Central Bank of Ireland Publishes Discussion Paper on DLT and Tokenisation, March 2026

On 5 March 2026, the Central Bank of Ireland (CBI) published Discussion Paper 12 (DP12), titled "Distributed Ledger Technology (DLT) & Tokenisation in Financial Services." The paper is at the consultation stage: the CBI invites written submissions from market participants, technology providers, academics, and policymakers until 5 June 2026. The CBI will publish a feedback statement after the consultation period closes. No rule changes take effect at this stage.

DP12 sits within the CBI's broader Innovation Hub engagement programme and is issued under the CBI's general supervisory mandate. It operates across multiple existing EU instruments: Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA), the DLT Pilot Regime under Regulation (EU) 2022/858, the Markets in Financial Instruments Directive II (MiFID II), and the Payment Services Directive 2 (PSD2). The paper examines how DLT and tokenisation interact with each of these instruments at their current boundaries and asks respondents to identify where those boundaries create friction.

DP12 covers four thematic areas: tokenisation in capital markets and securities settlement, tokenisation in investment funds, forms of tokenised money and payments infrastructure, and the enabling conditions for adoption (legal clarity, operational resilience, scalability, and interoperability). Token issuers operating under MiCA authorisation, trading venues that have applied for or obtained a DLT Pilot Regime licence, investment fund managers exploring tokenised fund units, and payment institutions evaluating stablecoin integration are the primary addressees of the CBI's questions. The paper also covers central bank money in a tokenised environment, which carries implications for participants in wholesale settlement and collateral management.

DP12 imposes no obligations and creates no safe harbours. Submissions must be made exclusively through the CBI's online form; the CBI will not accept responses by other means. The consultation deadline is 5 June 2026. The paper forms part of the EU's broader Savings and Investment Union agenda and the CBI's feedback statement may inform future legislative proposals at both the Irish and EU level. No transitional provisions or carve-outs apply at this stage.

Source: Central Bank of Ireland, Discussion Paper 12 — Distributed Ledger Technology (DLT) & Tokenisation in Financial Services, DP12, published 5 March 2026, consultation closing 5 June 2026. Official URL: https://www.centralbank.ie/publication/discussion-papers/discussion-paper-detail/discussion-paper-12-dlt-tokenisation-in-financial-services. Press release: https://www.centralbank.ie/news/article/press-release-discussion-paper-tokenisation-and-distributed-ledger-technology-in-financial-services-5-march-26. Confirmed 11 March 2026.

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