Regulation Desk

U.S. securities laws apply to many tokenized funds and yield products. Issuers must consider registration, exemptions (Reg D/S), transfer-agent rules, and ATS requirements for secondary trading of digital securities.

Investment advisers and funds holding crypto or tokenized securities face custody, segregation, and qualified-custodian expectations that shape how RWA products are structured and marketed to U.S. persons.

Monetary Authority of Singapore licensing for DPT services and capital-markets products. Relevant to Singapore-domiciled T-bill and tokenized fund platforms (e.g., OpenEden) serving professional investors.

Policy workstreams on tokenized deposits, bonds, and funds — emphasizing technology risk, AML/CFT, and investor protection for digitally native capital markets.

Swiss supervisory guidance classifying tokens as payment, utility, or asset tokens. Underpins structures used by Backed Finance and other Swiss RWA issuers under ledger-based securities frameworks.

Anti-money-laundering obligations for financial intermediaries involved in DLT trading facilities and token issuance, including KYC and travel-rule expectations.

SFC expectations for intermediaries dealing in tokenized securities and VA-related products, including due diligence, disclosure, and custody standards for professional investors.

Licensing regime for VA trading platforms and requirements for funds with virtual-asset exposure — relevant when RWA tokens trade alongside crypto venues in HK.

EU-wide regime for crypto-asset service providers, asset-referenced tokens, and e-money tokens. Tokenized securities may also intersect with MiFID II; issuers distributing in the EEA need licensing and white-paper disclosures where applicable.

Issuers of ARTs and EMTs face reserve, redemption, and governance requirements. RWA yield tokens that function like cash equivalents may be scrutinized under these categories depending on structure.