Real-World Asset Tokenization: Liquidity, Access and Regulation

Real-world asset tokenization: unlocking liquidity and access

Overview

Does tokenizing an asset automatically make it more liquid? In this MERGE Madrid panel, Natec, Bricken and Data Law analyze the tokenization of real-world assets (RWA): private credit in emerging markets, tokenization as a service, Spain's regulatory framework, and the big remaining challenges such as liquidity and interoperability.

What you'll learn

• Private credit and RWA: how blockchain helps close the financing gap in emerging markets
• Tokenization as a service: modular infrastructure, white label and API for issuers
• Spain's regulatory framework: MiCA, the pilot regime, the securities markets law and the EIR figure
• Tokenization is not liquidity: why demand, information and the right “rails” are needed
• Interoperability: the challenge of connecting chains, custodians and standards
• The future: regulated secondary markets and native on-chain financial assets

Session summary

Private credit in emerging markets: Natec explains how its platform structures and standardizes private-credit opportunities to connect SMEs in emerging economies with global institutional investors, using blockchain as an infrastructure layer that is already a “commodity”.

Tokenization as a service: Bricken argues that tokenization infrastructure should adapt to the issuer's context (not the other way around), offering modules, white label and API in a “plug and play” model to speed up go-to-market while remaining compliant.

Spain's regulatory framework: Data Law reviews the state of regulation (MiCA, the pilot regime and the reform of the securities markets law allowing financial instruments to be represented with DLT), the EIR figure (the entity that registers and records tokens) and the role of the CNMV.

Tokenization is not liquidity: the panel agrees that tokenizing an asset does not automatically make it liquid; it provides “rails” to move it more easily, but liquidity requires real demand, good information and an attractive underlying asset.

Interoperability: the lack of interoperability between chains, custodians and standards is identified as a brake on market depth, and the push for new standards to connect tokenized assets is mentioned.

The future and trust: it is expected that within a few years tokenization will be so normal that people stop talking about it, with financial assets on-chain and regulated secondary markets; the key is collaboration between technology platforms, regulators and financial institutions, and investor protection.

Watch the full talk

Watch the full recording on MERGE's YouTube channel, with Natec, Bricken and Data Law on real-world asset tokenization.

FAQs

Does tokenizing an asset make it more liquid?
Not necessarily. According to the panel, tokenization provides “rails” to move the asset, but liquidity requires demand, information and buyers.

What is tokenization as a service?
It is a model in which a provider offers the tokenization infrastructure (modules, white label, API) so companies and institutions can issue and manage tokens while remaining compliant.

What is an EIR in Spain?
It is the entity that registers and records tokens (financial instruments on DLT) and lets the CNMV oversee the issuance, as set out in the panel.

Is this investment advice?
No. This content is informational and summarizes what was presented in the talk; it does not constitute investment, legal or tax advice. Consult a professional for your specific situation.