Andrea Pantaleo

The EU never misses a chance to turn a sandbox into a huge regulatory lesson & Gemini’s new rollout in Europe proves it again (for the Nth time) Staking ETH and SOL with no minimums and daily rewards should be simple. Instead it comes wrapped in MiCA paperwork and MiFID II oversight. The headline: up to 6% APR on SOL, variable returns on ETH. The fine print is that cold storage segregation, regulated custody, cross-collateral rules, disclosure standards and risk waterfalls buried in documentation thicker than the Bible. Europe’s love for regulation is legendary. Here even staking yields are treated like bank deposits, hedging strategies like weapons of mass destruction and perpetuals like a threat to social order. Yet the paradox is funny. The same EU that ties crypto firms in knots is also handing them legitimacy. Gemini can now offer 100x perpetuals under MiFID II alongside 140 spot pairs, staking, and cross-margin all in one regulated wrapper. That is a state supervised casino with velvet ropes and fire exits checked twice a day. The IPO target of $2.22 billion suggests investors are buying the story. Europe’s obsession with control may actually make Gemini the safest place to gamble on leverage. Overregulated, yes. But in crypto, maybe that’s the sell.

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Want to lead in tokenization? Map your strategy to Blockchain Law IV, MiFID II, and MiCAR now. Luxembourg is a central hub for tokenization in Europe, with a legal framework that aligns with EU regulations. It has built a reputation for innovation, especially in funds and real assets. Three key regulations are shaping this space: → Blockchain Law IV: Legal certainty for tokenized securities. → MiFID II: Protecting investors and ensuring market integrity. → MiCAR: Defining rules for crypto-assets and stablecoins. These frameworks unlock opportunities in securities, funds, and real estate. Success stories, like Franklin Templeton’s tokenized UCITS, highlight the potential. However, challenges remain: tax clarity, secondary market liquidity, and interoperability need solutions. How can you navigate this ecosystem? ✔️ Align your strategy with Blockchain Law IV, MiFID II, and MiCAR. ✔️ Collaborate early with the CSSF to ensure compliance. ✔️ Explore use cases like fractional ownership. ✔️ Participate in working groups tackling interoperability. Tokenization in Luxembourg isn’t just a trend-it’s an opportunity to lead the next wave of innovation. Which asset class excites you most for tokenization? Your downloadable report to be explored below. Joshua Nkansah, CFE, CertIA, CAFCA Geethika Loku Kodikara Arachchige Timothy Sherry CAMS Walmir Celestino Erik Lam Cedric Legendre Steve Muscat Azzopardi TEP Amna Alvi Mathieu D. Jinyoung Kim Andrey Kononov Xiao BRANDA Sara Berujon George Kortesis

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Archax is making a move into the EU market with plans to acquire Deutsche Digital Assets, a BaFin-regulated crypto asset manager with around $70M in AUM. For a UK-based firm, this feels like a natural step following the UK’s approval of crypto ETPs for professional investors. What stands out to me is DDA’s strong distribution across Europe, especially with private banks and asset managers. That kind of access doesn’t come easy, and it gives Archax a fast track into an institutional client base that would otherwise take years to build. Taken together, it’s becoming clearer that Archax wants to be more than just a regulated exchange. They’re building a full-stack platform for digital assets in Europe, pairing listed products with tokenized instruments across multiple jurisdictions.

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🇬🇧🇺🇸 SEC’s Hester Peirce Proposes UK–US Cross-Border Tokenization Sandbox — But No Invite for EU. from Darshana Manikkuwadura (Dash)⚡️🇬🇧 🇱🇰⚡️ Last week, SEC Commissioner Hester Peirce doubled down on her call for a cross-border tokenization sandbox — and this time, she wasn’t pulling punches. Speaking on the future of digital securities, Peirce outlined a framework for a regulatory sandbox between the US and UK to trial tokenized financial instruments in a way that promotes innovation without political baggage. Her message was clear: “Focus on finance, not politics.” This isn’t the first time Peirce has floated the idea. Over a year ago, she responded to the UK’s Digital Securities Sandbox (DSS) consultation with cautious optimism. But now, the vision is firmer: ✅ Bilateral collaboration with like-minded markets ✅ Market-first incentives ✅ Clarity, flexibility, and actual utility for participating firms The sandbox isn’t meant to be just another pilot project where innovation goes to die. Peirce emphasized that real-world applications need room to scale, pivot, and capitalize on user demand in real time — not years after regulators finally catch up. 🔑 “If a regulator were not able to react quickly, the company would have to turn new users away.” That one line speaks volumes. Unlike many policymakers who view sandboxes as safe experimentation zones with no commercial urgency, Peirce gets it: innovation isn't something you run in a lab and shelf for later. Firms building in blockchain and tokenized finance are already live, user-facing, and solving real inefficiencies. They don’t need more theory. They need interoperable, market-driven, legally sound frameworks — now. And here’s where it gets political. While she left room for other like-minded jurisdictions to join the sandbox, she explicitly called out the EU’s approach — particularly its “double materiality” doctrine that injects sustainability goals into financial reporting. Peirce pushed back on the export of EU sustainability disclosure rules, drawing a sharp regulatory divide. Her final words were blunt: “Market integration suffers when two jurisdictions diverge on core matters such as the purpose of financial statements and other securities disclosures.” 💡 Translation? If financial systems can't agree on why they regulate or what outcomes they prioritize (capital formation, efficiency, investor protection), cross-border experimentation will remain fractured. As someone building at the intersection of AI and blockchain, I see this moment as pivotal. If done right, a UK–US sandbox could offer: • Legal clarity for asset tokenization • Regulatory flexibility to scale responsibly • A blueprint for future financial infrastructure Let’s hope this doesn’t stay a speech. The builders are ready. The capital is waiting. And the tech? It’s already live. #Tokenization #BlockchainRegulation #darshanamanikkuwadura Darshana Manikkuwadura (Dash)⚡️🇬🇧 🇱🇰⚡️

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Last week, we talked about the shift happening in real estate, how tokenisation is breaking open access to premium deals once reserved for institutions. But that was just the surface. There Are Many Levels to Tokenised Real Estate Financing. Fractional ownership of a single apartment is just the tip of the iceberg. Yes, it opens the door for retail investors to get a foot on the property ladder, but tokenisation goes much deeper. The real revolution is in unlocking access to the big end of town, the multi-million-dollar commercial towers, logistics hubs, mixed-use developments, and income-generating real estate portfolios typically reserved for institutions, HNWs, and family offices. And here’s the twist: Tokenisation doesn’t just open access to these institutional-grade assets. It also brings something back to the table for those who already own them...liquidity. For years, large-scale real estate has been attractive on paper but painfully illiquid. Now, tokenisation enables: - Real-time fractional exits - Secondary trading - Programmatic yield distribution - More flexible portfolio rebalancing And let’s not forget: this is where the juicy returns live. The structured deals, stable yields, and capital appreciation that drive wealth at the top can now be fractionalised, democratised, and distributed globally. This isn’t crowdfunding. It’s a smarter capital market that is open to all and beneficial to all. #Tokenization #RealEstate #DigitalAssets #FractionalOwnership #HNWinvestors #FamilyOffices #OnChainFinance #PropTech #PrivateMarkets #InstitutionalLiquidity #Web3 #FinancialInclusion #InvestLikeThe1Percent

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Two and a half years ago, we set out to bring the Euro onto the blockchain. Fast forward, AllUnity our joint venture with Galaxy Digital and Flow Traders, has issued #EURAU today — the first fully regulated, Euro-denominated stablecoin out of Germany. This is more than just another new product in the market. It’s a foundational step towards a more efficient financial system. Here’s how EURAU will make an impact: 1) Building bridges: In the short term, EURAU will serve as a reliable on- and offramp for the cryptocurrency market, making it easier for investors to move between traditional finance and the digital asset world. 2) Unlocking the tokenized economy: In the medium term, EURAU will enable seamless settlement of tokenized securities such as stocks, bonds, funds, and more. Once assets move on-chain in Europe, a reliable, regulated, and Euro-denominated settlement asset like EURAU becomes essential. 3) Powering the future of payments: Looking ahead, EURAU may have the potential to transform B2B, B2C, and P2P payments, especially cross-border. It will increase efficiency by reducing the number of intermediaries and enable new use cases due to programmability. In light of recent trends, EURAU is well-timed with more regulatory actions being considered to support greater market adoption of digital assets. This makes us even more excited about the role EURAU will be able to play as one of the first movers in Europe. I am proud of the AllUnity team, DWS and our joint venture partners Galaxy Digital and Flow Traders. Their creativity, deep product expertise, and relentless execution have made progress like this possible. #ConnectingTheDots #FutureOfFinance #EURAU

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