https://www.coindesk.com/policy/2022/01/04/european-markets-regulator-seeks-feedback-on-regulation-of-tokenized-securities/

The European Union’s markets regulator is seeking feedback on whether regulations need to be amended to accommodate tokenized securities.

• Specifically, ESMA is exploring whether existing rules need to be amended to be effective for securities traded using distributed ledger technology (DLT).
• The agency’s “DLT Pilot” will explore how data stored on a blockchain could enable more efficient, secure and cost-effective trading and settlement of securities. It is expected to commence in early 2023.