档案库 · 金融科技 · 战略决策 · 2023–2025
21X的DLT试点押注：获欧盟首张区块链交易所牌照，2025年9月上线
2023年欧盟DLT试点制度开放时，代币化SaaS供应商21X转型，打造欧盟首个全面受监管的区块链交易所。
21X
做的是什么生意
21X is a Frankfurt-based tokenized-securities exchange, wholly owned by parent 21.finance AG, that lists and trades tokenized equities, bonds and funds under a single EU DLT Pilot Regime licence, matching and settling trades with smart contracts on the public Polygon PoS blockchain instead of through a central securities depository.
起因
Until 2022 the founders ran a SaaS business selling digital asset issuance and distribution. When EU regulators launched a three-year DLT Pilot Regime for financial market infrastructures and ESMA opened applications in March 2023, they applied to run a public, permissionless but regulated token exchange under it; 21X AG is wholly owned by parent 21.finance AG and backed by seed investors including family offices, financial institutions and technology firms.
经过
On 2024-12-02 BaFin granted 21X the first licence issued under the regime, and both BaFin and ESMA listed it in public registers as a recognised financial market infrastructure; the licence let smart contracts confirm trades and exchange securities for stablecoins atomically, with no separate CSD. In September 2025 21X opened its secondary market for tokenized cash and securities under BaFin, Bundesbank and ESMA oversight, claiming two-second smart-contract matching and settlement and more than 50 percent lower participant costs, with Chainlink, Circle, Polygon and SBI Digital Markets among early supporters.
结果
Live: at the 2025-09-08 launch the venue served banks, institutional investors and corporates and planned to extend beyond weekday hours to a 24/7 schedule; the bet now depends on whether issuers list enough tokenized securities and secondary-market volume follows.
背景
21X起初是一家不同的公司：直到2022年，创始团队销售数字资产发行和分发软件即服务。转机出现在欧盟推出为期三年的DLT试点制度，允许市场基础设施测试区块链用于交易和结算。当2023年3月ESMA开放申请时，21X申请在新的规则下运营受监管的交易所，而非向他人销售软件。
2024年12月，BaFin授予21X该制度下第一张牌照，BaFin和ESMA将其认定为认可的金融市场基础设施。该牌照实现了欧盟规则此前从未允许的模式：用智能合约撮合交易并原子结算，取代传统的交易所加中央证券存管模式，并将资产登记保存在链上。
该交易所在2025年9月于公共Polygon PoS区块链上线，开放代币化现金和证券二级市场，智能合约撮合和结算仅需两秒，宣称参与者成本可降低超过50%。散户投资者在完成KYC和反洗钱检查后允许参与。早期支持者包括Chainlink、Circle、Polygon和SBI数字市场。
这件事要成立，得有什么
- 该制度是触发因素：21X已经在销售代币化SaaS，但试点条款（一个场所承担交易、结算和登记）让运营交易所看起来可行。
- 公共链加监管是差异化：与SDX等许可链场所不同，21X提供无需许可的区块链并有散户参与，同时还能宣传为'首个'，吸引媒体关注。
- 先行者牌照在受监管市场中构成护城河：无论后续成交量如何，持有首张BaFin和ESMA注册的DLT交易牌照即为整个试点奠定了基准案例。
可借鉴之处
监管者的试点制度奖励先行者：21X将整个转型押在成为第一个通过此前从未开启的牌照大门上。
后续进展
截至2025年9月，交易所已上线运营，服务银行、机构投资者和企业，计划将交易时间扩展至全天候24/7。关键问题在于成交量：21X的一级市场已挂牌代币化票据，但只有发行人带来足够的证券，交易者提供足够的流动性，这笔投资才算成功，毕竟它仍与常规交易所和中央证券存管争夺同样的标的。
资料来源
- EU gets its first fully regulated blockchain-based trading venue
- 21X is keeping the faith in a tokenised future for finance
- 21X launches secondary market for tokenised assets
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