FR/17/2025金融资产代币化

Tokenization ofFinancialAssets The Board of theInternational Organization of Securities Commissions © International Organization of Securities Commissions 2025.All rights reserved. Brief excerpts may be reproduced or translatedprovided the source is stated. Table of Contents Table of Contentsiii 1.Executive Summary5 2.Introduction8 A.Background8B.Purpose9C.Methodology10D.Structure of the Report11 3.Adoption of Tokenization in the Capital Markets12 B.1.Overview13B.2.Fixed Income Products14B.3.Repos and Collateral Markets16B.4.Money Market Funds17B.5.Equities17 E.1.Secondary Trading26E.2.Clearing and Settlement29 F.Asset Servicing34F.1.Custody34F.2.Collateral Management and Repos39 G.Summary Observations41 4.Financial Asset Tokenization and its Potential Implications43 A.General Observations43B.Potential Implications Observed44 B.1.Representation of Financial Assets in the Form of Tokens44B.2.Use of DLT-Based Infrastructure in Hosting Tokenized FinancialAssets49B.3.Settlement Assets on DLT-Based Infrastructure55 C.Additional Issues that Could Arise as Tokenization Scales56 D.Summary61 5.Steps that Authorities have Taken to Manage Risks and RegulatoryConcerns62 A.1.Specific Guidance62A.2.Sandbox Regimes62A.3.New or Amended Laws and Regulations63 6.Conclusion 64 A.State of Development64 A.1.Adoption of Tokenization64A.2.Tokenization Across Lifecycle Activities64A.3.Tokenization of Money Market Funds64A.4.Tokenization of Bonds65A.5.Interlinkages with Traditional Finance65A.6.Structural Challenges65 B.Regulatory Considerations65 7.Appendix 67 A.Terminology67B.Examples of Steps Taken by Authorities69 1.Executive Summary This Reportreflectsthe observations from amonitoringexercise conducted by IOSCOthrough its Fintech Task Force (FTF), whichhadset up a Financial Asset TokenizationWorking Group (TWG)1to conduct researchand gather information on the current state ofdevelopmentand adoption of tokenizationand distributed ledger technology (DLT) incapital markets products and services. existing risks which need to be understoodand appropriately addressed by regulators tosafeguardinvestors’interests.This Reportprovidessome perspectives based on theanalysis of existing examples of tokenizationarrangementsandnotesthatIOSCO’sprinciples and guidance may be applicable totokenizationarrangements,giventheirtechnology-neutral approach. The main purpose of the TWG is todevelop asharedunderstandingamongIOSCOmembers on the adoption and current use-cases of asset tokenization in capital markets,andhow regulators have prepared andrespondedto these developments.ThisReport identifies some potentialimplicationsfrom tokenization activities on market integrityand investor protection. In developing this Report, the FTF gatheredevidence through literature review, regulatorysurveys, and stakeholder outreach. The FTFobserved that there are varying degrees ofcommercialadoptionoftokenizationarrangements, depending on the objectives,associated benefits, and challenges of theirspecific applications. The FTF found that, while the evolution oflifecycle activities from tokenization appearsto be quite incipient and incremental, there isevidenceof growing commercial interest,thoughthe projected growth trajectory isuncertain and uneven across asset classes,with some examples offixed income productsand money market funds taking the lead incommercialadoption.Thetokenizationecosystem is still nascent, with a lack of cross-blockchaininteroperabilityandcrediblesettlement assets limiting the scalability of In recent years, the financial sector has beenexperimenting with the use of DLT for thedeliveryof financial services.Proponentssuggest that in seeking to achieve featuressuchas fractionalization,programmability,composability,and atomicity,tokenizationmight create efficiencies in the financialsystem, help expandavailability of financialproducts andservices,and reduce marketfrictions. However, the adoption ofdifferenttechnologies and arrangementsin financialservices may present novel risks or amplify highlyspecific to the use-case and willdepend upon factors such as the choice ofthe DLT network architecture being used andthe tokenization structure adopted for thefinancial asset. tokenizationarrangements in the financialsector. Theimpact of tokenization on lifecycleactivities varies by implementation model andthe degree of integration with DLT. Based onthis: The analysis shows that the majority of risksarisingfromthecurrentcommercialapplication of tokenization fall into existing risktaxonomies.Market participants are notunfamiliarwith managing such risk types.However, the manifestation of vulnerabilitiesand risks that are unique to the technologyitself may require the introduction of new oradditionalcontrols to manage them.Suchrisks and controls have been acknowledgedby issuers and operators in their publicationssuch as public prospectus documents. (a)While creation and issuance processes ofdigital tokens to represent fi