If the European Union is to avoid a fate as a regulatory fly-over zone for digital assets – that some in the industry feel it risks becoming – then it must deploy every tool available to foster innovation. Among the most important of these tools is the distributed ledger technology pilot regime. Launched in June 2022, the regime was intended to evaluate DLT as a basis for settlement systems. Three years on, it has failed to deliver. Only three infrastructures have received authorisation to operate DLT trading and settlement systems in that time and even they have hosted little in the way of live transactions. ... (full story)