From Policy to Practice: DLT and the Future of EU Capital Markets

VÖB and KfW co-hosted a high-level event in Brussels, bringing together policymakers, regulators and market participants to discuss how Distributed Ledger Technology can strengthen European capital markets.

Our key takeaways:

• Smart regulation drives innovation. Germany's eWpG shows how technology-neutral legislation can lay the groundwork for digital capital market infrastructure — a model worth scaling at European level.
• The momentum is real. The revised DLT Pilot Regime and the ECB's decision to accept DLT-based assets as Eurosystem collateral from 30 March 2026, and the Commission's Market Integration Package are setting the stage for the move from pilots to production.

As issuers and infrastructure partners, VÖB member institutions are committed to advancing digital capital markets that serve the real economy.

Our sincere thanks to panelists Markus Ferber (European Parliament, ECON Committee), Peter Kerstens (European Commission) and Tim Armbruster (KfW Group Treasurer), and to moderator Giovanna Faggionato (POLITICO Europe) for an excellent discussion.