Digital Finance and Innovation : Report on the functioning and review of the DLTR - Art.14

Report 25 June 2025 ESMA75-117376770-460 ESMA Report on the Functioning and Review of the DLT Pilot Regime -Pursuant to Article 14 of Regulation (EU) 2022/858 ESMA - 201-203 rue de Bercy - CS 80910 - 75589 Paris Cedex 12 - France - Tel. +33 (0) 1 58 36 43 21 - www.esma.europa.eu 2 Table of Contents 1 Executive Summary .................................................................................................... 4 2 Context and scope ...................................................................................................... 6 2.1 Objectives of the DLT Pilot Regime and ESMA’s reporting mandate .................... 6 2.2 Overview of the DLT Pilot Regime's legal and technical framework...................... 6 2.3 ESMA’s supervisory convergence role ................................................................. 7 2.4 Timeline and scope .............................................................................................. 7 3 DLT MI landscape and activity ..................................................................................... 7 3.1 Authorised infrastructures and status ................................................................... 7 3.2 DLT Pilot Regime current applicants .................................................................. 11 3.3 Activity metrics ................................................................................................... 11 3.4 Exemptions and permissions...