March 2025 – As financial markets embrace digital transformation, the tokenization of real-world assets (RWA) is emerging as a ground-breaking innovation that has the potential to redefine ownership, investment, and liquidity. By leveraging blockchain technology, tokenization enables the digital representation of tangible and intangible assets – ranging from real estate, commodities, and artworks, to securities, debt instruments, and intellectual property. Proponents believe that such a transformation democratizes access to high-value assets, enhances market efficiency, and introduces new investment opportunities across industries.
However, the legal and regulatory framework surrounding tokenization remains complex and rapidly evolving. The classification of tokenized assets – whether as securities, financial instruments, or alternative investment vehicles – varies across jurisdictions and carries significant implications for compliance, licensing, investor protection, and taxation. Financial regulators across the globe are actively shaping policies under frameworks such as MiCA, MiFID II, AIFMD, and national securities laws, while addressing critical concerns related to AML/KYC obligations, smart contract enforceability, and secondary market trading.
For businesses, start-ups, and institutional investors exploring tokenization, understanding how different jurisdictions regulate digital assets, licensing requirements, and the associated legal risks is crucial. As regulatory frameworks develop, companies must proactively engage with legal advisors to navigate uncertainties, mitigate risks, and ensure compliance while capitalizing on the potential of tokenized markets.
This publication serves as a comprehensive guide to the regulatory landscape of tokenization across Kinstellar’s jurisdictions, offering insights into key compliance considerations, emerging trends, and the strategic pathways for businesses looking to thrive in a tokenized economy.
Click on the image below or use the following link to read our overview in English.
For more information please contact our experts in the relevant Kinstellar jurisdictions listed below:
- Austria: Horst Ebhardt
- Bulgaria: Svilen Issaev
- Croatia: Andrej Skljarov
- Czech Republic: Jakub Šťastný
- Hungary: Levente Hegedűs
- Kazakhstan: Yerlan Akhmetov
- Romania: Razvan Constantinescu
- Serbia: Nevena Milošević
- Slovakia: Erik Neupaver
- Turkey: Mert Elçin
- Ukraine: Oleksandra Poliakova
- Uzbekistan: Sherzod Yunusov