Abstract

The article discusses selected issues relating to the Pilot Regulation. The author describes the broader context of the regulation, pointing to the challenges associated with tokenization of financial instruments. The innovative nature of the adopted regulatory model has been emphasized. The most important elements of the Regulation have been discussed, including the introduction of new categories of regulated entities and the exceptions provided for by the Regulation. The article also presents selected controversies related to the practical application of the Regulation. The author also presents postulates regarding the desired actions of supervisory authorities in the context of the entry into force of the provisions of the Regulation.