Europe’s paradox: we were first to regulate digital assets, but we are not yet first to scale digital asset markets. The DLT Pilot Regime was a useful starting point, but if the pilot becomes the ceiling, it becomes part of the problem.
Three things stood out from today’s discussion:
First, tokenisation only delivers its full value when both legs of the transaction move efficiently. Tokenising the asset leg while leaving the cash leg in the traditional system only captures part of the benefit.
Second, the right model for Europe is central bank money as anchor, competition above that anchor. Not a public monopoly, but public infrastructure that enables private innovation.
Third, this is not a technical debate. Whoever controls the settlement rails influences the currency, the liquidity and the future geography of financial markets. This is about the international role of the euro.
You can find my full remarks on LinkedIn. https://www.linkedin.com/posts/fernando-navarrete-rojas_the-efama-digital-assets-forum-ugcPost-7467644019976667136-TWTj
