MERGE Madrid 2026 concluded on November 11, 2026 at the Palacio de Cibeles, bringing together representatives from traditional finance, blockchain firms, investors and regulators. The three‑day event, part of the MERGE institutional platform for digital assets in Southern Europe and Latin America, featured an Institutional Summit at the Bolsa de Madrid and a series of panels on regulation, investment and emerging blockchain applications.
Regulatory priorities under MiCA
European regulators used the final day to outline priorities for the Markets in Crypto‑Assets Regulation (MiCA). Desislava Petrova, Senior Supervision Officer at the European Banking Authority (EBA), said the focus is moving “from authorization to supervision,” stressing the need for faster information exchange as digital‑asset businesses operate across borders. A parallel panel with officials from Spain’s CNMV, Portugal’s CMVM, Italy’s Consob and Luxembourg’s CSSF echoed the call for a “common supervisory language” and consistent reporting standards.
Natasha Deloge of Luxembourg’s CSSF highlighted the importance of rapid responses to unauthorized operators targeting European customers, while participants noted that differing legal regimes still complicate cross‑border trading and settlement of tokenized securities.
Investment and tokenisation trends
Kraken’s Victor Sáez reported that the firm’s tokenised equity products, branded as xStocks, have surpassed $1 billion in assets under management, with more than 60 % of trading occurring outside regular market hours to serve investors seeking US equity exposure. He cautioned that tokenisation alone does not generate demand, emphasizing the need for underlying asset liquidity.
Matt Ward, Executive Director for Europe at Hashgraph, identified network interoperability as a barrier, noting that buyers often reside on different chains or hold collateral in incompatible formats.
Other participants included BNP Paribas Securities Services, which is developing tokenised fund services in Luxembourg, France and Italy, and Hamilton Lane, which discussed expanding access to private‑market investments.
Tokenisation track and startup showcase
A dedicated Tokenisation Track, sponsored by Hadron by Tether, examined tokenised money‑market funds, digital securities and the infrastructure required for trading and settlement. The conference also featured a startup showcase supported by the Madrid City Council, highlighting companies such as Micelio Data, Tsamurai and Wemsys.
Beyond finance: sports and fan engagement
Chiliz and CD Leganés presented a pilot linking digital tokens to sections of a football pitch, allowing fans to earn rewards based on match events. Chiliz’s CFO Julian La Picque discussed plans to extend token offerings to club equity and stadium financing.
Overall, MERGE Madrid 2026 underscored a growing alignment between regulators, financial institutions and blockchain innovators as Europe advances the implementation of MiCA and explores broader blockchain use cases.
