In recent years, asset tokenization has gradually evolved from academic and entrepreneurial experiments into institutional tools, driven by three factors: the divisibility and programmability advantages of assets, the market's demand for liquidity and efficiency, and the pilot initiatives from regulators and financial institutions. Currently, the scale of on-chain recorded physical assets and financial debt tokens has significantly increased, and the maturity of institutional issuance and custody services has become key to achieving scalability.
The clarification of regulations has enhanced institutional willingness to participate. The European Union's Markets in Crypto-Assets Regulation (MiCA) framework provides a legal basis for several types of tokens, emphasizing compliance in issuance, information disclosure, and custody obligations; in other regions, regulators are also exploring manageable business models through sandboxes or pilot projects. Such rule-oriented approaches reduce legal and compliance uncertainties, providing institutional prerequisites for banks, funds, and custody institutions to get involved.
Financial institutions and market infrastructure are transitioning from pilot projects to productization. Some commercial banks and asset management institutions have established dedicated teams or issued securitized tokens, while traditional brokerages and emerging trading platforms are attempting to "tokenize" regulated securities and equities to achieve instant settlement and more granular share circulation. At the same time, some projects have obtained regulatory registration and begun offering equity and debt token trading services within a compliant framework.
Central banks and regulatory agencies in various countries are also exploring scenarios that combine public or wholesale central bank digital currencies (CBDCs) with tokenization to enhance the programmability and settlement efficiency of monetary market instruments. Recent pilot projects initiated by several central banks and financial authorities focus on both technical feasibility and the adaptation to existing laws (such as bankruptcy law and fiduciary management responsibilities), indicating that institutional design needs to keep pace with technological implementation.
It is important to note that tokenization is not a panacea. The true value of assets, legal enforceability, and off-chain governance (property proof, contract execution, tax and compliance) remain limiting factors. Custody, auditing, and anti-money laundering compliance are prerequisites for the market to trust and scale. Regulators and the market need to reach more consensus on standardization, cross-chain interoperability, and cross-border legal coordination to transform early successful demonstration projects into replicable mainstream products.
Conclusion: Asset tokenization is entering a phase of "regulated and controllable, gradually expanding." In the short term, low-risk, standardizable assets such as government bonds, short-term credit, and private placement bonds are more likely to achieve scalability; in the medium to long term, it depends on the operability of regulations, the improvement of custody and settlement infrastructure, and the progress of cross-border legal coordination. Market participants should focus on governance, compliance, and custody capability building to seize opportunities while controlling legal and operational risks during the institutionalization process.
Related: Musk praises Bitcoin (BTC) for being energy-based and anti-inflation, unlike "fake fiat currency."
Original: “The Institutional Breakthrough of Asset Tokenization: Market Application and Compliance Path”
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