MFSA Opens Consultation On Tokenisation Of Financial Instruments And Real-World Assets

The Malta Financial Services Authority (MFSA) has launched a public consultation exploring the tokenisation of financial instruments and real-world assets within Malta’s financial services framework. The initiative marks a significant step in exploring how distributed ledger technology (DLT) could be integrated within the financial services framework, with tokenisation referring to the digital representation of ownership rights in financial instruments or real-world assets using DLT.

The consultation aims to assess whether tokenised financial instruments may be accommodated within existing EU legislative frameworks, or whether additional interpretative guidance, national measures or future EU regulatory developments may be required. It invites views across several areas, including market appetite and the asset classes most suitable for tokenisation in Malta, legal and regulatory considerations such as ownership rights and settlement finality, market infrastructure requirements including token registries and custody arrangements, investor protection and risk management, and the wider role of investment firms and crypto-asset service providers in domestic market development.

Through this consultation, the MFSA is seeking feedback from industry stakeholders and the public to better understand market readiness, identify priority asset classes, and evaluate the infrastructure, legal and regulatory considerations required to support tokenised markets in Malta. The Authority recognises that tokenisation may offer potential benefits such as enhanced efficiency, transparency, automation and improved access to investment opportunities, while underscoring that such developments must remain aligned with investor protection, market integrity and financial stability.

Stakeholders are invited to submit comments on the consultation document by 30 June 2026. The feedback received will help inform the Authority's future policy direction and shape the responsible development of tokenised financial markets in Malta. Further details can be found here.