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ARTICLE · 27 MARCH 2026

Tokenised Funds: Key Takeaways From The Central Bank's DLT Discussion Paper

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The Central Bank of Ireland (the "Central Bank") has published Discussion Paper 12 on Distributed Ledger Technology ("DLT") and Tokenisation in Financial Services (the "Discussion Paper")...

IrelandTechnology
Stephen Carty
Stephen Carty
Lorna Smith
Lorna Smith
Aaron Mulcahy
Aaron Mulcahy
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Background

The Central Bank of Ireland (the “Central Bank”) has published Discussion Paper 12 on Distributed Ledger Technology (“DLT”) and Tokenisation in Financial Services (the “Discussion Paper”), seeking to encourage dialogue on the future role of these technologies within the Irish and European financial services ecosystem.

The Discussion Paper forms part of the Central Bank’s broader engagement on innovation and will be used as a platform for structured engagement with stakeholders on the opportunities, challenges, enablers and risks arising from these technological innovations.

The Central Bank believes DLT and tokenisation, if enabled and deployed correctly, can change the financial system for the better. Ireland’s significance as one of the largest global domiciles for investment funds, hosting a significant proportion of Europe’s Money Market Funds (“MMFs”) and Exchange Traded Fund (“ETF”) activity, makes this Discussion Paper particularly relevant for fund managers and

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