EU digital asset regulation tracker

What is in force, what is in progress, and who actually holds an authorisation — dated per item, with a named source for each, and a month-by-month archive at its own URLs. Updated monthly, including the months when nothing changed.

What changed this month?

Nothing entered into force in July 2026. The two files that will change obligations are both still in progress: the proposed reform of the DLT Pilot Regime, which would widen the entities eligible to operate a DLT market infrastructure, and the Commission’s market integration package, which reopens the UCITS and AIFM Directives, MiFID and MiFIR, EMIR, CSDR and the cross-border fund distribution rules with tokenisation in scope.

That is worth stating plainly rather than filling the section. A tracker that reports movement every month is not tracking, it is publishing. The last substantive months were June 2026, when ESMA’s chair addressed fund tokenisation and possible UCITS and AIFMD barriers and the Commission’s pilot-regime reform was reported, and December 2025, when the market integration package landed.

Dated record, newest first

Each month above has its own page with the same items and sources, so it can be cited directly: July 2026, June 2026, March 2026, January 2026, December 2025, June 2025.

What is in force right now?

Six things govern EU digital assets today. MiCA has been fully applicable since 30 December 2024. MiFID II governs anything that is a financial instrument. CSDR governs settlement and central registration. The DLT Pilot Regime has been in application since 23 March 2023. ESMA’s December 2024 guidelines control classification. And national law decides whether a ledger can be the legal register.

What is not in force, despite frequent claims to the contrary: any EU tokenization licence, any MiCA authorisation covering tokenized securities, and any harmonised EU rule recognising an on-chain register. Those three absences explain most of the structuring work a European issuance actually requires.

What is coming, and when?

Four items, none of them yet law. The DLT Pilot Regime reform is the closest to a decision. The market integration package is the largest in scope. ESMA’s fund tokenisation work is the most likely to produce practical guidance. And MiCA transitional periods for pre-existing national regimes continue to run down member state by member state.

Our planning assumption, stated so it can be disagreed with: no new EU regime for tokenized securities arrives before 2028, the pilot-regime reform passes in some form, and register recognition remains national for the medium term. Structures built on current law will not need to be rebuilt; structures built on anticipated law may.

Who is authorised, and where?

Roughly 210 firms hold MiCA authorisation, out of approximately 1,200 that were operating under pre-MiCA national regimes — about one in six. Three DLT market infrastructures hold permissions under the pilot regime. Those two numbers are the most useful summary of the European market’s real capacity.

Where to check anything on this page yourself: ESMA for EU-level registers and the DLT infrastructure register, and the national competent authority for firm-level authorisations — the Central Bank of Ireland, BaFin, the CSSF and their counterparts. An authorisation exists when it appears on a register.

For completeness on our own group, on the same basis we would want from any firm named in a tracker: Black Manta Capital Partners is BaFin-licensed and operates under MiFID II for the regulated issuance and placement of tokenized securities, and is live. Fortuna is registered as a Virtual Asset Service Provider with the Central Bank of Ireland (register ref C459043, under s.106A of the Criminal Justice (Money Laundering and Terrorist Financing) Acts), with MiCA CASP authorisation in process and not yet effective. We hold no DLT market infrastructure permission.

What does this mean for issuers and allocators?

For issuers: current law is sufficient to issue tokenized securities in Europe today, and waiting for the reforms delays revenue without reducing work. The critical path is classification, domicile and register recognition, a MiFID II firm to issue and place, and a depositary that has done it before. None of those four is affected by anything in the pipeline.

For allocators: the diligence questions are unchanged by the pipeline too, and the most useful ones are register accountability, transfer-restriction enforcement, custody authorisation and the cash leg. Where a structure relies on a pending authorisation, treat it as pending — a licence in process is an application under assessment, not a permission.

For both: check registers rather than decks, and prefer sources with dates. The reason this tracker exists in this form — per-item dates, named sources, a crawlable month archive — is that most public summaries of EU digital asset regulation are undated, and an undated regulatory summary is worse than none.

Read next: the EU regulatory stack for tokenized securities, what the DLT Pilot Regime permits and who holds a licence, or what a MiCA CASP authorisation requires.