International Legal Aspects of Asset Tokenization in the Context of Integrating Central Bank Digital Currencies Into Settlement Relations
( Pp. 79-90)
More about authors
Ramensky Konstantin A.
graduate student, .
Russian Foreign Trade Academy of the Ministry of Economic Development of the Russian Federation
Moscow, Russian Federation
Russian Foreign Trade Academy of the Ministry of Economic Development of the Russian Federation
Moscow, Russian Federation
Abstract:
Objective. The purpose of the research is to analyze the international legal, economic, and technical aspects of asset tokenization, as well as to identify the role of Central Bank Digital Currencies (CBDCs) in establishing a robust infrastructure for settlements involving tokenized assets. Results. The article identifies the key advantages of asset tokenization, including enhanced settlement efficiency, increased transparency, reduced costs, and broader access to investments. It also highlights associated risks: legal uncertainty, operational and cyber risks, and increased interconnectedness with the volatile crypto market. The necessity of integrating CBDCs into the tokenized asset ecosystem as a risk-free settlement asset is substantiated, ensuring instant and secure delivery-versus-payment (DvP) clearing. The core international legal principles of regulation (technological neutrality, investor protection, information disclosure) and infrastructural requirements, including the role of Virtual Asset Service Providers (VASPs), are analyzed. Asset tokenization, supported by CBDC settlement, represents a natural evolution of financial markets, leading to their globalization, increased inclusivity, and efficiency. The sustainable development of this field requires further harmonization of international legal norms, the development of reliable technological and depository infrastructure, as well as the active participation of the central banking community and supervisory authorities in creating a secure and interoperable ecosystem.
How to Cite:
Ramensky, K.A. (2026). International legal aspects of asset tokenization in the context of integrating central bank digital currencies into settlement relations. Lobbying in the Legislative Process, 5(1), 79–90. DOI: 10.33693/2782-7372-2026-5-1-79-90. EDN: OGLJQH
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Иванов Н.Г. Убийство суррогатной матерью новорожденного ребенка // Российская юстиция. 2005. № 12. С. 15–20.
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Treleaven P., Greenwood A., Pithadia H., Xu J. Web 3.0 Tokenization and Decentralized Finance (DeFi): Web 3.0 blockchain tokenization is reinventing financial services. SSRN Electronic Journal. 2022. DOI: 10.2139/ssrn.4037471.
Turner C. Where authority resides: A completion-based taxonomy of tokenisation. 2026. DOI: 10.2139/ssrn.6459738.
Wang C. Trading securities as digital tokens: Is a secondary market practicable for tokenized exempt securities University of New Hampshire Law Review. 2023. No. 22 (1). Art. 39.
Zhang Y., Gong B., Zhou P. Centralized use of decentralized technology: Tokenization of currencies and assets. Structural Change and Economic Dynamics. DOI: 10.1016/j.strueco.2024.06.006.
Keywords:
CBDC, asset tokenization, Central Bank Digital Currency, CBDC, distributed ledger, blockchain, international financial law, financial markets, settlement relations.
