Always interested in ever-more centralised financial regulation in the European Union, the French Autorite? des Marche?s Financiers is lobbying for an EU-wide 'digital lab' to enable national regulators to waive certain rules relating to the settlement of securities.

The regulator states: "To offer a genuine secondary market for security tokens and operate a trading platform within the meaning of MiFID II, authorisation as a multilateral trading facility or organised trading facility would be required, which also excludes decentralised platforms.

"As for the delivery of securities against payment (settlement), although it is already possible for unlisted financial instruments due to the Blockchain Order of 8 December 2017, it poses major difficulties for other security tokens."