Key Insights:

• EU crypto regulation review assesses whether CCPs can safely use tokenized collateral.
• ESMA is looking for evidence on liquidity, legal rights, and settlement; response due 15 January 2027.
• A separate stablecoin opinion sets a three-month remediation window under national supervisory oversight.

EU crypto regulation is moving into the core machinery of European financial markets. On October 9, the European Securities and Markets Authority opened a Call for Evidence. It examines whether central counterparties can safely use tokenized collateral. Stakeholders have until January 15, 2027, to respond.

The consultation does not authorize new collateral arrangements. Instead, it seeks practical evidence on whether digital systems can…