Bitaigen Research 
BTC Markets is applying for a licence from the Australian Securities and Investments Commission (ASIC) with the aim of offering regulated tokenized real‑world asset (RWA) trading on its platform.
BTC Markets Chief Executive Officer Lucas Dobbins stated that roughly US $26 billion worth of tokenized assets currently exist on‑chain, but the sector is still largely in a proof‑of‑concept stage. The company has formally submitted an application to ASIC to obtain a regulatory licence that would allow a specific class of tokenized assets to be made available for public trading.
Dobbins further explained that the firm’s long‑term vision is to build a trading ecosystem where tokenized equities, bonds and physical assets can coexist with cryptocurrencies and settle in real time. Even a conservative forecast suggests that the tokenized market could approach US $2 trillion by 2030, while top‑down estimates from consultancies such as the Boston Consulting Group push the potential valuation up to US $16 trillion.
“The shift is that this is no longer theoretical. Institutions like BlackRock, Goldman Sachs and JPMorgan have already launched genuine products.”
BTC Markets hopes to compete side‑by‑side with brands that have already rolled out tokenized RWA services, such as Kraken and Robinhood.
In this article we dissect the strategic rationale behind BTC Markets’ ASIC RWA‑trading licence request, illustrate how tokenized assets are moving from concept to regulatory compliance, and explore the possible repercussions for the global market landscape. If you want to see how industry giants are positioning themselves to capture this emerging blue‑ocean opportunity, keep reading.
Crypto and Traditional Finance Giants Deploy Tokenization Strategies
- Kraken: In June 2025 the exchange launched the xStocks platform to provide tokenized stocks.
- On 5 March 2024 Kraken introduced xChange, enabling on‑chain stock trading on both Ethereum and Solana.
- Robinhood: Plans to roll out a tokenized stock trading platform in Europe in 2025.
- Intercontinental Exchange (NYSE owner): Is developing a trading venue that will support tokenized securities, including equities and ETFs.
- Nasdaq: Has proposed integrating tokenized versions of stocks and ETPs into its existing trading infrastructure.
- Coinbase: Announced in December the upcoming launch of Coinbase Tokenize, a service that will allow institutions to issue and manage tokenized RWAs.
Market Potential of RWA Tokenization in Australia
Dobbins cited a report from the Australian Digital Finance Collaboration Centre, which estimates that the tokenization market could generate roughly AU $24 billion (approximately US $16.8 billion) in economic value each year—about 1 % of the nation’s GDP.
“At the current pace of development, we may only realize around US $1 billion in revenue by 2030, which underscores the massive upside that remains untapped. Unlocking that potential will require a trusted regulatory framework that authorises the necessary trading infrastructure.”
He emphasized that Australia benefits from strong regulation, a mature capital‑market environment and one of the world’s largest pension systems, all of which provide structural advantages for the adoption of tokenized finance. As regulatory clarity improves and infrastructure matures, Australia is poised to play a pivotal role in the next phase of tokenized finance.
The first use‑cases are likely to emerge in private‑placement markets, infrastructure investment projects and capital allocation processes, where tokenization can boost efficiency and broaden accessibility.
Tokenized RWA TVL Remains High Even in a Bear Market
Data from RWA.xyz shows that the total on‑chain value locked (TVL) in tokenized RWAs currently sits at roughly US $26.5 billion, with Ethereum accounting for 57.4 % of that amount—making it the dominant platform (excluding layer‑2 solutions and other EVM‑compatible chains).
Source: RWA.xyz – Even amid a prolonged crypto bear market, the on‑chain value of RWAs has reached a historic high.
The above provides a comprehensive overview of BTC Markets’ active pursuit of an RWA trading licence within the broader global tokenization surge. For additional insights on BTC Markets, tokenization, and RWA licensing, please follow other articles from Bitaigen (比特根).
*Note: While this piece does not delve into tax matters, participants should be aware that gains from cryptocurrency transactions may be subject to taxation under the laws of their respective jurisdictions.*
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⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
