剑桥大学贾奇商学院：2026资产代币化研究报告：新兴市场与发展中经济体落地路径（英文版）（121页）.pdf

1、Tokenised AssetsPathways for Emerging Market and Developing EconomiesJune 2026With the support ofWith the support of Foreword 4Executive Summary 5Research Team and Acknowledgements 81.Introduction 9 1.1.Overview:Setting the context 10 1.2.An EMDE perspective on RWA tokenisation 10 1.3.Key objectives

2、 and motivations 11 1.4.Scope of assets covered in this study 11 1.5.Report methodology 12 1.6.How this report is organised 132.Conceptual Foundations 14 2.1.Defining tokenisation 15 2.2.Developing a taxonomy of tokenised instruments 18 2.3.Tokenisation models and issuance pathways 20 2.4.Tokenisati

3、on infrastructure 213.Risks,Benefits and Opportunities 23 3.1.Introduction 24 3.2.Capital market conditions in EMDEs:An overview 25 3.3.Intermediation and impact on capital markets in EMDEs 26 3.4.Key risks and opportunities 30 3.5.Adoption challenges 35 3.6.Risks 37 3.7.Future Outlook 394.Products

4、and Activities 44 4.1.Overview 45 4.2.Impact on lifecycle activities 45 4.3.Impact on Asset Classes 51 4.4.Deep Dives 55 4.5.Insights from interviews with market participants 63 5.Regulating tokenised markets 69 5.1.Overview 70 5.2.Policy,legislative and regulatory layers 71 5.3.Regulatory responses

5、 79 5.4.Insights from interviews with regulators 896.Digital Infrastructure 93 6.1.Introduction 94 6.2.Foundational infrastructure for tokenised markets 95 6.3.Key enablers of tokenised asset markets in EMDEs 99 6.4.Concluding remarks 1017.Assessing the Value Proposition 102 7.1 Business cases and i

6、ndustry motivations 103 7.2 What is the minimum viable ecosystem for tokenised markets?105 7.3 Infrastructure considerations and bottlenecks 106 7.4 Where is the market headed?1078.Concluding remarks 108Annexes 110Annex 1:Select legal,regulatory and policy considerations for tokenisation of assets 1