ECB’s Cipollone urges coordinated European approach to tokenised financial markets
Key Takeaways
- 01ECB Executive Board member Piero Cipollone called for an integrated European approach to tokenised financial markets in a September 15, 2026 speech.
- 02The speech focused on DLT-based assets and the Pontes and Appia projects.
- 03Cipollone warned that fragmented digital-asset infrastructure could hinder the development of Europe-wide tokenised markets.
- 04Interoperability across financial-market infrastructure is likely to be a key consideration for firms planning cross-border tokenisation activity in Europe.
In a September 15, 2026 speech, European Central Bank Executive Board member Piero Cipollone set out a case for building a more integrated European market for tokenised financial assets.
Cipollone addressed assets and market processes using distributed ledger technology (DLT), the shared-record technology often used to issue, transfer and settle digital assets. He highlighted the Pontes and Appia projects as part of Europe’s work on tokenised finance.
The central policy concern is fragmentation. Cipollone warned against digital-asset infrastructure developing in separate, incompatible national or private systems. A coordinated approach could be important for institutions seeking to use tokenised assets across European markets, because interoperability between trading, settlement and payment systems is likely to affect whether these systems can operate at scale.