“From Authorization to Supervision”: European Regulators Outline the Next Phase of MiCA as MERGE Madrid 2026 Concludes

Following Tuesday’s Institutional Summit at the Bolsa de Madrid and Wednesday’s opening of the main conference, the final day focused on digital asset regulation, investment opportunities, and emerging blockchain applications. Across multiple stages, attendees participated in discussions alongside startup presentations, an active exhibition area, and networking activities that continued throughout the day.

European regulators outlined the next priorities for digital asset oversight, with representatives from the European Banking Authority (EBA) and national financial authorities discussing how Europe’s Markets in Crypto-Assets Regulation (MiCA) should evolve.

“In terms of priorities, we’re shifting from authorization to supervision,” said Desislava Petrova, Senior Supervision Officer at the EBA, during a discussion comparing MiCA with the United States’ GENIUS Act. She emphasized the need for supervisors to exchange information more efficiently as digital asset businesses expand across borders.

The same theme emerged in a separate panel featuring representatives from Spain’s CNMV, Portugal’s CMVM, Italy’s Consob, and Luxembourg’s CSSF. “We need a common supervisory language,” said Irene Tagliamonte, Head of the Regulatory Impact Analysis Office at Consob, pointing to the need for consistent reporting standards and closer cooperation between national authorities.

Natasha Deloge, Head of Innovation Division at Luxembourg’s CSSF, called for faster responses to unauthorized operators targeting European customers, while the discussion also examined the legal differences that continue to complicate cross-border trading and settlement of tokenized securities.

The afternoon shifted toward investment and the growth of tokenized financial markets. Victor Sáez of Kraken highlighted the expansion of xStocks, whose tokenized equity products have surpassed $1 billion in assets under management. He also reported that more than 60% of trading volume takes place outside conventional market hours, reflecting demand from investors seeking access to US equities across different time zones.

But bringing financial assets onto blockchain networks does not automatically create demand. “If the underlying asset has no demand, demand is not going to show up because you tokenize it,” Sáez said, emphasizing the importance of established markets, distribution, and liquidity.

In the same discussion, Matt Ward, Executive Director for Europe at Hashgraph, identified connectivity between blockchain networks as another challenge. “The buyers are there, but they are just on a different chain, the wrong currency, their collateral is locked up somewhere else,” he said, asserting that better connections between networks could help improve secondary-market activity.

Other investment discussions featured Hamilton Lane, BNP Paribas Securities Services, Allfunds Blockchain, and Tether. BNP Paribas outlined its work developing services for tokenized funds in Luxembourg, France, and Italy, while Hamilton Lane discussed opportunities to improve access to private market investments.

A dedicated Tokenization Track sponsored by Hadron by Tether examined the development of tokenized money market funds, digital securities, and the systems required to support trading and settlement. The afternoon also included a discussion on venture capital investment in Web3, exploring the opportunities and challenges facing startups seeking funding.

Emerging companies had a prominent role in the final day’s programming, including a showcase supported by Madrid City Council. Micelio Data presented verified data infrastructure for textile supply chains; Tsamurai outlined its platform for fan-funded creative projects; and Wemsys highlighted its work on blockchain security, analytics, and compliance.

The conference hosted ISBE in Pitch, featuring startup presentations connected to the Infraestructura de Servicios Blockchain de España (ISBE), supported by the Comunidad de Madrid. Alongside a wider program of startup spotlights, these initiatives offered opportunities for entrepreneurs to present their work and connect with potential partners and investors.

MERGE also explored blockchain applications beyond financial services, including a session featuring Chiliz and CD Leganés on the future of sports and fan engagement.

Iván Maroto, Chief Business Officer at CD Leganés, described how the football club has linked digital tokens to sections of its pitch, allowing supporters to receive rewards when certain match events occur in their assigned areas.

“It’s more what we are doing with the token than the token itself,” Maroto said, emphasizing that new products must offer fans meaningful benefits.

Julian La Picque, CFO of Chiliz, also discussed plans to expand beyond traditional fan tokens into products linked to club equity and stadium financing, potentially creating new ways for supporters to participate financially in their favorite teams.

Yesterday’s discussions capped three days that brought together financial institutions, regulators, investors, startups, and technology companies. Throughout the conference, exhibition booths and dedicated networking activities provided opportunities for participants to build relationships and explore commercial partnerships.

From the adoption of digital assets by traditional banks to the future of European regulation, investment, and emerging applications, MERGE Madrid 2026 highlighted an industry increasingly focused on making blockchain technology work in practice.

About MERGE

MERGE is the leading institutional platform for digital assets, blockchain and Web3 connecting Europe and Latin America. Through its events in Madrid, Buenos Aires and São Paulo, it brings together banks, regulators, corporations, investors, fintech firms, startups and digital-native companies to foster collaboration and the development of new business models.

More information, agenda and tickets: MERGE Madrid 2026

Press Contact

Ana Ávila

CXO at Wildcom

+34 620 981 115

aavila@wildcom.es

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