BaFin has granted the Stuttgart Stock Exchange a DLT-TSS license, the broadest under the European pilot regime, authorizing it to trade and settle tokenized securities on a distributed ledger within a single infrastructure. The authorization was processed jointly with ESMA and the ECB, in accordance with EU Regulation 2022/858 in force since March 2023. This enables settlement and payment to be completed in the same transaction within seconds, compared to the T+2 settlement cycle on traditional European markets. European caps limit each platform to 6 billion euros in admitted instruments, which explains the small number of applicants since 2023. Germany now has two approved infrastructures under this regime, including fintech 21X, which received the first DLT-TSS approval in the Union in December 2024.
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