EU digital asset regulation: what changed in December 2025
2 recorded developments, each dated with a named source. This page is the permanent record for December 2025; the tracker carries the current position.
The Commission released a market integration package addressing cross-border barriers to fund distribution, supervision, market infrastructure, the consolidated tape and tokenisation, reopening the UCITS and AIFM Directives, MiFID and MiFIR, EMIR, CSDR and the Cross-Border Distribution of Funds Regulation. EFAMA supported most measures while cautioning against additional ESMA supervisory reviews for large asset managers.
Source: European Commission market integration package, December 2025; EFAMA response, 4 December 2025.
Following BNP Paribas Asset Management’s tokenised money market fund shares in May 2025, Amundi issued its first tokenised fund share, adding to the set of live European tokenised fund cases supervisors are examining.
Source: Industry timeline of tokenised fund issuances, Investment Association; issuer statements.
This page is for informational purposes only. Nothing in it is an offer to sell, or a solicitation of an offer to buy, any security, and nothing here is investment, legal, tax, or financial advice. Regulatory authorisations are described as of the date stated; pending authorisations are not effective until granted.