Regulation· ★★★· neutral·

Tokenization Sandboxes: UK DSS Has One Live Firm, EU DLT Pilot Logs €11.9M

  • —UK DSS: 16 Gate 1 entrants, with only HSBC cleared for live business since 13 July 2026
  • —EU DLT Pilot: six authorised infrastructures, about €11.9 million in tokenized share volume
  • —ESMA's 2025 review called trading under the pilot "extremely limited"
  • —Singapore's Project Guardian ran 15+ trials with 28 institutions but granted no licences
Why it matters: The slow rollout shows tokenized securities still face restrictive caps, time-limited permits and the absence of central bank money settlement.
Source: Coinpaprika News
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