European Commission announcement to adapt the DLT Pilot Regime and provide ESMA with the supervision of the more relevant CASPs regulated under MiCAR, 4 December 2025

On the 4^th of December 2025, the European Commission announced the adoption of its comprehensive package of measures aimed at untapping the full potential of the EU single market for financial services. This package is a central component of the Savings and Investments Union (SIU) strategy, and focuses on, among other things, adapting the regulatory framework to support DLT. The two main aspects of the package are, firstly, an amendment to Regulation 2022/858/EU (DLT Pilot Regulation) and, secondly, the transfer of direct supervisory competences over significant market infrastructures such as specific trading venues, Central Counterparties, Central Securities Depositories, and all Crypto-Asset Service Providers (CASPs) to the European Securities and Markets Authority (ESMA).

The legislative proposals must now be negotiated and adopted by the European Parliament and the Council of the EU.