Study on national legal framework and obstacles for asset tokenisation in Member States

The Digital Finance Strategy sets out the objective to ensure a technology neutral and innovation friendly regulatory framework. The Study would contribute to the specific objective set out in the FISMA management plan to ensure that opportunities from digital technology are widely employed to implement a safe, competitive and inclusive …

CPV: 79311400 Servicios de investigación económica, 73000000 Servicios de investigación y desarrollo y servicios de consultoría conexos, 79300000 Investigación mercadotécnica y económica; sondeos y estadísticas
Lugar de ejecución:
Study on national legal framework and obstacles for asset tokenisation in Member States
Organismo adjudicador:
European Commission, DG FISMA - Financial Stability, Financial Services and Capital Markets Union
Número de premio:
EC-FISMA/2024/OP/0003

1. Buyer

1.1 Buyer

Official name : European Commission, DG FISMA - Financial Stability, Financial Services and Capital Markets Union
Legal type of the buyer : EU institution, body or agency
Activity of the contracting authority : General public services

2. Procedure

2.1 Procedure

Title : Study on national legal framework and obstacles for asset tokenisation in Member States
Description : The Digital Finance Strategy sets out the objective to ensure a technology neutral and innovation friendly regulatory framework. The Study would contribute to the specific objective set out in the FISMA management plan to ensure that opportunities from digital technology are widely employed to implement a safe, competitive and inclusive digitalisation of financial services. While there is considerable uncertainty around the future of crypto asset markets, a significant number of financial institutions see considerable potential in the tokenisation of traditional assets, both financial and other assets. The next Commission might therefore need to put a focus and possibly develop an asset tokenisation for the EU, which could possibly also be a project for cooperation with other services in the Commission. While with the DLT pilot the EU financial services regulation would not seem to be an obstacle, we understand from interactions with market participants and national authorities that there are a number of issues when it comes to national legislation in areas of private law and other aspects which may be standing in the way of asset tokenisation which the study should explore. This could then allow the Commission to follow up as part of possible future work on asset tokenisation. Concretely, the study would consist of a legal analysis of how existing national rules in a sample of Member States would apply to and support or create obstacles for the tokenisation of assets (securities law, property law and smart contracts, in particular).
Procedure identifier : 82c6b1b2-e156-4fe5-ba0f-4fbd10739fe4
Previous notice : 411958-2024
Internal identifier : EC-FISMA/2024/OP/0003
Type of procedure : Open
Justification for the accelerated procedure :
Main features of the procedure :

2.1.1 Purpose

Main nature of the contract : Services
Main classification ( cpv ): 79311400 Economic research services

2.1.3 Value

Estimated value excluding VAT : 170 000 Euro

2.1.4 General information

Legal basis :
Regulation (EU, Euratom) 2018/1046

5. Lot

5.1 Lot technical ID : LOT-0001

Title : Study on national legal framework and obstacles for asset tokenisation in Member States
Description : The Digital Finance Strategy sets out the objective to ensure a technology neutral and innovation friendly regulatory framework. The Study would contribute to the specific objective set out in the FISMA management plan to ensure that opportunities from digital technology are widely employed to implement a safe, competitive and inclusive digitalisation of financial services. While there is considerable uncertainty around the future of crypto asset markets, a significant number of financial institutions see considerable potential in the tokenisation of traditional assets, both financial and other assets. The next Commission might therefore need to put a focus and possibly develop an asset tokenisation for the EU, which could possibly also be a project for cooperation with other services in the Commission. While with the DLT pilot the EU financial services regulation would not seem to be an obstacle, we understand from interactions with market participants and national authorities that there are a number of issues when it comes to national legislation in areas of private law and other aspects which may be standing in the way of asset tokenisation which the study should explore. This could then allow the Commission to follow up as part of possible future work on asset tokenisation. Concretely, the study would consist of a legal analysis of how existing national rules in a sample of Member States would apply to and support or create obstacles for the tokenisation of assets (securities law, property law and smart contracts, in particular).
Internal identifier : EC-FISMA/2024/OP/0003

5.1.1 Purpose

Main nature of the contract : Services
Main classification ( cpv ): 79311400 Economic research services
Additional classification ( cpv ): 73000000 Research and development services and related consultancy services
Additional classification ( cpv ): 79300000 Market and economic research; polling and statistics

5.1.3 Estimated duration

Duration : 12 Month

5.1.5 Value

Estimated value excluding VAT : 170 000 Euro

5.1.6 General information

Procurement Project fully or partially financed with EU Funds.
The procurement is covered by the Government Procurement Agreement (GPA) : yes

5.1.10 Award criteria

Criterion :
Type : Quality
Name :
Description : Please consult the procurement documents.
Category of award threshold criterion : Weight (percentage, exact)
Award criterion number : 70
Criterion :
Type : Price
Name :
Description : Please consult the procurement documents.
Category of award threshold criterion : Weight (percentage, exact)
Award criterion number : 30
Description of the method to be used if weighting cannot be expressed by criteria :
Justification for not indicating the weighting of the award criteria :

5.1.15 Techniques

Framework agreement :
No framework agreement
Information about the dynamic purchasing system :
No dynamic purchase system

5.1.16 Further information, mediation and review

Review organisation : Court of Justice of the European Union -
Organisation signing the contract : European Commission, DG FISMA - Financial Stability, Financial Services and Capital Markets Union

6. Results

Value of all contracts awarded in this notice : 157 100 Euro

6.1 Result lot ldentifier : LOT-0001

At least one winner was chosen.

6.1.2 Information about winners

Winner :
Official name : EY ECONOMIC AND POLICY ADVISORY SERVICES SRL
Tender :
Tender identifier : EY ECONOMIC AND POLICY ADVISORY SERVICES SRL
Identifier of lot or group of lots : LOT-0001
Contract information :
Identifier of the contract : EC-FISMA/2024/OP/0003
Date on which the winner was chosen : 12/02/2025
Date of the conclusion of the contract : 13/03/2025
Information about European Union funds
Name of EU-financed project or programme : Single Market Programme, including COSME, ISA2, ESP, consumer involvement in fin. Services, financial reporting, Health, Food and Feed, consumer programme (2021/2027)
Organisation signing the contract : European Commission, DG FISMA - Financial Stability, Financial Services and Capital Markets Union

6.1.4 Statistical information

Received tenders or requests to participate :
Type of received submissions : Tenders submitted electronically
Number of tenders or requests to participate received : 9

8. Organisations

8.1 ORG-0001

Official name : European Commission, DG FISMA - Financial Stability, Financial Services and Capital Markets Union
Registration number : COM
Department : FISMA.01 - Finance, Internal Control and IT
Postal address : The Pavilion (SPA2), Rue de Spa 2
Town : Brussels
Postcode : B-1000
Country subdivision (NUTS) : Arr. de Bruxelles-Capitale/Arr. Brussel-Hoofdstad ( BE100 )
Country : Belgium
Telephone : +32 2 299 11 11
Roles of this organisation :
Buyer
Organisation signing the contract

8.1 ORG-0002

Official name : Court of Justice of the European Union
Registration number : CURIA
Postal address : Rue du Fort Niedergrünewald
Town : Luxembourg
Postcode : L-2925
Country subdivision (NUTS) : Luxembourg ( LU000 )
Country : Luxembourg
Telephone : +352 4303-1
Internet address : http://curia.europa.eu
Roles of this organisation :
Review organisation

8.1 ORG-0003

Official name : European Commission
Registration number : EUCOM
Postal address : Mondrian (CDMA), Rue du Champ de Mars 21
Town : Brussels
Postcode : B-1050
Country subdivision (NUTS) : Arr. de Bruxelles-Capitale/Arr. Brussel-Hoofdstad ( BE100 )
Country : Belgium
Telephone : +32 2 299 11 11
Roles of this organisation :
TED eSender

8.1 ORG-0004

Official name : EY ECONOMIC AND POLICY ADVISORY SERVICES SRL
Registration number : BE0597770616
Postal address : KOUTERVELDSTRAAT 7B/1
Town : MACHELEN
Postcode : 1831
Country subdivision (NUTS) : Extra-Regio NUTS 3 ( BEZZZ )
Country : Belgium
Telephone : +32488870884
Roles of this organisation :
Tenderer
Winner of these lots : LOT-0001

11. Notice information

11.1 Notice information

Notice identifier/version : 14e43d40-431b-42d7-963a-e158b14359f5 - 01
Form type : Result
Notice type : Contract or concession award notice – standard regime
Notice dispatch date : 24/03/2025 11:10 +01:00
Languages in which this notice is officially available : English

11.2 Publication information

Notice publication number : 00191496-2025
OJ S issue number : 59/2025
Publication date : 25/03/2025