What's new
Overview
This dossiers provides on overview of the direction of tokenization efforts including insights from major public-sector led project initiatives and jurisdictional pilots and sandboxes as well as the emerging regulatory framework for tokenization and key associated policy questions.
What's new
Danish Financial Supervisory Authority sets 2030 technology agenda for AI, quantum risks, tokenization and innovation
The Danish Financial Supervisory Authority has set a technology agenda through 2030 covering AI, quantum technology, tokenization and financial innovation. It will assess emerging risks, clarify existing requirements and consider expanding its FT Lab regulatory sandbox, with the aim of supporting innovation without adding unnecessary rules or weakening financial stability and customer protections.
Commodity Futures Trading Commission Chairman directs rulebook changes for cleared repo and outlines market modernization agenda
Commodity Futures Trading Commission Chairman Michael S. Selig directed staff to prepare rulebook changes permitting futures commission merchants to conduct cleared repo transactions involving customer funds before the June 2027 Treasury repo clearing deadline. He also called for more integrated oversight of Treasury cash and derivatives markets and continued work on cross-margining and capital treatment. Future policy will address tokenized collateral, stablecoins and product-specific safeguards for any expansion of 24/7 trading.
European Central Bank Banking Supervision calls for board oversight of bank digital strategies and stronger risk safeguards
European Central Bank Supervisory Board Chair Claudia Buch called for board oversight, multiyear investment and strong risk controls as banks expand their use of artificial intelligence, cloud services and tokenisation. Supervision will focus on common cyber, outsourcing and data vulnerabilities while holding banks accountable for automated decisions. Buch also backed integrated European markets and interoperable public infrastructure without weakening prudential standards.
European Central Bank calls for stronger MiCAR stablecoin safeguards and EU level crypto supervision
The European Central Bank published the European System of Central Banks’ proposals to strengthen MiCAR, particularly for stablecoins and crypto-asset service providers. The response favors maturity-based liquidity requirements, tighter safeguards for third-country stablecoin schemes, EU level supervision by the European Securities and Markets Authority and risk-sensitive capital rules. It also calls for EU regulation of crypto lending and staking and harmonised legal treatment of tokenised assets.
European Central Bank prepares own funds investments in tokenised securities settled via Pontes
The European Central Bank is preparing to invest a small portion of its own funds in tokenised securities, with settlement in central bank money through Pontes. Initial purchases will target euro-denominated public sector and European supranational securities. The Executive Board will determine operational details and timing after the preparatory work.
Guernsey Financial Services Commission removes retail access, duplicate licensing and reporting barriers for virtual asset firms
The Guernsey Financial Services Commission has eased virtual asset rules by removing the blanket retail customer restriction and the need for existing licensees to obtain a separate virtual asset service provider licence in every case. From Oct. 1, 2026, it will also remove the sector-specific environmental reporting requirement for virtual asset providers.
U.S. Securities and Exchange Commission approves temporary exemption for limited onchain trading of tokenized NMS stocks
The U.S. Securities and Exchange Commission approved a temporary, conditional exemption for limited onchain trading of tokenized NMS stocks on qualifying venues. The framework imposes symbol and volume limits, transparency and technology safeguards, and disclosure and recordkeeping conditions while generating data for future policymaking.
Brazil Securities Commission working group submits draft resolution for tokenized securities DLT pilot
The Brazil Securities Commission’s Tokenization Working Group submitted a draft resolution proposing a DLT pilot covering the securities lifecycle from issuance through settlement. The tests would assess the technology’s viability, interoperability and risks under direct CVM monitoring. They would run for 60 days, extendable by up to 30 days, and inform possible regulatory or legislative changes.
Brazil Securities Commission updates market on tokenization work and emerging regulatory agenda
The Brazil Securities Commission updated market participants on its Tokenization Working Group and the emerging regulatory agenda for tokenized securities. Discussions covered tokenized shares and real assets, distributed ledger technology across post-trade activities, market infrastructure and exchange competition.
Guernsey Financial Services Commission reviews first year of Digital Finance Initiative and advances stablecoin framework
The Guernsey Financial Services Commission has reviewed the first year of its Digital Finance Initiative, highlighting targeted changes on tokenisation, virtual asset services, financial crime technology and early regulatory engagement. It is now progressing a stablecoin framework, with feedback and rules expected by the end of 2026.
Securities and Exchange Board of India launches Demat 2.0 tokenised corporate bond pilot with INR 10.25 billion issued
The Securities and Exchange Board of India has launched Demat 2.0, a tokenised corporate bond pilot that uses a depository owned distributed ledger and the Reserve Bank of India’s wholesale digital rupee for simultaneous securities and funds settlement. Three issuers have raised INR 10.25 billion, while later phases will add secondary trading and retail investor access. Existing investor rights and regulatory requirements remain unchanged.
HM Treasury outlines autumn delivery priorities for tokenised wholesale markets and legal changes beyond the sandbox
HM Treasury outlined an autumn delivery phase for tokenised wholesale markets, including work to identify legal changes needed beyond the Digital Securities Sandbox. The sandbox has 16 participants and its first approval for live activity, while the Digital Gilt Instrument is scheduled for issuance in the first quarter of 2027.
Argentina Securities Commission chair reviews expanded tokenization regime and virtual asset provider rules
Argentina Securities Commission Chair Roberto E. Silva reviewed the country’s evolving rules for virtual asset service providers and tokenization at an international law and technology conference. He highlighted the expansion of the negotiable securities tokenization regime to new instruments and the extension of its regulatory sandbox.
South Korea Financial Services Commission sets phased tokenized securities rollout starting in February 2027
The South Korea Financial Services Commission set a phased tokenized securities roadmap beginning in February 2027 with institution-only private funds and bonds, trust-based unlisted shares and public fractional-investment securities. Existing intermediaries may operate within their current licenses, while retail OTC purchases will be capped at KRW 100 million annually per venue and issuer account managers must hold KRW 4 billion in capital. The plan advances the legal framework toward implementation and introduces immediate investor-protection guidelines for noncash trust beneficiary securities.
Argentina Securities Commission chair reviews Big Bang reforms and expanded tokenization regime
Argentina Securities Commission Chair Roberto E. Silva reviewed the regulator’s Big Bang overhaul, focused on simpler rules, broader financing access and investor protection. He highlighted the expansion of tokenization to securities under the automatic public offering framework and the regulation of virtual asset service providers.
Reserve Bank of Australia consults on RITS support for tokenised settlement, finds no clear case for retail CBDC
The Reserve Bank of Australia is consulting on how RITS could support tokenised asset markets and private money, advancing wholesale settlement work identified through Project Acacia. A separate RBA-Treasury update reaffirmed that Australia’s retail payments system is working well and found no clear public interest case for a retail CBDC.
Egypt's Financial Regulatory Authority grants preliminary sandbox approval to two tokenization and digital identity projects
Egypt's Financial Regulatory Authority has granted preliminary sandbox approval to two projects covering tokenized money market fund units and NFC-based passport verification for non-Egyptians. The approvals bring the first-year total to nine projects, while two of more than 50 submissions have entered live testing.
International Monetary Fund calls for coordinated stablecoin regulation and stronger macroeconomic discipline
International Monetary Fund Managing Director Kristalina Georgieva called for internationally coordinated stablecoin regulation, including strict reserve rules and consistent treatment of similar instruments. She urged emerging economies to strengthen supervision and foreign exchange buffers, while stressing that stablecoin-related funding benefits cannot substitute for fiscal consolidation or central bank price stability.
European Central Bank Executive Board member argues for native on-chain central bank money and details Pontes launch
European Central Bank Executive Board member Isabel Schnabel argued that central bank money should become a native programmable asset on distributed ledgers, with stablecoins remaining complementary rather than replacing it. The Eurosystem’s Pontes platform is due to launch in September 2026, while Appia is assessing whether tokenized reserves should operate through a unified or interoperable multi-ledger architecture.
Reserve Bank of Australia endorses ASX assessment and tokenised settlement consultation approach, flags possible action on account-to-account payments
The Reserve Bank of Australia’s Payments System Board endorsed an assessment that recognises ASX infrastructure initiatives but identifies continuing governance, culture and risk management challenges. It also backed a proposed consultation on RITS support for tokenised finance and flagged possible further action if industry cannot coordinate account-to-account payments modernisation. The board welcomed the new statutory backstop for cash distribution.
Brazil Securities Commission outlines AI supervision model and tokenization working group plans
The Brazil Securities Commission outlined plans to explore AI-based supervision and establish a Tokenization Working Group. The group will develop an experimental framework for the full securities trading lifecycle using distributed ledger technology.
Securities and Exchange Commission Ghana publishes full list of 20 virtual asset sandbox participants
The Securities and Exchange Commission Ghana has named 20 entities admitted to its virtual asset regulatory sandbox, which began in March 2026. Their pilots cover asset tokenization, brokerage, exchanges, trading platforms and custody, with the results informing activity-specific licensing and registration rules.
European Central Bank selects 61 stakeholders for Appia tokenisation contact group
The European Central Bank has selected 61 market and public sector participants for the Eurosystem’s Appia contact group. Starting in September 2026, the group will advise on the Pontes settlement platform and support implementation of the Appia roadmap for a European tokenised financial ecosystem.
Brazil Securities Commission and CFTC agree closer technical cooperation on asset tokenization
The Brazil Securities Commission and the CFTC agreed to strengthen technical cooperation and coordinate in international forums. Their discussions focused on financial innovation and regulatory approaches to asset tokenization.
Brazil Securities Commission discusses tokenization and technology modernization with US Securities and Exchange Commission
The Brazil Securities Commission discussed regulatory priorities, technology modernization and capital markets tokenization with the US Securities and Exchange Commission. The meeting was part of a broader US mission involving public authorities, academics, technology companies and international organizations.