A year after its entry into force, the Pilot Regime still has some unfinished business. In this episode, we speak with Mariona Pericas, a partner at finReg360, to assess this regulation’s progress. It aimed to explore and experiment ‘in real life’ with DLT technology and its potential to transform capital market infrastructures. Despite the absence of authorizations for market infrastructures or tokenized money in Spain, Mariona remains optimistic. ‘We have to try it out, get started, and then make necessary adjustments.