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
Argentina Securities Commission reviews expanded tokenization regime and real estate financing initiatives
The Argentina Securities Commission reviewed its expanded securities tokenization regime, extended regulatory sandbox and measures to simplify capital market access. Officials also highlighted financial trusts for mortgage securitization, an investment fund dedicated to mortgage lending and the first REIT mutual fund.
National Securities and Stock Market Commission of Ukraine outlines priorities for virtual asset regulation and tokenization
The National Securities and Stock Market Commission of Ukraine outlined priorities for regulating the country’s established virtual asset market, including provider authorization, user protection and predictable operating rules. Chair Oleksii Semeniuk also called for cooperation on banking and payment access and a legal framework for tokenized real-world and financial assets.
National Bank of Georgia featured in Springer Nature case study on fintech strategy and tokenized deposits
The National Bank of Georgia’s fintech strategy and tokenized deposits initiative have been featured in a Springer Nature book as one of three international central bank case studies. The publication covers Georgia’s financial infrastructure agenda and a regulatory sandbox project for testing tokenized deposits and certificates of deposit.
Central Bank of Türkiye advances 23 digital Turkish lira projects to development and sandbox testing
The Central Bank of Türkiye selected 23 digital Turkish lira projects from 12 banks and six payment and electronic money institutions for development and sandbox testing. Six other projects were placed on hold and may be admitted later.
Brazil Securities Commission begins market discussions on an experimental tokenization regime
The Brazil Securities Commission has begun market discussions on an experimental regulatory regime for tokenized assets. Participants considered network infrastructures for testing issuance, trading and post-trade activities, with the working group currently given 45 days to report to the CVM Board.
Bank of Italy publishes analysis finding well-designed CBDCs can raise welfare while weakly backed stablecoins pose systemic risks
The Bank of Italy has published a model-based analysis of household allocation across central bank digital currencies, stablecoins and bank deposits. It finds that trusted and convenient CBDCs can improve welfare without remuneration, while weakly backed stablecoins create systemic risks. Upgraded deposit infrastructure can preserve bank intermediation and monetary policy transmission.
Ukraine's National Securities and Stock Market Commission discusses reforms to channel private capital into economic recovery
Ukraine's National Securities and Stock Market Commission is consulting market participants on reforms to channel private savings and investment capital into the economy and reconstruction. Priorities include individual investment accounts, securitization, corporate and municipal bonds, investment funds, virtual assets and tokenization, alongside stronger disclosure and investor protection standards.
Indonesia Financial Services Authority outlines asset tokenization to expand MSME financing in eastern Indonesia
The Indonesia Financial Services Authority outlined potential uses of real-world asset tokenization to expand financing for MSMEs and commodity supply chains in eastern Indonesia. Several providers have graduated from its Regulatory Sandbox with tokenization, stablecoin and digital-asset custody models. The authority is linking these innovations to regional development and financial inclusion programs.
Brazil Securities and Exchange Commission outlines tokenization framework and technology-led supervision plans
The Brazil Securities and Exchange Commission outlined plans for a market-informed tokenization framework and greater use of AI in supervision. Stronger detection capabilities could eventually allow broader access to capital markets products.
Guernsey Financial Services Commission issues asset tokenisation guidance and eases digital finance restrictions
The Guernsey Financial Services Commission has issued asset tokenisation guidance that permits public blockchains for fund tokenisation and clarifies the treatment of tokenised securities. It will ease restrictions on virtual asset service providers, simplify licensing for certain existing licensees and introduce digital finance reporting requirements. Stablecoin feedback and rules are expected in autumn 2026.
Guernsey Financial Services Commission issues tokenisation guidance and eases digital finance rules after consultation
The Guernsey Financial Services Commission has issued consultation feedback and new guidance on asset tokenisation, concluding that its existing technology-neutral framework can support digital finance with targeted refinements. The measures include allowing public blockchains for fund tokenisation, easing some virtual asset service provider restrictions, clarifying licensing treatment for certain tokenised products and introducing simple reporting requirements. Further feedback and rules on stablecoins are expected in autumn 2026.
Securities and Exchange Commission of Zimbabwe approves seven fintech solutions for regulatory sandbox testing
The Securities and Exchange Commission of Zimbabwe has approved seven fintech solutions to participate in its Regulatory Sandbox. The approved tests cover blockchain capital raising, tokenisation, synthetic trading, crowdfunding and infrastructure tokenisation, and must operate within defined parameters under the commission's oversight. The commission said it may issue further guidance or directives as testing progresses.
Brazil Securities Commission creates tokenization working group, seeks experimental regulatory regime proposal within 60 days
The Brazil Securities Commission has set up a Tokenization Working Group to prepare regulatory proposals for securities activities on distributed ledger technology infrastructures. Its first deliverable is a proposal for an experimental regime for tokenized securities within 60 days of the group being installed. The group will run for 120 days, extendable by 30, and will also assess market, regulatory and cybersecurity implications.
Australian Securities & Investments Commission sets out four priorities for market innovation and capital formation after industry roundtable
The Australian Securities & Investments Commission published Report 835 and a summary of its market innovation roundtable, identifying four priorities for Australia’s capital markets. These were global competitiveness, stronger core infrastructure, innovation aimed at real market frictions and productivity, and investor protection through clear rules and safeguards. ASIC plans targeted industry workshops and engagement with regulatory peers before reconvening participants.
U.S. Department of the Treasury and HM Treasury publish transatlantic markets recommendations and joint stablecoin statement
The U.S. Department of the Treasury and HM Treasury jointly published recommendations from their Transatlantic Taskforce for Markets of the Future to deepen U.S.-UK cross-border financial activity. The recommendations focus on capital raising, supervisory cooperation and clarity for tokenized finance, and were accompanied by a joint statement supporting cross-border stablecoin activity and the private sector's role in payments.
Swift makes blockchain-based ledger ready for initial use as 17 banks prepare tokenised deposit pilots
Swift has made its blockchain-based ledger ready for initial use, with 17 banks preparing live cross-border payment pilots using tokenised deposits. The ledger supports 24/7 fund movement as an orchestration layer, while final settlement remains on existing systems. Its functionality and availability will expand after the controlled go-live phase.
Bank of Korea outlines tokenization policy priorities as global market reaches USD 50.37 billion
The Bank of Korea published an issue note on asset tokenization that puts the global market at USD 50.37 billion at end-March 2026 and says Korea is still in an early stage. It calls for Korea to build liquidity and core market infrastructure first, develop a phased expansion plan for traditional financial assets, and strengthen macroprudential monitoring. The note also says settlement of tokenized assets should prioritize central bank money and commercial bank deposits, with stablecoins used only supplementally.
Dubai Financial Services Authority launches its most significant collective investment fund framework review since 2010
The Dubai Financial Services Authority has launched a major consultation on revising its collective investment fund regime, its most significant review since 2010. The proposals would make the framework more risk-based, simplify parts of the authorisation and fund structure rules, and remove the external fund manager regime. The paper also seeks early feedback on tokenised funds and a possible long-term investment fund regime for retail investors, with responses due by 7 September 2026.
International Monetary Fund assesses tokenization trends and policy trade-offs for financial infrastructure, money and stability
The International Monetary Fund has assessed how tokenization could reshape financial infrastructure, monetary liabilities and financial stability. It identifies a shift toward hybrid blockchain models and highlights trade-offs across interoperability, governance, settlement and concentration. Regulatory priorities include safeguards for tokenized deposits and stablecoins, the role of tokenized central bank reserves and oversight of systemic private infrastructures.
Indonesia Financial Services Authority advances 2026–2031 digital finance and crypto roadmap through stakeholder consultation
Indonesia's Financial Services Authority said it is strengthening the digital finance and crypto ecosystem through adaptive regulation, stronger governance and consumer protection, and is drafting the OJK IAKD Roadmap 2026–2031. The roadmap is being shaped through stakeholder consultation and is intended to address areas including tokenization, stablecoins, digital asset taxation, cybersecurity, over-the-counter transactions and a Single Investor Identifier. OJK also reported 22.4 million digital financial asset and crypto consumers and 26 licensed dealers in the sector.
Monetary Authority of Singapore outlines PCC consultation Future of Finance Institute and PayNow Generation 2 upgrades
In a speech, the Monetary Authority of Singapore outlined new initiatives spanning market infrastructure, AI adoption, retail funds and payments. It will soon consult on a Protected Cell Company framework and a faster authorization pathway for non-traditional retail funds, while establishing the Future of Finance Institute as a national financial-sector innovation centre. The authority also published a PayNow Generation 2 report that sets out payment upgrades including PayNow and NETS QR interoperability, online checkout improvements and new business payment capabilities.
Monetary Authority of Singapore to establish Future of Finance Institute focused on AI and tokenisation adoption
The Monetary Authority of Singapore will establish a Future of Finance Institute to speed industry adoption of AI and tokenisation. It will consolidate existing MAS-backed innovation efforts and provide shared resources through a knowledge hub, collaborative projects, sandboxes and implementation toolkits. More detail on its strategy and governance will be announced later this year.
Financial Conduct Authority outlines AI era regulatory approach focused on competition collaboration and system-wide resilience
In a speech, the Financial Conduct Authority said it is rethinking regulation for the age of AI, with more emphasis on competition, collaboration and system-wide risk as agentic AI and tokenisation reshape financial markets. The FCA is also testing AI in its own market monitoring, flagged growing resilience risks from third-party dependencies, and signalled further work on tokenised markets and AI practice.
Bank for International Settlements says stablecoin weaknesses must be addressed while tokenisation is brought into the two tier monetary system
The Bank for International Settlements says the future monetary system should preserve trust in money by integrating tokenisation into the existing two tier system and by addressing current stablecoin weaknesses. Its report says stablecoins in their current form fall short on key properties of money and could create risks for bank funding, financial stability, capital flows and monetary sovereignty if adopted more widely. The BIS also highlights a unified ledger model, including Project Agorá, as a way to support programmable and cross-border payments.
Qatar Central Bank enables HIMYAN cash withdrawals through Apple Pay at supporting ATMs
Qatar Central Bank has enabled cash withdrawals and balance inquiries using tokenized HIMYAN cards through Apple Pay. Customers can use the service without a physical card at supporting ATMs across Qatar, including machines operated by other domestic banks.