In plain English: How rules for tokenized securities differ outside the US, region by region.
EU DLT Pilot Regime: ESMA’s 2025 review found low uptake, with only CSD Prague, 21X and 360X authorised; barriers include thresholds, interoperability, central-bank money and legal uncertainty. ESMA recommends making the regime permanent and wider (ESMA report; ESMA press). UK tokenised collateral at CCPs: on 29 Oct 2026 the Bank of England consulted on draft supervisory expectations for clearing houses (CCPs) that want to accept tokenised versions of collateral they can already take. It says current rules are no barrier and creates no new regime; the token must still be valued, moved and sold when needed, including in stress. Responses close 12 Feb 2027 (Bank of England CP). Offshore issuer domiciles in this wiki: Jersey (xStocks, Robinhood), BVI (Ondo), ADGM (bStocks, Coinbase). See regulation. Not yet collected: MiCA/MiFID II detail, UK Digital Securities Sandbox, Swiss DLT Act, Singapore, Hong Kong.
For one table of rules by country, see Rules by jurisdiction.
Sources
Public originals for the facts on this page.
- https://www.esma.europa.eu/sites/default/files/2025-06/ESMA75-117376770-460_Report_on_the_functioning_and_review_of_the_DLTR_-_Art.14.pdf
- https://www.esma.europa.eu/press-news/esma-news/esma-suggests-amendments-dlt-pilot-regime-make-it-permanent
- https://www.bankofengland.co.uk/paper/2026/cp/supervisory-expectations-for-ccps-seeking-to-accept-tokenised-collateral