How Europe Is Rewriting Financial Rules for DLT: MISP overview

How Europe Is Rewriting Financial Rules for DLT: MISP overview

Will DLT finally be part of EU Financial Regulation? In this episode of BFRR – Bitcoin, Fiat & Rock’n’Roll, host Manuel welcomes back Dr. Anika Patz, partner at YPOG and one of Germany’s leading legal experts on digital assets, digital money and financial market regulation. Together they unpack a regulatory development for Europe’s capital markets: the Market Integration and Supervision Package, or MISP. Anika explains how MISP is designed to simplify and harmonize European capital market rules, reduce fragmentation across EU member states and give ESMA a much stronger supervisory role. The conversation then zooms in on the DLT Pilot Regime, Europe’s framework for blockchain-based trading and settlement infrastructures. While the regime was meant to enable real-life experimentation with tokenized securities, DLT settlement systems and combined trading-and-settlement models, uptake has remained limited due to product restrictions, volume caps, time limits and a heavy licensing burden. The episode explores how MISP could change that. Proposed reforms would raise volume thresholds, remove product limitations and make DLT-based infrastructure a more permanent, scalable option for the market. Anika also discusses how the Central Securities Depositories Regulation may recognize DLT systems and stablecoin-based settlement, why e-money tokens and tokenized money market funds could become relevant for collateral, and where EMIR, MiFIR and MiCA may need alignment. Beyond the legal details, Manuel and Anika reflect on the implications for Europe. Can the EU move quickly enough to remain competitive with the US and Asian markets? Should parts of the DLT Pilot Regime be carved out and accelerated? And will European supervision help create an integrated capital market, or add complexity for firms navigating crypto and securities regulation? Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Point Zero Forum: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here [https://registration.pointzeroforum.com/2026/register?ref=BFRR2026&code=BFRR2026&c_7164712=41966045®_type_id=1063177]. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. Relai: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Satoshi Unmasked, Bhutan's Bitcoin Exit & Europe's Stablecoin Push | Monthly Briefing

Does new evidence identify Satoshi Nakamoto? In this April news episode of Bitcoin, Fiat & Rock’n’Roll, Michael Blaschke is joined by Jonas and Dr. Lidia Kurt, CEO of Seturion and BX Digital, to discuss the key developments shaping institutional blockchain, digital money and tokenized capital markets. The episode begins with a market overview after a stronger month for crypto. Bitcoin, Ethereum and crypto ETFs regained momentum, while ETF assets under management rose sharply — a signal that institutional allocators are once again moving into the asset class. The discussion also looks at Bhutan’s Bitcoin strategy and why its reported reduction in holdings may be less a loss of conviction than disciplined sovereign treasury management. A major part of the episode is dedicated to the renewed debate around Satoshi Nakamoto. From Nick Szabo, Hal Finney and Dorian Nakamoto to Len Sassaman, Craig Wright and Adam Back, the hosts explore the latest theories, including John Carreyrou’s New York Times investigation. Yet the conclusion is clear: Bitcoin’s lack of a known founder may be one of its most powerful design features, especially for institutions assessing founder risk. The stablecoin section turns to some of the most important stories of the month. Crédit Agricole is reportedly preparing a euro stablecoin, following earlier moves by Société Générale via SG-FORGE, Banking Circle and ODDO BHF. The hosts discuss why internal treasury may be the ideal first use case, how MiCA shapes the distinction between stablecoins and tokenized deposits, and why Europe needs stronger use cases and liquidity. The episode also covers the Swiss franc stablecoin sandbox involving UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV and Swiss Stablecoin AG, Tether’s move toward a full Big Four audit, and the US debate around the GENIUS Act, the CLARITY Act and stablecoin yield. Finally, the conversation moves to institutional tokenization and TradFi market infrastructure: Deutsche Börse Group’s strategic stake in Payward, the parent company of Kraken, the Ondo, Clearstream and 360X partnership, and KfW’s next DLT-based bond using Cashlink, DekaBank, Regulated Layer One and Pontes. Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] Knowledge Bite Michaell [https://www.nytimes.com/2026/04/08/business/bitcoin-satoshi-nakamoto-identity-adam-back.html] Knowledge Bite Jonas [https://www.ecb.europa.eu/paym/html/payments_strategy.en.html] Knowledge Bite Lidia Raoul Pal [https://open.spotify.com/episode/3feBPKhQu2168islVmXHFF] Knowledge Bite Lidia Vitalik Buterin [https://vitalik.eth.limo/general/2026/04/02/secure_llms.html] ---------------------------------------- Point Zero Forum*: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here [https://registration.pointzeroforum.com/2026/register?ref=BFRR2026&code=BFRR2026&c_7164712=41966045®_type_id=1063177]. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

From Crypto Access to Institutional Operating System

Why the next phase of digital assets is won in operations, not products Thomas Langbein, Chief Commercial Officer at Trever, shares his journey from traditional banking and strategy consulting into the world of digital assets, where he recognised early on that blockchain technology could fundamentally reshape capital markets. Drawing on his experience across institutions like Commerzbank, EY, and Accenture, he explains how his exposure to digital transformation and early crypto developments led him to join Trever. Today, he operates at the intersection of traditional finance and emerging infrastructure, helping institutions navigate the complexities of integrating digital assets into their core business. This background sets the stage for a conversation that is less about hype—and more about real-world execution. At the heart of the discussion is a key insight: the real challenge for financial institutions is no longer access to digital assets, but their operationalisation. Thomas outlines the hidden complexity behind seemingly simple use cases like crypto trading, highlighting the fragmented ecosystem of trading venues, custody providers, compliance tools, and settlement processes. Trever positions itself as a “digital asset operating system” that orchestrates these components into a unified infrastructure layer, enabling banks and brokers to manage trading, treasury, settlement, and bookkeeping in a compliant and scalable way. This becomes particularly relevant as institutions move beyond isolated pilots and begin building long-term capabilities across multiple asset classes. Looking ahead, the conversation explores how institutional strategies are evolving from a narrow focus on crypto towards a broader view that includes stablecoins, digital payments, and tokenised securities. Thomas emphasises that the real benefits of blockchain-based finance will only materialise when both the asset and payment sides move on-chain, enabling more efficient settlement models. As banks gradually integrate these capabilities, the distinction between traditional and digital assets is expected to fade, leading to a unified financial infrastructure. The episode closes with a clear call to action: financial institutions that want to stay competitive should start building their operational foundations now—before digital assets become a core part of mainstream banking. Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

State of Stablecoins 2026: Architecture, Power, and Risk

How stablecoins are rewriting global financial architecture. In this solo episode of Bitcoin, Fiat & Rock’n’Roll, co-host Michael Blaschke steps away from the usual interview format to unpack a topic that is rapidly moving from crypto niche to systemic relevance: stablecoins. The episode is built around his newly published study with the FERI Cognitive Finance Institute, “Stablecoins: How Tokenized Money is Changing the Global Financial Architecture,” co-authored with Dr. Heinz-Werner Rapp. This is not a hype-driven discussion about token prices. It is a deep dive into the monetary layer of the token economy: why tokenized assets need tokenized money, why stablecoins are emerging as the dominant settlement instrument, and why this shift matters for banks, regulators, corporates and policymakers. Michael introduces the study’s two-pillar model: tokenized assets on one side, tokenized money on the other. He explains why a digital bond or tokenized fund remains incomplete if settlement still depends on slow legacy payment rails, limited business hours and correspondent banking chains. Stablecoins, in this view, are not just another crypto asset. They are the missing monetary infrastructure. The episode also explores the scale of the market, the role of stablecoins in US Treasury demand, the geopolitical implications of dollar dominance, and the widening gap between Europe’s regulatory leadership and America’s strategic push. Michael examines the core risks institutions need to understand: depegs, reserve quality, intermediary fragility, regulatory shocks and run dynamics in 24/7 markets. A major focus is Europe’s response under MiCA, including euro-denominated initiatives such as AllUnity and the Kivalis consortium. Looking ahead, the episode also connects stablecoins with the rise of agentic AI, asking what happens when autonomous systems begin to rely on programmable, always-on digital money. This is a dense but practical episode for anyone working in institutional DLT, treasury, payments, compliance, digital assets or financial infrastructure. If you want to understand how tokenized money could reshape global finance, this is the episode to start with. Blaschke & Rapp (2026) — "Stablecoins: How Tokenized Money Is Changing the Global Financial Architecture," published by the FERI Cognitive Finance Institute (the study that the episode is built around). [https://www.feri-institut.de/media/euzpiwx4/202604_stablecoins_kurz.pdf?utm_source=linkedin&utm_medium=feri&utm_content=post&utm_campaign=c8615f4c-42cc-4bc8-b87f-df00290f381d] FERI Cognitive Finance Institute press release [https://www.feri.de/newsroom/stablecoins-wie-tokenisiertes-geld-die-globale-finanzarchitektur-veraendert] Michael Blaschke on LinkedIn [https://www.linkedin.com/in/dr-michael-r-blaschke] Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] Brunnermeier & Niepelt (2019) — Referenced for the argument that private and public money can be economically equivalent, but only under specific conditions (equivalence breaks down when trust in the private issuer erodes). [https://doi.org/10.1016/j.jmoneco.2019.07.004] Lyons & Viswanath-Natraj (2020) — Analyzed the stablecoin peg mechanism and compared arbitrageurs to authorized participants in the ETF market. [https://www.nber.org/papers/w27136] Gorton & Zhang (Yale) — Compared bond-based stablecoins (Tether, Circle) to the Wildcat Banks of 19th-century America, i.e., private money issuers backed by reserves with historically mixed results. [https://lawreview.uchicago.edu/print-archive/taming-wildcat-stablecoins] Ahmed & Aldasoro (BIS working paper, 2026) — "Stablecoins and Safe Asset Prices" — Empirically demonstrated that stablecoin inflows depress three-month US Treasury bill yields by 2.5 to 3.5 basis points (5 to 8 basis points during tight supply periods). [https://www.bis.org/publ/work1270.htm] Diamond & Dybvig (1983) — The classic bank run model showing that coordinated withdrawals can be individually rational even when the institution is fundamentally solvent; applied by Michael to the stablecoin context. [https://www.jstor.org/stable/1837095] ---------------------------------------- Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

From BIS Payments Innovation to GFTN Impact Globally

A run-through of Singapore’s BIS innovation Hub Projects and GFTN Solutions Mission with Maha El Dimachki In this episode of BFRR, Manuel speaks with Maha El Dimachki, the newly appointed CEO of GFTN Solutions, for a wide-ranging conversation on the future of financial infrastructure, cross-border payments, and the role of innovation in public policy. With a career spanning retail banking, payments, regulation, the UK’s FCA, Pay.UK, and most recently the BIS Innovation Hub in Singapore, Maha brings a rare perspective from both the public and private sides of finance. The discussion begins with her journey through the payments industry, long before payments became one of the most dynamic areas in financial services. From there, the episode dives into her work at the BIS Innovation Hub, where she helped lead some of the most closely watched experiments in cross-border payments. Maha explains the thinking behind Project Nexus, which aims to connect domestic instant payment systems across borders; Project Mandala, which explores how compliance checks could become more efficient through privacy-preserving technology; and Project Rialto, which looks at new approaches to FX clearing and settlement using tokenized money. What makes this conversation especially valuable is its practical lens. Rather than treating innovation as a buzzword, Maha unpacks where the real frictions in global payments still sit today: compliance, foreign exchange, fragmented infrastructure, and the challenge of coordinating across jurisdictions. She also reflects on why compliance may be the most important problem to solve if the industry wants faster, cheaper, and more transparent international payments without compromising standards. The second half of the episode turns to GFTN Solutions and Maha’s new mission: translating insights into real-world implementation. She explains how GFTN, originally known for flagship forums such as the Singapore FinTech Festival and Point Zero Forum, is now expanding into policy development, ecosystem building, and capacity building for governments, regulators, and financial centers around the world. This is a fascinating episode for anyone interested in the future of money, the modernization of financial market infrastructure, and the increasingly important collaboration between regulators and industry. It is a conversation about how innovation moves from theory to implementation and why the next generation of finance will be shaped as much by cooperation as by technology. GFTN Website [https://gftn.co/] GFTN Solution’s Project in Odisha, India [https://odisha.gftn.co/] Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- BFRR partners with GFTN as a media partner at this year’s Point Zero Forum taking place in Zurich on 23-25 June. BFRR listeners get 30% off the full price industry pass with code BFRR2026. Make sure you join the podcast hosts at this high-profile conference. Registration link with discount [https://registration.pointzeroforum.com/2026/register?ref=BFRR2026&code=BFRR2026&c_7164712=41966045®_type_id=1063177] Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!