<p>In the year 2024, no one creating a tokenized asset product operated with an established rulebook. The regulatory landscape had many voids, contradictions between existing laws and legislation regarding existing financial products that were created years ago before the creation of blockchain technology. The regulated environment began to change by 2026 with movements across various jurisdictions on the treatment of tokenized assets from one of illegality to regulation and associated frameworks. The confirmation of the legality associated with tokenized assets should no longer be questioned but identified based on existing regulations and how to comply with each applicable framework. Progress has been made. Below is an overview of progression in the regulatory framework.</p><h2>The EU: MiCA Goes From Paper to Enforcement</h2><p>The Markets in Crypto-Assets regulation began enforcement in 2026, following a transitional period of national regulation from the end of 2024 until July 1, 2026.<a href="https://www.blockchain-council.org/cryptocurrency/crypto-clarity-act/" rel="noopener noreferrer" target="_blank"> </a><u><a href="https://www.blockchain-council.org/cryptocurrency/crypto-clarity-act/" rel="noopener noreferrer" target="_blank">Blockchain Council</a></u> After the transitional period ends, any crypto-asset services provider providing products to EU investors must have a formal crypto-asset service provider (CASP) license from their national competent authority. Without a license from their authority, they cannot access 450 million potential customers. This imposed an urgent need on companies for licensing that could not have been achieved through voluntary compliance initiatives.</p><p><br></p><p>The role of MiCA in tokenizing real-world assets is more subtle than coverage typically acknowledges. MiCA has established two types of tokens — those qualifying as "transferable securities" under MiFID II (e.g., SPV shares representing rental income) which are subject to EU's traditional securities regulations that include full prospectus requirements, Eurozone regulated trading venues and MiFID II conduct rules, while tokens that do not meet the definition of "transferable security" fall under MiCA's framework of Asset-referenced Tokens which include the requirement of 100% reserves audited on a quarterly basis, detailed whitepapers and approval of governance structures by the appropriate national authorities.</p><p><br></p><p>In 2025/early 2026,<a href="https://www.cryptoverselawyers.io/mica-rwa-tokenization-eu-2026/" rel="noopener noreferrer" target="_blank"> </a>ESMA published 12+ Level 2 Regulatory Technical Standards — specifying what information must be included in a whitepaper; how or if a project must audit their reserves; and whether they must comply with AML bridging requirements for chains outside of the EU (like Solana and BNB Chain). The compliance costs associated with obtaining a CASP license are estimated to<a href="https://adamsmith.lt/en/mica-license-2025/" rel="noopener noreferrer" target="_blank"> </a><u><a href="https://adamsmith.lt/en/mica-license-2025/" rel="noopener noreferrer" target="_blank">range from €500,000 to €1 million</a></u>. This amount is immaterial for BlackRock, but represents an insurmountable obstacle for smaller tokenization projects who may now need to choose between accessing the EU market or continuing to operate.</p><h2>The United States: Piecemeal Progress, Real Outcomes</h2><p>Currently, there is no default national crypto law written in the US, and all potential frameworks that are going to be considered by Congress have yet to be finalised. The recently signed<a href="https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/" rel="noopener noreferrer" target="_blank"> </a>GENIUS Act attempts to bring some clarity to the regulation of stablecoins; however, it leaves out the potential to classify as securities some payment stablecoins. The much larger CLARITY Act has a passing rate of 70%. If enacted, this act would more clearly delineate the regulatory authorities of the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) by creating a definition for each regulator's jurisdiction over crypto and blockchain transactions. This is not currently in effect.</p><p><br></p><p>Year 2026 brings proactive market structure regulation with two key pillars: a historical precedent set by enforcement actions, and federal agency guidance. In January 2026 the<a href="https://www.sec.gov/newsroom/press-releases/2026/2026-34" rel="noopener noreferrer" target="_blank"> </a><u><a href="https://www.sec.gov/newsroom/press-releases/2026/2026-34" rel="noopener noreferrer" target="_blank">SEC released a staff statement</a></u> affirming that all tokenized versions of traditional securities (e.g. treasury bills, bonds, shares of funds) are traditional securities that are still subject to the same federal laws as other forms of those securities, even if the way they are delivered to clients is on a blockchain. That statement has erased any speculation regarding whether or not tokenisation of traditional securities creates a separate asset class; therefore, every tokenised security is still a security. As such, a tokenised security must be registered, or exempted from registration with the SEC. Similarly, whether or not a tokenised security passes the Howey Test remains unchanged; tokenisation does not change the way the Howey Test will be evaluated.</p><h2>Regulatory Arbitrage Models for Stablecoin-Backed Securities Have Become Less Relevant With Increased Enforcement</h2><p>The Regulatory Arbitrage Model that allowed products to be structured outside of The U.S, sold globally, and avoided SEC jurisdiction is becoming less viable. The SEC's closure of its investigation into Ondo Finance with no charges in November 2025 has provided a data point that compliant structures can continue to operate under increased scrutiny. Furthermore,<a href="https://www.coindesk.com/policy/2026/03/11/stablecoins-won-t-get-any-kind-of-deposit-insurance-under-genius-rules-says-fdic-chief" rel="noopener noreferrer" target="_blank"> </a>the FDIC clarified in March 2026 that holders of stablecoins do not have any type of deposit insurance from the FDIC, nor will pass-thru insurance be available to them due to the GENIUS Act prohibitive language, negating any remaining structural ambiguity pertaining to stablecoin-backed Residential Whole Loan (RWA) products.</p><h2>Asia: Singapore, Hong Kong, and the Sandbox Race</h2><p>Singapore's Monetary Authority (MAS) published its framework for stablecoin licensing and expanded the pilot status of Project Guardian, its institutional-level DeFi pilot project currently running real tokenization tests with some major banks, into a broader policy framework in 2025.<a href="https://beincrypto.com/ripple-share-buyback-xrp-impact/" rel="noopener noreferrer" target="_blank"> </a>BeInCrypto Digital Payment Tokens (DPTs) are defined and governed under the Payment Services Act; security tokens (STs) are governed under existing capital markets legislation; and enough maturity exists in the current legislation that many projects that are focused on providing tokenization solutions, use Singapore as their primary legal domicile when pursuing Asian institutional capital.</p><p><br></p><p>The<a href="https://www.sfc.hk/en/News-and-announcements/Policy-statements-and-announcements/2025/SFC-issues-guidelines-on-staking-of-virtual-assets" rel="noopener noreferrer" target="_blank"> </a>Securities and Futures Commission of Hong Kong (SFC) issued its guidelines on digital asset staking on 4 April 2025 — and the SFC continues to utilise the same licensing regime that it put in place for digital asset exchanges during a year before. Japan continued to expand its crypto rulebook, in accordance with the timeline established by the Basel Committee, until its Q2 2026 version. The pilot project surrounding digital ledger technology (DLT) for government securities was announced in 2025 and appears to be moving toward its implementation stage, following successful implementation of government bond tokenisation projects in Germany, Singapore, and Hong Kong.</p><p><br></p><p>While each of the jurisdictions mentioned above has made their own progress towards establishing frameworks for licensing and regulation of digital asset businesses, Dubai has established the most operationally seamless framework in its region. With the specific requirements established by the<a href="https://www.vara.ae/en/our-work/" rel="noopener noreferrer" target="_blank"> </a><u><a href="https://www.vara.ae/en/our-work/" rel="noopener noreferrer" target="_blank">Virtual Asset Regulatory Authority (VARA)</a></u>, businesses must obtain a Category 1 licence, have a minimum capitalisation of AED 1.5 million, maintain monthly audits of its operations, and provide full and open disclosure to regulators of all business activities. Types of collateral can be identifiable and include: real estate; private credit; and income-generating assets. Additionally, VARA explicitly allows for Shariah-compliant structures; and there is no jurisdiction that incorporates the same level of operational detail with an enforcement level of enforcement that VARA currently provides.</p><h2>The One Thing No Framework Has Solved</h2><p>There are now many jurisdictions — for example, Singapore, Germany, the US — where you can issue and hold a tokenized bond and earn yield on it. However, they have all built their own legal frameworks for their respective roles in such a transaction, and none were designed to communicate with the others. This creates an opportunity for building out the legal infrastructure for cross-border legal recognition of a tokenized bond; that development will happen within the next three years.</p>

By 2026, global RWA tokenization gained legal clarity: EU's MiCA, US SEC guidance, and Asian frameworks allow compliant token issuance, but cross-border harmonization remains a future challenge.

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