CySEC Directive on pilot regime for DLT market infrastructures
The CySEC Directive was accompanied by a Policy Statement issued by CySEC (PS-02-2025).
In a nutshell, the DLT Market Infrastructures Regime allows investment firms, market operators and central securities depositories to operate multilateral trading facilities (MTF) and settlement systems which rely on DLT.
Key provisions:
Licensing process: Entities which apply for specific licences to operate DLT-based trading, settlement, or combined systems, must follow the procedure in the CySEC Directive. Applications must follow CySEC's prescribed format and include required documentation in Greek or English.
Notifications: Operators must notify CySEC of specific issues under Article 11 of EU Regulation 2022/858.
Fees and subscriptions:
- Application fees range from €8,000 to €15,000, depending on the licence type.
- Annual subscriptions for DLT operators are set at €15,000 for trading or settlement systems and €30,000 for combined systems.
- Additional fees apply for exemptions and modifications.
The CySEC Directive (in Greek) can be found here
The Policy Statement can be found here
