AFM and DNB call for clear legal framework for tokenisation

This gap risks leaving the Dutch market behind in the development of digital financial markets and future market infrastructures. For compliance and legal teams at banks, investment firms, market infrastructure providers, and fintechs, this signals that tokenized securities cannot currently be offered under Dutch law without significant legal uncertainty. Firms considering tokenization strategies should assess whether their plans depend on a legal basis that does not yet exist, and should monitor forthcoming regulatory and legislative developments closely.

The joint exploration is likely a precursor to formal policy recommendations and potential legislative changes. While no immediate compliance deadlines are imposed, the strategic implications are significant. Compliance teams should: 1) map any tokenization initiatives against current securities laws; 2) engage with industry associations and regulators to shape the evolving framework; 3) evaluate alternative jurisdictions or structures for tokenized offerings; and 4) prepare for future licensing, custody, and disclosure requirements.

The risk of inaction is competitive: other EU and global jurisdictions are advancing tokenization pilots and rules. The opportunity is to participate in the design of a clear Dutch framework and to build compliant capabilities early. RegCanary advises firms to treat this as a medium-term strategic priority, with high potential impact on capital markets, market infrastructure, and fintech innovation.

Watch for follow-up consultations and legislative proposals.