Tokenised Securities and the Future of Capital Markets: A New Era of Liquidity and Access

The capital markets are undergoing a seismic shift as tokenised securities redefine liquidity, accessibility, and efficiency. By leveraging blockchain technology, jurisdictions like Singapore, the UAE, Switzerland, and Hong Kong are pioneering regulatory frameworks that enable the tokenisation of real-world assets (RWAs), from real estate to government bonds. These innovations are not merely speculative-they are reshaping how capital flows globally, offering investors unprecedented opportunities to diversify portfolios and access previously illiquid markets.

Singapore: A Global Hub for Tokenisation Infrastructure

Singapore has emerged as a regulatory and technological leader in tokenised securities. The Monetary Authority of Singapore (MAS) has integrated tokenised assets into existing legal frameworks, treating them as securities under the Securities and Futures Act. Initiatives like Project Guardian and Global Layer 1 (GL1) are standardizing infrastructure for cross-border settlements, while BLOOM, a real-time settlement platform launched in 2025, underscores Singapore's commitment to interoperability. Platforms like InvestaX, licensed under Singapore's Capital Markets Services (CMS) framework, provide end-to-end services for issuance, custody, and trading. Institutional players such as UBS and Standard Chartered have already launched tokenised funds, targeting accredited and institutional investors. With 8.5% of the global tokenisation market, Singapore's ecosystem is a magnet for capital seeking both innovation and regulatory clarity.

UAE: Real Estate Tokenisation and Regulatory Agility

The UAE, particularly Dubai, has positioned itself as a trailblazer in real estate tokenisation. The Dubai Land Department (DLD) and Virtual Assets Regulatory Authority (VARA) have launched initiatives like the Real Estate Evolution Space (REES) and Property Tokens Program, enabling fractional ownership of properties via blockchain. A Dh1.75 million villa sold in under five minutes through the Prypco Mint platform, attracting 169 investors from 40 countries. VARA's 2025 Rulebook provides a clear regulatory framework for token issuance, custody, and exchange, while the Digital Asset Oasis in ADGM and DIFC fosters innovation. With forecasts suggesting tokenised assets could account for 7% of Dubai's property market by 2033 (valued at AED 60 billion), the UAE's focus on real estate tokenisation offers high ROI potential through rental yields and property appreciation.

Switzerland: Tokenised Bonds and Institutional Adoption

Switzerland's Crypto Valley in Zug, home to over 500 blockchain companies, has become a nexus for tokenised bonds. The SIX Digital Exchange (SDX) has facilitated tokenised bond issuances, including the Basel canton's 105 million Swiss francs offering. The DLT Act ensures legal enforceability of blockchain-based securities, making Switzerland a haven for institutional investors. Tokenised bonds here are particularly attractive due to their structured yields and compliance with Swiss tax policies. With 9% of the global tokenisation market, Switzerland's focus on institutional-grade products positions it as a critical player in the tokenised securities landscape.

Hong Kong: Bridging China and Global Markets

Hong Kong's strategic role as a bridge between China and global capital markets is amplified by its tokenisation initiatives. The city-state approved its first Bitcoin and Ethereum ETFs in 2025 and launched tokenised gold for retail sales. The HKSAR Government's third digital green bond, raising HK$10 billion across four currencies, including the first integration of tokenised central bank money (e-CNY and e-HKD), highlights its ambition to lead in sustainable finance. Hong Kong's regulatory framework, shaped by the Stablecoins Ordinance and licensing regimes for virtual asset platforms, balances innovation with compliance. While its market share is smaller (2.5%), Hong Kong's proximity to China's digital asset ambitions makes it a gateway for investors seeking exposure to Asia's evolving financial ecosystem.

Strategic Investment Opportunities

Investors should prioritize jurisdictions where regulatory clarity aligns with technological infrastructure and market demand. Singapore offers a mature ecosystem with institutional-grade platforms, while the UAE's real estate tokenisation provides high liquidity and scalability.

Switzerland's tokenised bonds cater to risk-averse investors seeking structured yields, and Hong Kong's green bonds appeal to ESG-focused portfolios. Platforms like Antier Solutions and Securitize are leveraging standards such as ERC-1400 to enforce compliance, ensuring alignment with global regulatory frameworks.

Conclusion

Tokenised securities are not a passing trend but a foundational shift in capital markets. Jurisdictions like Singapore, the UAE, Switzerland, and Hong Kong are setting the pace, blending regulatory innovation with technological infrastructure to unlock liquidity in traditionally illiquid assets. For investors, the key lies in identifying platforms and markets where these elements converge-offering not just returns, but a stake in the future of finance.