Jersey and the Global Evolution of Tokenisation Regulation

Tokenisation is no longer theoretical it is already reshaping financial markets. From bonds and real estate to commodities and private credit, assets are being digitised and fractionalised on blockchain-based platforms. A shift which is having a global impact on the finance industry.

These issues are explored in a new report capturing insights from the Global Financial Innovation Network (GFIN) Tokenisation Project, co-led by the Jersey Financial Services Commission (JFSC) and the Central Bank of Bahrain.

Throughout 2025, GFIN surveyed regulators worldwide, convened discussions at its Annual General Meeting and hosted in-depth roundtables and regulator case studies with the UK’s Financial Conduct Authority (FCA), Dubai Financial Services Authority, Alberta Securities Commission and the Cambridge Centre for Alternative Finance.

In the report, Colin Payne, Head of Innovation at the FCA and GFIN Chair said:

“Tokenisation represents one of the most profound shifts in financial architecture since the emergence of digital banking. Jersey’s leadership in this field shows what can be achieved when regulators, industry and innovators collaborate.”

Jersey Finance’s Head of Funds, Elliot Refson, added:

“Jersey has built a strong international reputation as a forward-looking, well-regulated finance centre, with technological innovation playing an increasingly important role. As highlighted in the GFIN report, jurisdictions that combine regulatory clarity with openness to innovation are best placed to lead the next phase of financial market evolution and Jersey is firmly in that category.

The market for tokenised real-world assets reached US$13.5 billion at the end of 2024 and is expected to grow into the trillions by 2030. With capital raising becoming more complex and technology evolving at pace, investor, product and structural diversification will be truly transformational for the sector in the years ahead and Jersey is already leading the way.”

Report highlights

The findings show that there is no single regulatory model for tokenisation. Approaches vary depending on jurisdiction, asset type and market infrastructure. Across regions, regulators favour evolution over revolution and are adapting existing rules rather than creating entirely new asset classes, while maintaining firm expectations around consumer protection and financial crime controls.

The report brings together case studies, shared approaches and lessons learned. It offers a global snapshot of how regulators are navigating tokenisation and what their choices mean for the future of financial innovation.

Read the full report now.