: aggregate cap raised to EUR 100bn, product thresholds removed, combined MTF/OTF 'DLT trading venues', a simplified regime for smaller infrastructures up to EUR 10bn, and no time limit on permissions.[2]
- ESMA would directly supervise all crypto-asset service providers under MiCA.[2]
- CSDR definitions would cover DLT-based CSD services, with risk standards for settlement in commercial bank money and e-money tokens.[2]
Timeline
- 4 Dec 2025 · ProposedCommission adopts the package.[1]
Deployments operating under it
None recorded with a source yet.
Sources
- [1]Market integration and supervision package — European Commission, 4 Dec 2025. Accessed 12 Oct 2026.A
- [2]EU Capital Markets Integration Proposal: key proposals and implications for firms — CMS, 10 Dec 2025. Accessed 12 Oct 2026.B