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      Nasdaq and Boerse Stuttgart Call for Increased Caps on EU Tokenization Trials

      Nasdaq and Boerse Stuttgart Group, two leading global exchange operators, have urged European Union lawmakers to reconsider the limits imposed by the DLT Pilot Regime on tokenized securities. In a letter sent in September 2026, they argued that the current cap of €6 billion, with an exit threshold of €9 billion, is insufficient for Europe to compete with the United States in the institutional digital asset market.

      The DLT Pilot Regime, which began in 2023, was designed as a regulatory sandbox for experimenting with distributed ledger technology in trading traditional securities. While the European Commission has proposed raising the cap to €100 billion in a revision scheduled for December 2025, Nasdaq and Boerse Stuttgart are advocating for a more significant increase, suggesting caps between €150 billion and €1.5 trillion or the complete removal of limits.

      The exchanges highlighted that the U.S. market allows for tokenization at scales approximately 100 times larger than those currently permitted in Europe. They pointed to the more flexible regulatory environment in the U.S., which has enabled firms to innovate in tokenized settlements without the same level of enforcement risk faced in Europe. In response to these challenges, Nasdaq has partnered with Boerse Stuttgart’s Seturion platform to enhance the range of tokenized products available to European investors, aiming to create more adaptable settlement pathways.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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