Tokenised assets explained

What are tokenised assets?

Tokenised assets are digital instruments issued on blockchain infrastructure that represent legal or economic claims on underlying real-world assets. The token itself is not the asset — it is a programmable, transferable representation of rights associated with the asset, governed by smart contracts and legal documentation.

Both "tokenised assets" (UK spelling) and "tokenized assets" (US spelling) refer to the same instrument class. The market uses both interchangeably across different jurisdictions.

The 2026 regulatory landscape

Three major frameworks now provide regulatory clarity for tokenised asset markets:

• MiCA (EU) — Markets in Crypto-Assets regulation, fully operational, covering asset-referenced tokens and e-money tokens within EU jurisdictions
• UK FCA Digital Securities Sandbox — Phase two now active, with live issuance of tokenised bonds and fund units under FCA oversight
• MAS Project Guardian (Singapore) — Expanded into a standing institutional framework for cross-border tokenised asset transactions

Market structure

The tokenised asset market operates across three layers:

• Primary issuance — platforms managing the origination and on-chain minting of tokenised instruments
• Custody and compliance — regulated custodians, KYC/AML providers, and compliance infrastructure
• Secondary markets — venues and protocols enabling on-chain transfer and settlement of tokenised assets between institutional counterparties

Current market scale

Industry research projects the tokenised real-world asset market at an estimated $16 trillion in addressable value by 2030. Publicly tracked on-chain tokenised asset value exceeded $12 billion as of early 2026, with institutional product launches growing at an estimated 47% year-on-year.

Leading participants include major asset managers, sovereign wealth vehicles, and regulated financial institutions — confirming the transition from pilot to mainstream infrastructure.