Statistik › Krypto › Tokenisation regime
Six market infrastructures have been authorised under Europe's tokenised securities regime in three and a half years, across five of twenty seven member states
| Instrument type | Issuance cap | Reference |
|---|---|---|
| Shares | issuer market capitalisation below 500 million euro | Article 3(1)(a) |
| Bonds, securitised debt and money market instruments | issue size below 1 billion euro | Article 3(1)(b) |
| Corporate bonds, carve out | issuer market capitalisation not above 200 million euro at issuance | same |
| Fund units | assets under management below 500 million euro | Article 3(1)(c) |
| Aggregate per infrastructure | 6 billion euro | Article 3(2) |
| Transition strategy trigger | 9 billion euro | Article 3(3) |
| Commercial bank money exemption threshold | 6 billion euro | Article 5(8) |
| Permission duration | up to six years, with no renewal provision found | Articles 8, 9 and 10 |
The caps are computed as a monthly average of daily closing prices. Note that the trigger sits above the aggregate cap, so an infrastructure must submit a transition strategy only after exceeding a figure higher than the ceiling it is bound by, which is an inversion of the original design.
The regime applied from 23 March 2023 and the first permission came eighteen and a half months later. Four applications were pending in April 2024 with about eight more expected that year, against six permissions ever granted.
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