European Regulators Shift Focus to MiCA Supervision After MERGE Madrid 2026
Regulators and financial leaders discuss the transition from asset authorization to active market supervision.
1Shift Toward Active Supervision
European regulators are transitioning their focus from initial authorization to ongoing supervision under the Markets in Crypto-Assets Regulation. Desislava Petrova of the European Banking Authority emphasized that as digital asset businesses expand across borders, national authorities must prioritize efficient information exchange to maintain market integrity and protect European consumers effectively.
2Standardizing Regulatory Language
Representatives from the CNMV, CMVM, Consob, and CSSF highlighted the urgent need for a common supervisory language. Irene Tagliamonte of Consob noted that consistent reporting standards are essential for cooperation between national authorities, while Natasha Deloge of the CSSF called for faster, coordinated responses against unauthorized operators targeting European customers.
3Tokenized Asset Market Growth
Victor Sáez of Kraken reported that tokenized equity products via xStocks have surpassed $1 billion in assets under management. Notably, over 60% of trading volume occurs outside conventional market hours, reflecting significant investor demand for 24/7 access to US equities across different time zones, despite existing cross-border settlement complexities.
4Market Demand and Liquidity
Tokenization does not automatically generate demand if the underlying asset lacks intrinsic market interest. Experts emphasized that established distribution channels and liquidity remain critical for success. Furthermore, Matt Ward of Hashgraph identified network connectivity as a major hurdle, noting that fragmented collateral and incompatible chains currently limit secondary-market activity.
5Institutional Adoption Efforts
Major financial institutions including BNP Paribas and Hamilton Lane are actively developing services for tokenized funds. BNP Paribas is building infrastructure in Luxembourg, France, and Italy to support digital securities. Meanwhile, Hamilton Lane is exploring ways to improve retail and institutional access to private market investments through blockchain-based distribution models.
6Startup Innovation and Showcases
The conference featured startups supported by the Madrid City Council, including Micelio Data for textile supply chain transparency and Wemsys for blockchain security. These companies presented alongside the Infraestructura de Servicios Blockchain de España initiative, providing entrepreneurs with direct access to potential partners and investors within the broader European financial ecosystem.
7Sports and Fan Engagement
Blockchain applications are extending into sports, as demonstrated by CD Leganés and Chiliz. The football club links digital tokens to specific pitch sections, rewarding fans for match events. Julian La Picque of Chiliz noted plans to expand these tokens into club equity and stadium financing, offering supporters new financial participation methods.
8Future of Institutional Integration
MERGE Madrid 2026 concluded by highlighting an industry focused on practical blockchain implementation. By bridging the gap between traditional finance and digital assets, the event underscored the necessity of regulatory clarity and technical interoperability. The focus now shifts to how these frameworks will function in real-world, cross-border financial market operations.