Banque de France Urges Permanent DLT Pilot Regime
Governor Emmanuel Moulin asked EU policymakers to make the tokenization pilot permanent and raise its ceilings to around €300 billion.
Updated on Nov. 3, 2026 in Finance — General
Banque de France Governor Emmanuel Moulin urged EU policymakers to make the DLT Pilot Regime permanent and raise its ceilings to around €300 billion. He made the recommendations at the ACPR-AMF Fintech Forum in Paris on October 2, 2026, and also proposed a targeted revision of MiCA to clarify rules for tokenized bank deposits and stablecoins.
Why it matters
The DLT Pilot Regime covers market infrastructures that use distributed ledger technology, and making it permanent would give the tokenization framework a stable legal footing. Clearer rules for tokenized deposits and stablecoins address regulatory uncertainty that has slowed adoption across European financial markets.
The proposed DLT Pilot Regime ceiling is around €300 billion, a figure offered as a recommendation rather than an enacted limit. The source does not provide the current ceiling or a baseline for comparison, and it is unclear whether the proposal will advance through the Market Integration and Supervision Package.
The players
Emmanuel Moulin
Emmanuel Moulin is the Governor of the Banque de France and chairs the Autorité de contrôle prudentiel et de résolution (ACPR), the French prudential supervisor.
Banque de France
The Banque de France is the central bank of France and a member of the Eurosystem responsible for monetary policy and financial stability in the country.
Autorité de contrôle prudentiel et de résolution (ACPR)
The ACPR is the French authority that supervises banks and insurers and is responsible for prudential oversight of financial institutions.
The details
Moulin proposed making the DLT Pilot Regime permanent through the EU's Market Integration and Supervision Package (MISP) and raising its ceilings. He also suggested a targeted revision of MiCA covering tokenized bank deposits and stablecoins, and noted the Eurosystem's Pontes platform, launched September 21, 2026, for settling wholesale tokenized asset transactions with central bank money.
Timeline
October 2, 2026: Moulin made the DLT Pilot recommendations at the ACPR-AMF Fintech Forum in Paris.
September 21, 2026: The Eurosystem launched Pontes for tokenized wholesale settlement.
December 2027: The ACPR is scheduled to begin overseeing high-risk AI systems used in credit decisions, risk assessment and insurance pricing.
Market Dynamics
The push to make the DLT Pilot Regime permanent builds on an experimental EU framework established for distributed ledger market infrastructures and extends it toward a lasting tokenized finance regime. The proposed MiCA revision for tokenized deposits and stablecoins would refine the broader crypto-asset rulebook the EU adopted to govern digital assets.
The proposal would affect how tokenized assets and stablecoins are regulated in the EU, which in turn shapes which products investors can access and how they settle. Any change to the DLT Pilot Regime's ceilings would determine how much trading volume tokenized market infrastructures can handle.
The takeaway
Tokenization is moving from experiment toward regulated infrastructure in Europe. Investors and institutions should track whether the DLT Pilot Regime becomes permanent and how MiCA treats tokenized deposits and stablecoins.
Further reading
For broader context on market structure and institutional changes, explore Finance — General coverage.
