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
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.
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.
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.