Daily edition
Material developments in payments, digital finance and regulation, selected for an HKMA audience.
5 stories
The warning underscores that stablecoins may be growing into payment and settlement use cases faster than regulators have proven they can manage a real cross-border run or failure.
This shows a central bank moving from tokenisation pilots in theory to live-style sovereign money-market issuance and settlement testing, which could shape how tokenised collateral and wholesale digital cash are used in regulated markets.
If Dutch law is not updated, tokenized-securities activity and related market infrastructure may develop in jurisdictions with clearer legal recognition, weakening the Netherlands’ competitiveness in digital capital markets.
The story matters because the EU is deciding whether tokenised securities infrastructure stays a small-scale pilot or becomes easier to use at commercially meaningful scale, which would affect venue operators, CSDs and issuers across European capital markets.
This would be a large-scale test of whether sovereign issuers can use tokenized issuance rails while preserving conventional investor access and post-trade workflows.