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

On December 1, 2025, Karol Nawrocki, President of the Republic of Poland, refused to sign the Act on the Crypto-Asset Market. The reasons cited for this decision included, among others, issues related to the authority to block internet domains used for activities violating the MiCA Regulation^[1], the sheer volume of proposed provisions, and the amount of supervisory fees.

The full text of the justification for the aforementioned position can be found at the following link:

https://www.prezydent.pl/prawo/ustawy-zawetowane/weto-do-ustawy-o-rynku-kryptoaktywow,111337https://www.prezydent.pl/prawo/ustawy-zawetowane/weto-do-ustawy-o-rynku-kryptoaktywow,111337

^[1] Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150 9.6.2023, p. 40).

On 26 November 2025, as part of the Financial Stability Review, the European Central Bank (ECB) published an article on the growing role of stablecoins in financial markets and the related risks, with a particular focus on the euro area.

The authors state, inter alia, that the market capitalisation of stablecoins has reached 280 billion US dollars (which represents around 8% of the entire crypto-asset market). It is also indicated that they are most commonly used for crypto-asset trading – around 80% of all crypto-asset transactions on centralised trading platforms are carried out using stablecoins. The authors also draw attention to the risks that stablecoins pose to financial markets. One of the most significant among these is identified as the risk of investors losing confidence in stablecoins, which may lead to mass redemptions and, at the same time, to a loss of stability of their value relative to the underlying asset (the so-called de-pegging), the consequences of which may be felt not only in the crypto-asset market but also in traditional financial markets.

The full text of the article is available at the following link:

https://www.ecb.europa.eu/press/financial-stability-publications/fsr/focus/2025/html/ecb.fsrbox202511_05~63636227b4.en.html

On 11 November 2025, the International Organization of Securities Commissions (IOSCO) published a report on the tokenisation of financial assets. The report presents findings from monitoring activities conducted by IOSCO, aimed at gathering information on the current state of development and adoption of tokenisation and distributed ledger technology (DLT) in capital markets products and services.

The report highlights, among others, the following conclusions:

• tokenisation remains at an early stage of development, and the lack of interoperability between different distributed ledgers is hindering the growth of the sector;
• despite the growth in issuance of tokens representing financial assets, their trading still primarily relies on traditional intermediaries and financial structures;
• market participants prefer traditional settlement structures over DLT-based solutions.

The full text of the report is available at the following link:

https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf