On Friday the International Organization of Securities Commissions (IOSCO) published an update to its work plan, adding financial asset tokenization as a topic alongside artificial intelligence. The body is the global standards setter for securities.
The announcement didn’t say much more than that.
We’d observe two simultaneous drivers in the tokenization focus – incumbents and startups. On the one hand, the BIS is promoting its Unified Ledger concept that embraces tokenization and smart contracts, but not blockchain. Additionally, several central banks are progressing wholesale central bank digital currency (CBDC) initiatives, where one of the CBDC’s purposes is often to settle securities transactions. There are also sandboxes, such as the EU’s DLT Pilot Regime and the UK’s Digital Securities Sandbox (DSS).
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