On 18 May 2026, the Malta Financial Services Authority (MFSA) published a consultation paper on the tokenisation of financial instruments and real-world assets (RWAs), invitingindustry feedback on the legal, regulatory, and operational dimensions of tokenisation.The consultation aims to inform the development of a future policy framework and identifying the asset class most suitable for Malta’s first tokenisation pilot.
Background and Context
Tokenisation refers to the digital representation of ownership rights in assets through distributed ledger technology (DLT), enabling issuance, trading, settlement, and record-keeping on blockchain-based infrastructure. International and European developments, including the EU DLT Pilot Regime and global initiatives such as Project Guardian, demonstrate accelerating institutional adoption of tokenisation., which is widely viewed as a potential enabler of enhanced market efficiency, transparency, automation, financial inclusion, and