06 November 2019

ASIFMA releases white paper on tokenised securities’ impact to traditional finance

For queries related to the white paper, please contact Urszula McCormack and Jack Nelson.

King & Wood Mallesons (KWM) is pleased to announce that Asia Securities Industry & Financial Markets Association (ASIFMA) has launched its latest industry white paper “Tokenised Securities – A Roadmap for Market Participants and Regulators”.

KWM has worked with ASIFMA alongside our fellow professionals in professional services firms, financial institutions and several exchanges and technology platforms to develop this paper. The paper can be accessed here.

This paper analyses tokenisation and its potential impact on market participants, including incumbent financial institutions (FIs) and issuers. It highlights issues that market participants need to consider in various stages of the securities lifecycle with an aim to:

  • act as a roadmap for incumbent FIs who wish to understand how a tokenised offering can be executed;
  • inform issuers about the key issues that will be relevant to their stakeholders (including incumbent FIs and buy-side firms with whom they will need to work); and
  • articulate what is needed from a regulatory and technology perspective to build a strong and enabling environment.

The paper examines the key aspects of the tokenised security lifecycle – from structuring, issuance, distribution, primary listing, secondary trading, custody, portfolio management, advisory to market making – and how these processes compare to traditional securities. It also considers what a benign, enabling environment for tokenised securities will look like from regulatory, tax, technology and liquidity perspectives.

KWM Hong Kong partner Urszula McCormack said, “Blockchain continues to provide opportunities for us to reimagine what the finance sector could look like. We are passionate about good policy and it was wonderful to work collaboratively on both unbundling and driving forward the discussion on tokenised securities and "STOs".”

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