AFM and DNB report on tokenised securities - Global Regulation Tomorrow

Dutch regulators AFM and DNB have jointly reported on tokenised securities, adding the Netherlands to the list of jurisdictions examining how distributed ledger technology applies to traditional financial instruments. Tokenised securities are conventional assets — bonds, equities or fund units — represented on a blockchain rather than held solely in conventional ledger form.

The report's significance lies in its focus: rather than treating tokenisation as a standalone crypto phenomenon, the regulators appear to be assessing it within existing securities and supervisory frameworks. That framing matters because it suggests tokenised instruments may be judged by the same rules that govern their conventional equivalents, with questions of custody, settlement finality and investor protection at the centre.

For markets, the key takeaway is procedural rather than directional. Regulatory clarity of this kind can shape how firms structure pilots and whether issuers consider tokenised formats viable. What to watch next: whether the report leads to formal guidance, sandbox participation or legislative proposals, and how other European regulators respond as the EU's broader digital asset rules take effect.