Bitaigen Research In this article we compile a panoramic interpretation of tokenization from senior executives of the Deutsche Börse, clarifying how its technical attributes can enhance market efficiency while maintaining regulatory compliance, and we explore the key challenges and opportunities of merging traditional finance with digital assets. By deeply analyzing industry viewpoints and underlying infrastructure, readers can grasp the genuine trajectory of the tokenization trend; a careful read is worthwhile.
On February 9, 360T completed integration with Kraken‑supported xStocks, enabling users to trade tokenized shares of companies such as NVIDIA, Google, and Circle directly. This move is regarded as a bridge between traditional finance and digital assets, and it has left senior leadership at the Deutsche Börse Group optimistic about the future of tokenization.
The Essence of Tokenization and Market Infrastructure
Carlo Költs, Head of Digital Assets at Deutsche Börse and CEO of 360T, points out that tokenization does not disrupt existing market structures; rather, it upgrades the way core functions are delivered. He emphasizes:
“Within a tokenized ecosystem, reliable institutions remain the cornerstone for risk control, regulatory oversight, and market order, while the technology layer demands greater elasticity and transparency.”
Költs further explains that the group’s mission is not merely to build a conduit between two systems, but to create a truly hybrid market where digital assets and traditional securities can operate side‑by‑side on the same platform.
Regulatory Landscape and Potential Risks
To date this year, the total market capitalization of tokenized assets has risen by roughly 18 %. At the same time, analysts have warned about the support mechanisms for real‑world asset (RWA) tokens backed by commodities and for stablecoins. The lack of a unified regulatory framework across jurisdictions introduces uncertainty regarding investor protection.
In early February, tokenization platform Securitize issued a notice stating that the European Union may lag behind the United States in regulatory terms, urging legislators to refine the existing DLT pilot framework to eliminate asset‑scope limitations and the slow pace of regulatory updates.
*Market valuation of RWA categories (comparison of 1 January 2026 with 18 February 2022). Source: App.RWA.xyz*
Even though regulatory gaps persist, Deutsche Börse believes that under mature legislation such as the Markets in Financial Instruments Directive (MiFID), tokenization has sustainable growth potential in Europe. Költs states:
“We welcome the ongoing improvement efforts that aim to align solutions more closely with market demand, drive growth, and accelerate the tokenization process. This will help Europe continue to foster innovation.”
Responding to the “Paper Bitcoin” Critique
Addressing criticism that synthetic or derivative Bitcoin exposure amounts to “paper Bitcoin,” Költs stresses that market integrity and a regulated infrastructure are fundamental. Deutsche Börse and 360T are committed to offering compliant entry points, allowing clients to engage with a wide range of asset classes without worrying about the uncertainty of trading venues or service providers.
“Our service philosophy for crypto assets and tokenized products is consistent: we aim to deliver robust, trustworthy, and fully regulated solutions.”
Additional Practical Notes for Global Users
- Fiat Settlements: When converting tokenized securities to cash, transactions are typically settled in USD via SEPA (for Euro‑zone participants) or SWIFT for other regions.
- US Residents: American users should route any crypto‑related trades through Binance.US rather than the global Binance platform, in order to remain compliant with U.S. regulations.
- Tax Considerations: Gains realized from the sale or exchange of tokenized assets may be subject to taxation in the user’s local jurisdiction; participants should consult a qualified tax professional to ensure compliance.
In summary, senior executives at Deutsche Börse view tokenization as a natural technological progression rather than a threat to the traditional financial industry. For a deeper dive into their perspectives, stay tuned to future coverage from Bitaigen (比特根).
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⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
