Resources — financial blockchain project

// Regulatory Landscape

Regulatory Updates

Updated quarterly — last revision Q1 2026

Active

DLT Pilot Regime

Regulation (EU) 2022/858 · In force since 23 March 2023

Creates a sandbox for DLT-based market infrastructures (DLT MTF, DLT SS, DLT TSS). First DLT trading and settlement systems admitted Q1 2024. SDX and Euronext applied for registration. The Regime permits temporary exemptions from MiFID II and CSDR to facilitate experimentation — with a maximum threshold of €6bn per operator.

Source: ESMA · ESMA70-8729939477-78 · Last updated: March 2026

Updated

CSDR Refit

Regulation (EU) 2023/2845 · Published 20 December 2023

Amends the Central Securities Depositories Regulation to streamline the authorisation process, revise the settlement discipline framework (buy-in regime made optional at CSD level), and extend passporting. Cash penalties for settlement fails remain mandatory. Entry into application phased through 2025–2026. Directly relevant to the tokenisation of securities and interoperability between DLT systems and traditional CSDs.

Source: Official Journal of the EU · OJ L 2023/2845 · Last updated: January 2026

Ongoing

Digital Euro

ECB Preparation Phase · Launched November 2023

The ECB entered the two-year preparation phase in November 2023 following the conclusion of the investigation phase. The design covers offline capability, programmability limits, holding caps, and privacy-by-design requirements. A legislative proposal from the European Commission (COM/2023/369) is progressing through the ordinary legislative procedure. Issuance decision expected no earlier than 2026.

Source: ECB Digital Euro Hub · Last updated: February 2026

// Production Deployments

Live Implementations

Selected institutional blockchain deployments in financial market infrastructure

Live since 2021

SIX Digital Exchange

SIX Group AG · Switzerland

Fully regulated digital asset exchange and CSD operating on a permissioned DLT. Issues digital securities natively on-chain with simultaneous DVP settlement in Swiss franc central bank money via the SNB's new settlement infrastructure. First regulated DLT-based CSD in the world.

Permissioned DLTAtomic DVPFINMA regulated

Live since 2020

JPMorgan Onyx / Coin Systems

JPMorgan Chase · USA

JPM Coin processes over $1bn in daily transactions across wholesale payment corridors. The Onyx Digital Assets platform enables tokenised repo, intraday liquidity, and cross-border payments on a permissioned Ethereum variant (Quorum/Besu). Used by BlackRock, Siemens, and other institutional clients.

Ethereum forkTokenised repo$1bn+ daily

Issued 2021

EIB Digital Bond

European Investment Bank · Luxembourg

€100m two-year bond issued natively on a public Ethereum blockchain in April 2021, arranged by Goldman Sachs, Santander, and Société Générale. Settlement in tokenised cash. Followed by a second €100m issuance in November 2022 on a private blockchain with settlement in Banque de France CBDC for wholesale markets.

Public Ethereum€100mCBDC settlement

Pilot

Project Guardian

MAS Singapore · Multi-institution

Monetary Authority of Singapore-led initiative testing open, interoperable networks for wholesale funding markets. Pilot transactions include tokenised bonds, FX, and asset management on public blockchain infrastructure. Participants include JPMorgan, DBS, SBI Digital, HSBC, and Standard Chartered.

PermissionlessCross-borderMulti-asset

Operational

Project mBridge

BIS Innovation Hub · Multi-CBDC

Multi-CBDC platform for cross-border payments connecting the central banks of China (PBoC), Hong Kong (HKMA), Thailand (BOT), UAE (CBUAE), and Saudi Arabia (SAMA). Minimum viable product declared in June 2024. Over $22m in transactions during 2022 pilot. Moves to a new governance model in 2025.

Multi-CBDC5 central banksCross-border

Discontinued 2023

ASX CHESS Replacement

ASX · Australia

Seven-year, A$250m project to replace the ageing CHESS clearing and settlement system with a DLT-based successor (VMware/Digital Asset). Cancelled in November 2022 after persistent delays and a damning independent review. A cautionary case study in the governance and complexity challenges of replacing incumbent market infrastructure.

CancelledA$250mCase study

// Code Repository

Code Examples

All examples from the book — updated to match latest library versions

Python

ch14_dvp_settlement.py

Vol I · Chapter 14

Full DVP settlement lifecycle: trade matching, netting, instruction generation, and final settlement confirmation using a minimal Python ledger.

⬒ View code

Solidity

ch15_dvp_contract.sol

Vol I · Chapter 15

EVM-compatible DVP smart contract implementing atomic swap of tokenised securities against stablecoin with escrow logic and settlement finality events.

⬒ View code

Python

ch15_pq_mlkem_demo.py

Vol II · Chapter 15

ML-KEM-768 key encapsulation using the liboqs reference library (FIPS 203). Demonstrates key generation, encapsulation, and decapsulation with timing benchmarks.

⬒ View code

Python

ch15_pq_mldsa_sign.py

Vol II · Chapter 15

ML-DSA-65 digital signature (FIPS 204): key pair generation, signing a settlement instruction, and verification. Includes dual-signature pattern (ECDSA + ML-DSA) for the transition period.

⬒ View code

Python

ch15_pq_hybrid_tls.py

Vol II · Chapter 15

Hybrid X25519 + ML-KEM-768 key exchange simulation. Demonstrates the HKDF concatenation approach and shows wire-size impact on a TLS 1.3 handshake transcript.

⬒ View code

Python

ch15_pq_settlement_ledger.py

Vol II · Chapter 15

Complete post-quantum settlement ledger: ML-DSA-65 signed chain, ECDSA vs ML-DSA benchmark, SLH-DSA archival sealing, and cryptographic agility pattern. ~250 lines of annotated code.

⬒ View code

// Chapter Resources

Slides & Interactives

PDF slides and interactive tools for each chapter — click VIEW to launch the animation

How a Trade Settles

Algorithm	Type	Hardness	n	q	NIST Level	PQ Security	Public Key	CT / Sig
ML-KEM-512	KEM	MLWE	256 (k=2)	3,329	1	128 bit	800 B	768 B
ML-KEM-768	KEM	MLWE	256 (k=3)	3,329	3	192 bit	1,184 B	1,088 B
ML-KEM-1024	KEM	MLWE	256 (k=4)	3,329	5	256 bit	1,568 B	1,568 B
ML-DSA-44	Sig	MLWE + MSIS	256 (4,4)	8,380,417	2	128 bit	1,312 B	2,420 B
ML-DSA-65	Sig	MLWE + MSIS	256 (6,5)	8,380,417	3	192 bit	1,952 B	3,309 B
ML-DSA-87	Sig	MLWE + MSIS	256 (8,7)	8,380,417	5	256 bit	2,592 B	4,627 B
FN-DSA-512	Sig	NTRU lattice	512	12,289	1	128 bit	897 B	666 B
FN-DSA-1024	Sig	NTRU lattice	1,024	12,289	5	256 bit	1,793 B	1,280 B

Algorithm	Standard	Security	State management	Public key	Signature	Signing speed	Verification
SLH-DSA-128s	FIPS 205	128 bit	stateless	32 B	7,856 B	slow	fast
SLH-DSA-128f	FIPS 205	128 bit	stateless	32 B	17,088 B	fast	fast
SLH-DSA-192s	FIPS 205	192 bit	stateless	48 B	16,224 B	slow	fast
SLH-DSA-192f	FIPS 205	192 bit	stateless	48 B	35,664 B	fast	fast
SLH-DSA-256s	FIPS 205	256 bit	stateless	64 B	29,792 B	slow	fast
SLH-DSA-256f	FIPS 205	256 bit	stateless	64 B	49,856 B	fast	fast
XMSS-SHA2_10	RFC 8391	128 bit	stateful	64 B	~2,500 B	fast	fast
XMSS-SHA2_20	RFC 8391	128 bit	stateful	64 B	~2,820 B	medium	fast
LMS-SHA256-H10	RFC 8554	128 bit	stateful	56 B	~1,620 B	fast	fast

Source	Category	True entropy	Predictable	Rate
Photon beam split	Quantum	✓ yes	No	~10 Mbps
Vacuum fluctuation	Quantum	✓ yes	No	~1 Gbps
Thermal shot noise	Physical	Partial	No	variable
OS CSPRNG	Algorithmic	✗ no	No*	GB/s
LCG (known seed)	Algorithmic	✗ no	Yes	GB/s

Standard	Type	Classical	PQC	Status
IETF Composite KEM	KEM	ECDH / RSA	ML-KEM	Draft
IETF Composite Sig	Signature	ECDSA / Ed25519	ML-DSA, SLH-DSA	Draft
IETF Hybrid TLS	TLS 1.3	X25519	ML-KEM-768	Draft
BSI TR-02102-1	Guidance	ECDH P-256	ML-KEM	Published
NIST SP 800-227	KEM framework	—	ML-KEM	Draft

System Schematics

Proof-of-Work Mining Simulation