On 4 December 2025, the European Commission published a legislative package that serves as a key element of the Savings and Investments Union (SIU) strategy announced in March 2025. Its primary objective is to integrate EU capital markets and enhance their competitiveness.
The proposals include, among others:
- expanding the scope of entities eligible to operate DLT-based trading and settlement systems to include authorised crypto-asset service providers;
- converting EU Directives into Regulations, which are directly applicable, in order to eliminate differences in the interpretation of rules by Member States;
- changes to the supervision of the crypto-asset market, establishing European Securities and Markets Authority (ESMA) as the direct and sole supervisor of crypto-asset service providers. An exception will apply to entities providing these services based on a notification (such as credit institutions), which will remain under the supervision of national authorities, provided that crypto-asset services do not become their main activity.
The full text of the proposals can be found at the following link:
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52025PC0943