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Cards Wire 13 segments
FMA FMA Austria Source document ↗
FMA Austria Digital Assets ✓ 13 claims 04 Nov 2026

FMA orders Georgian firm Senta Tech to halt unauthorised crypto portfolio management

Austria's FMA has publicly named a Tbilisi-based company it ordered to stop managing crypto-asset portfolios for Austrian clients without authorisation. The case is an early enforcement action under Austria's MiCAR implementing law and shows the FMA policing cross-border crypto services reaching into its market from outside the EU.

  • The FMA ordered Senta Tech (ULTIMA), operating ultima.io and utrading.com, to cease unauthorised discretionary crypto-asset portfolio management in Austria.
  • The administrative decision is dated 31 July 2026 and was announced in Austria's Digital Official Journal on 29 October 2026.
  • The firm is based at Omar Khizanishvili Street No 264, Gldani District, Tbilisi, Georgia, outside the EU.
  • The breach cited is Article 11 no. 3 MiCA-VVG with Article 59(1) and Article 3(1)(16)(i) of Regulation (EU) 2023/1114 (MiCAR).
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Digital Assets ✓ 20 claims 27 Oct 2026

ECB's Schnabel sets out three routes for central bank money to go on-chain

Isabel Schnabel used a speech honouring Charles Goodhart to lay out how the Eurosystem intends to place wholesale central bank money onto distributed ledgers. The talk is not a rule, but it signals the architecture the ECB is testing through its Pontes and Appia projects and the model it wants markets to build around. Worth the time for anyone planning tokenised securities or deposit settlement in euro.

  • Schnabel argued a tokenised system can replicate the two-tier structure of money if central bank money is provided on-chain at 1:1 with tokenised bank deposits.
  • She distinguished three routes to on-chain central bank money: direct issuance of natively tokenised reserves, bridging or synchronisation leaving reserves non-tokenised, and a private intermediary tokenising fully backed reserves.
  • Pontes launched on 21 September 2026, combining a bridge solution with Eurosystem DLT and offering settlement via TARGET2 or DLT, with 24/7 availability and decentralised programmability planned.
  • Project Appia explores architectures including a single unified ledger, interconnected networks and multiple shared ledgers.
  • Tokenisation's claimed benefits rest on programmability, making settlement conditional on automatically executed rules, and atomicity, where transaction legs settle together or not at all.
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Digital Assets ✓ 17 claims 27 Oct 2026

ECB's Pontes wholesale DLT settlement system goes live under binding legal pact

This is the ECB Governing Council's regular digest of non-rate decisions for August-September 2026, covering digital euro milestones, the Pontes tokenised-settlement platform, a new systemically important payment system designation, a MiCAR consultation response and several supervisory and statistical measures. Compliance and payments teams should scan it for items that create new obligations or oversight relationships.

  • The Governing Council approved the Pontes launch agreement on 11 August 2026 and the Market Infrastructure Board confirmed the go-live date of 21 September 2026.
  • The Pontes agreement includes binding contract templates for Eurosystem central banks' arrangements with market participants and market DLT operators.
  • On 24 August 2026 the Council adopted Decision ECB/2026/22 designating Visa Europe Payment System as a systemically important payment system under Regulation (EU) 2025/1355, with the ECB as lead overseer.
  • On 7 September 2026 the Council approved the ESCB's response to the European Commission's targeted consultation on the review of MiCAR.
  • Guidelines ECB/2026/26 and ECB/2026/27 amending the Eurosystem monetary policy framework and valuation haircuts were adopted on 22 September 2026 and apply from 30 November 2026.
Source document
DBS Deutsche Bundesbank — speeches Source document ↗
European Union Deutsche Bundesbank — speeches Digital Assets ✓ 14 claims 26 Oct 2026

ESM settles €1bn digital bond via Eurosystem's new Pontes platform

A Bundesbank press release confirms the first live, non-pilot settlement of a supranational DLT bond issuance using the Eurosystem's Pontes platform. It covers the roles of the ESM, Bundesbank, Clearstream and advisory banks, and the expected links to listing, clearing and collateral eligibility. Relevant for treasury, custody and market infrastructure teams tracking Eurosystem DLT settlement capability.

  • The ESM priced a first-time digital benchmark bond of €1 billion, its first-ever digitally native bond issuance.
  • The Deutsche Bundesbank acted as issuing and paying agent and was onboarded to Pontes as a market participant.
  • Clearstream acted as Pontes Market DLT Operator, settling the bond via delivery-versus-payment on its D7 DLT platform with cash settled through TARGET (T2).
  • DZ BANK and Société Générale acted as advisory banks on the transaction.
  • The bond is expected to be listed on the Luxembourg Stock Exchange and to be eligible as collateral at the Eurosystem Collateral Management System, Eurex Clearing and Eurex Repo.
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Digital Assets ✓ 21 claims 25 Oct 2026

ECB targets 2027 digital euro pilot, 2029 rollout if law passes this year

An interview with ECB Executive Board member Piero Cipollone sets out the digital euro's timeline, design choices and rationale, covering holding limits, offline functionality, distribution through banks and the project's link to European payments sovereignty. Useful for compliance and payments teams tracking when and how the instrument will need to be integrated.

  • A pilot based on real transactions by ECB and national central bank staff is planned to launch in 2027.
  • If the EU regulation is adopted by year-end, the digital euro could be rolled out as early as 2029.
  • Holdings of digital euro in a wallet will be capped, but there will be no limit on payments; amounts exceeding the balance can be drawn automatically from a linked current account.
  • The digital euro will support offline payments via device-to-device transfer, functioning during power cuts or in areas without internet connectivity.
  • 36 market operators, including seven from Italy, are already collaborating in preparatory work, alongside more than 70 operators that participated in earlier innovation programmes.
Source document
EPCE European Payments Council Source document ↗
European Union European Payments Council Digital Assets ✓ 15 claims 20 Oct 2026

EPC launches SCARLET to standardise EU Digital Identity Wallet acceptance in SCA

The European Payments Council has approved development of SCARLET, a scheme to standardise how payment service providers accept EU Digital Identity Wallets for strong customer authentication. With eIDAS 2.0 set to make wallet acceptance mandatory and thousands of PSPs and wallet providers in scope, this segment covers what the framework will contain, its two-stage build and the timeline running to 2028/29.

  • The EPC Board approved SCARLET development on 24 September 2026, following an invitation from the Commission's DG CNECT and DG FISMA.
  • eIDAS 2.0 (Regulation (EU) 2024/1183) will oblige PSPs to accept EU Digital Identity Wallets for SCA when end-users choose to use them.
  • SCARLET 1.0 aligns with PSD2 and the EBA's existing SCA RTS; version 1.1 will extend to the Payment Services Regulation for compliance from 2028/29.
  • The scheme is designed for an expected 3,000-plus PSPs and 27-plus wallet providers operating across the EU/EEA.
  • An open consultation is scheduled for summer 2027, with the first SCARLET 1.0 rulebook to be published in December 2027.
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Digital Assets ✓ 27 claims 16 Oct 2026

ECB's Cipollone says digital euro payments could begin within 12 months

ECB Executive Board member Piero Cipollone discusses the digital euro's timeline, rationale and merchant impact in an interview with Corriere della Sera. For compliance and payments teams, this signals near-term milestones on legislation, piloting and participant selection that will shape preparation timelines.

  • Piero Cipollone said the digital euro pilot was launched in summer 2026, with first tests starting next year and first payments within 12 months.
  • The ECB received nearly 60 applications in May to take part in the pilot and selected 36 participants, including several Italian banks.
  • Technical standards agreements were signed in April 2026, according to Cipollone.
  • Cipollone said the digital euro would be free to individuals, as cash is today, and would also work offline without an internet connection.
  • He said the EU legislative text needed before the project can proceed should be ready by the end of the year.
Source document
BUND Deutsche Bundesbank Source document ↗
Germany Deutsche Bundesbank Digital Assets ✓ 16 claims 15 Oct 2026

Bundesbank paper finds widespread stablecoin adoption modestly cuts long-run US output

A Bundesbank discussion paper builds a quantitative macro model, calibrated to the US, to ask what happens when stablecoins scale to USD 1-3 trillion. The authors isolate a bank lending channel and a fiscal space channel pulling in opposite directions, and show how reserve regulation changes the result. Useful for anyone mapping the deposit-displacement and Treasury-demand arguments now shaping stablecoin rulemaking.

  • Model predicts a modest long-run US output decline as the bank lending channel slightly outweighs the fiscal space channel.
  • Reserve design is decisive: bank-deposit backing worsens output, central-bank reserve backing strengthens fiscal space; foreign demand helps.
  • Transition can be expansionary because the fiscal channel acts faster, and stablecoins amplify monetary policy shocks via bank funding costs.
Source document
AFM AFM Netherlands Source document ↗
AFM Netherlands Digital Assets ✓ 17 claims 15 Oct 2026

Dutch regulators say national law blocks native securities tokenisation

The AFM and DNB publish a joint exploratory study on securities tokenisation in the Netherlands, concluding that current Dutch law offers no basis for fully native tokens and forcing firms into hybrid dual-registration arrangements. This segment covers what the regulators found, what they are asking government to do, and why Dutch market infrastructure choices may migrate elsewhere.

  • AFM and DNB find Dutch law gives no basis for securities issued, held and transferred exclusively as tokens; native tokenisation is not currently possible.
  • Hybrid dual registration alongside DLT limits efficiency gains and creates uncertainty over the legal significance of the token record.
  • The regulators call for a government-led follow-up aligned with European initiatives, using specific use cases to decide whether to clarify or amend rules.
Source document
FMA FMA Austria Source document ↗
FMA Austria Digital Assets ✓ 13 claims 13 Oct 2026

FMA to enforce ESMA's three-month deadline on CASP services tied to non-MiCAR stablecoins

ESMA issued an Opinion on 8 October 2026 telling MiCAR-authorised CASPs to stop offering services linked to stablecoins that do not comply with MiCAR. Austria's FMA has confirmed it will apply those expectations in supervision and police a remediation deadline. This segment covers who is bound, what services are caught, and the clock that is now running.

  • ESMA published its Opinion on non-MiCAR-compliant ARTs and EMTs on 8 October 2026; the FMA will apply it in supervision.
  • MiCAR-authorised CASPs should not provide any covered service linked to non-compliant stablecoins to EU clients, standalone or combined.
  • Existing positions must be remediated as quickly as possible, no later than three months from the Opinion's publication date.
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Digital Assets ✓ 23 claims 12 Oct 2026

ECB's Cipollone sets 2029 digital euro target as trilogue nears deadline

Piero Cipollone laid out the ECB's full digital money strategy: a retail digital euro moving through trilogue, and the wholesale Pontes and Appia initiatives for tokenised settlement. The speech matters for the fresh financial-stability modelling on holding limits and for the concrete 2027 pilot and 2029 issuance timeline banks now need to plan against.

  • ECB aims for potential first digital euro issuance in 2029 if legislation concludes by end-2026; trilogue is under way with a Council push to finish this year.
  • Modelling of 2,025 banks shows holding limits up to €3,000 leave aggregate LCR at 163% and project a €127bn deposit inflow by 2034 under business-as-usual.
  • Pontes launched 21 September to settle tokenised transactions in central bank money, full implementation mid-2028; Appia blueprint targeted for 2028.
Source document
ESMA ESMA Source document ↗
European Union ESMA Digital Assets ✓ 11 claims 12 Oct 2026

ESMA tells MiCA-licensed crypto firms to stop serving non-compliant stablecoins

ESMA has issued an opinion drawing a hard line around stablecoins that do not meet MiCA. It tells authorised crypto-asset service providers to cease offering any MiCA service connected to non-compliant asset-referenced and e-money tokens, and directs national regulators to enforce controls and clear legacy exposures within three months. This segment covers what binds, the carve-outs, and the compliance clock.

  • Authorised CASPs must cease all MiCA services linked to non-MiCA-compliant ARTs and EMTs for EU clients.
  • NCAs must require remediation of pre-existing exposures within three months of the 8 October 2026 opinion.
  • Residual activity is confined to liquidation, conversion, withdrawal, transfer or safekeeping, time-limited and supervised.
Source document
SRB Single Resolution Board Source document ↗
European Union Single Resolution Board Digital Assets ✓ 14 claims 11 Oct 2026

SRB flags resolution gaps for stablecoins in response to Commission's MiCA review

The Single Resolution Board has told the European Commission that the current MiCA framework leaves resolution authorities short of tools and information when stablecoin activity threatens credit institutions. This segment covers what the SRB is asking for, the four bank roles it has identified, and why the interaction between MiCA and the EU resolution rulebook is now on the table.

  • SRB says non-credit stablecoin issuers lack a dedicated resolution regime for systemic activity, beyond some supervisory and recovery measures.
  • It wants data-sharing, supervisor-resolution coordination and alignment of MiCA with BRRD and SRMR on reserves, segregation and depositor protection.
  • The response focuses on credit institutions as token issuers and as institutions funded by issuers and crypto-asset service providers.
Source document