1、 FR/17/25 November 2025 Tokenization of Financial Assets The Board of the International Organization of Securities Commissions FINAL REPORT ii Copies of publications are available from The International Organization of Securities Commissions website iosco.org International Organization of Securities

2、 Commissions 2025.All rights reserved.Brief excerpts may be reproduced or translated provided the source is stated.iii Table of Contents Table of Contents iii 1.Executive Summary 5 2.Introduction 8 A.Background 8 B.Purpose 9 C.Methodology 10 D.Structure of the Report 11 3.Adoption of Tokenization in

3、 the Capital Markets 12 A.Motivations for Tokenization Adoption 12 B.Overview of the Level of Adoption and Commercial Interest in Asset Tokenization 13 B.1.Overview 13 B.2.Fixed Income Products 14 B.3.Repos and Collateral Markets 16 B.4.Money Market Funds 17 B.5.Equities 17 C.Lifecycle Activities Ac

4、ross Bonds and Money Market Funds 18 D.Issuance and Distribution 18 E.Trading and Post-Trade 26 E.1.Secondary Trading 26 E.2.Clearing and Settlement 29 F.Asset Servicing 34 F.1.Custody 34 F.2.Collateral Management and Repos 39 G.Summary Observations 41 4.Financial Asset Tokenization and its Potentia

5、l Implications 43 A.General Observations 43 B.Potential Implications Observed 44 iv B.1.Representation of Financial Assets in the Form of Tokens 44 B.2.Use of DLT-Based Infrastructure in Hosting Tokenized Financial Assets 49 B.3.Settlement Assets on DLT-Based Infrastructure 55 C.Additional Issues th

6、at Could Arise as Tokenization Scales 56 C.1.Changes in Market Activities 56 C.2.Changes in Market Structure 58 C.3.Increased Dependencies and Interconnectedness 60 D.Summary 61 5.Steps that Authorities have Taken to Manage Risks and Regulatory Concerns 62 A.1.Specific Guidance 62 A.2.Sandbox Regime