#22 — Capital Markets Weekly Review
TL;DR: European crypto firms face a July 2026 licensing deadline under MiCA as the regulatory framework enters enforcement, while financial institutions advance blockchain infrastructure for tokenized securities settlement and stablecoin payments. Separately, EU finance ministers are coordinating to centralize capital market supervision under ESMA as part of the Capital Markets Union project.
MiCA Implementation and Enforcement Deadline
The European Securities and Markets Authority declared that from 1 July 2026, all crypto-asset service providers operating in the EU must hold a MiCA license or face unlawful status, marking the end of transitional arrangements under the Markets in Crypto-Assets regulation. According to the Economic Times, the transitional period ends on 1 July 2026, after which crypto-asset service providers must hold a valid MiCA license or cease EU operations. France's AMF regulator set a 30 June deadline for MiCA licensing, according to Cointelegraph. The European Union's Markets in Crypto Assets regulations first took effect in 2024, giving crypto service providers time to fully comply with the framework.
Banca Sella received MiCA clearance for crypto services in Italy and plans to launch digital asset custody, transfer, and receipt services in 2026 for selected customer categories, Cointelegraph reported. ECOVIS ProventusLaw advised Trek Technologies SIA on obtaining crypto-asset service provider authorization from Latvijas Banka under MiCA. The European Commission launched a public consultation this week to evaluate whether the MiCA framework, implemented in 2024 to harmonize EU crypto-asset regulation, remains adequate as digital markets and international regulatory standards evolve, according to The Paypers and Phemex. Commissioner Dombrovskis outlined the Commission's priority to develop a strong regulatory framework for digital finance through MiCA at an informal ECOFIN press conference, launching the consultation this week for its review.
Sources
- economictimes.indiatimes.com: MiCA EU Crypto Rules Transitional Period Ending
- zerafa.com.mt: Expiration of the Transitional Arrangements under MiCA
- finextra.com: Crypto Companies Must Exit the EU Market by July 1
- cointelegraph.com: France's AMF regulator sets June 30 deadline for MiCA licensing
- cointelegraph.com: Banca Sella gets MiCA clearance for crypto services in Italy
- bns.lt: ECOVIS ProventusLaw Advises on MiCA CASP Authorisation
- thepaypers.com: European Commission opens MiCA review consultation
- phemex.com: EU Commission Launches Public Consultation on MiCA Framework
- europeansting.com: Remarks by Commissioner Dombrovskis at informal ECOFIN
Tokenized Securities and DLT Settlement Infrastructure
The European Central Bank is advancing distributed ledger technology for wholesale settlement through initiatives including Pontes and a parallel trigger solution, according to the Kyiv Post. Seturion, a blockchain settlement platform owned by Boerse Stuttgart Group, announced strategic partnerships with flatexDEGIRO, Societe Generale, and SG-FORGE to build a pan-European infrastructure for tokenized securities settlement, Coinspaid Media reported.
Deutsche Börse issued a new corporate bond through its D7 digital platform, according to Der Treasurer. Orca and Streamex launched secondary trading infrastructure for tokenized securities, enabling accredited investors to buy and sell the gold-backed GLDY token through permissioned liquidity pools operating on the Solana blockchain, Cointelegraph reported. Grvt announced it will work with Plume to launch tokenized fixed-income and structured credit products tied to institutional-grade real world assets and onchain yield strategies. Bernstein Research data shows the RWA market at $51 billion, with tokenized private credit leading and Figure leading RWA platforms with $18 billion in tokenized assets. Hamilton Lane launched a tokenized share class of its Global Private Assets Fund, with BBVA Asset Management as the first investor, according to DAS Investment.
Sources
- kyivpost.com: ECB Advancing DLT for Wholesale Settlement
- coinspaidmedia.com: Tokenization Accelerates Settlement Modernization in Europe
- dertreasurer.de: Deutsche Börse Treasury: Digital Bond Issuance on D7
- cointelegraph.com: Orca, Streamex roll out secondary trading for tokenized securities
- cointelegraph.com: Grvt adds 3 tokenized yield funds tied to institutional-grade RWAs
- cointelegraph.com: RWA market hits $51B as tokenized private credits surges
- dasinvestment.com: Hamilton Lane tokenisiert Private-Markets-Fonds
Stablecoins and Digital Dollar Infrastructure
SoFi Technologies made its bank-issued, U.S. dollar-backed stablecoin SoFiUSD available for its 14.7 million members to buy, sell, hold, and convert directly within the SoFi app, according to PYMNTS. At the FTT Payments event, industry participants discussed the proliferation of stablecoin settlements in mass market commerce as a dominant shift expected to transform the global transactional landscape, FF News reported.
The ECB warned EU finance ministers that expanding euro stablecoin issuance could weaken bank lending and complicate monetary policy, Cointelegraph reported. Mastercard Transaction Services was granted a BitLicense by the New York State Department of Financial Services, cementing its support for digital currencies including stablecoins and tokenized deposits, according to Finextra. The UK government announced a modernized payments package integrating traditional and tokenised payments including stablecoins with new FCA powers for Open Banking, while new payment safeguarding rules took effect on 7 May 2026, Osborne Clarke reported.
Sources
- pymnts.com: SoFi Makes Stablecoin Available to Its 14.7 Million Members
- ffnews.com: The Proliferation of Stablecoin Settlements in Mass Market Commerce
- cointelegraph.com: ECB pushes back on euro stablecoin proposals
- finextra.com: Mastercard secures New York BitLicense
- osborneclarke.com: UK Regulatory Outlook: Fintech, digital assets, payments
EU Capital Markets Union and Cross-Border Supervision
Finance ministers from Europe's six largest economies are coordinating to unify capital market supervision under the European Securities and Markets Authority in Paris, shifting oversight from national bodies to a centralized EU authority, according to Devdiscourse. Germany's Finance Minister Lars Klingbeil announced the country's willingness to compromise on EU capital markets union negotiations, including on the traditionally sensitive issue of financial supervision, Global Banking and Finance reported.
European banks are increasingly specializing in areas where regulation creates durable competitive advantages, including sustainable finance, cross-border payments, and rules-based financial infrastructure, while facing challenges from internal fragmentation across EU member states, according to Stanislav Kondrashov. Banks in the United States and the United Kingdom are gaining additional asset capacity due to bank deregulation, while those in the European Union and Switzerland face increasing capital requirements, PYMNTS reported.
Sources
- devdiscourse.com: E6 Nations Tackle EU Capital Market Supervision
- globalbankingandfinance.com: Germany Open to Compromise on EU Capital Markets Union
- stanislav-kondrashov.ghost.io: Stanislav Kondrashov: Europe's Banks Are Repositioning
- pymnts.com: US and UK Lower Capital Requirements While EU Raises Them
Blockchain Clearing and Settlement Infrastructure
Paxos received SEC approval as a blockchain-focused clearing agency, representing what the company described as a critical piece of financial market infrastructure as Wall Street becomes more interested in crypto, Cointelegraph reported. SWIFT retired MT messages for cross-border payments in November 2025 as part of the ISO 20022 migration, according to Finextra. Marqeta expanded its account and money movement platform into 30 additional European countries through a partnership with Banking Circle, enabling businesses to combine virtual accounts, multi-rail payments, and card programs on a single unified platform, The Paypers reported.
Sources
- cointelegraph.com: SEC approves Paxos as 'blockchain-native' clearing agency
- finextra.com: The ISO 20022 Migration: Data Quality Over Compliance
- thepaypers.com: Marqeta expands account and money movement across Europe
Co-authored by Claude.