The Association of European financial marekts (AFME) has published a series of papers on digital finance and distributed ledger technology (DLT), including a section on tokenization. The association has published two policy roadmaps to scale up DLT in the European Union and UK capital markets. The DLT project is currently in an experimental phase, but current regulations are hindering the potential for scaling up DLT use. Half of the eight proposals from AFME are related to the Central Securities Depository Regulation (CSDR). AFME believes that it should be possible to operate a DLT settlement system (DLT SS) within a pilot regime without having a full mandate as a central securities depository (CSD).