In this episode, former CSSF Head of Innovation Nadia Manzari breaks down the regulatory foundations shaping Europe’s tokenised fund ecosystem — with clarity and precision.

We unpack:

• The real distinction between MICA and MiFID

• What qualifies as a crypto asset under MICA

• Why Luxembourg introduced four Blockchain Laws

• The implications of Blockchain Law 4

• How the Control Agent works and who can become one

• Technology neutrality and how it applies to DLT-native financial services

• The grey zones around wallets, payments and settlement using stablecoins

If you work in fund operations, tokenisation, compliance, regulation, custody, blockchain infrastructure, or digital assets, this conversation gives you the clarity needed to navigate Europe’s evolving framework.

Full episode releases Thursday, December 18, 2025.