#MiFIDII

5 articles tagged #MiFIDII — curated RWA tokenization coverage.

#Kraken#MiCA#RWA#TokenizedEquities#xStocks#AFME#Backed#DLTPilotRegime#EEA#EquityTokens
EU industry body AFME on MiCA 2: critical to keep securities under MiFID II
Infrastructure

EU industry body AFME on MiCA 2: critical to keep securities under MiFID II

The Association for Financial Markets in Europe (AFME) has formally opposed proposals to bring tokenized securities under the MiCA regulatory framework, arguing they should remain governed by MiFID II. AFME contends that shifting these assets to MiCA would create significant legal uncertainty, increase operational costs, and negatively impact market liquidity and collateral eligibility. The European Banking Authority (EBA) echoed these concerns, emphasizing that moving DLT-based securities to MiCA could disrupt existing banking authorizations and Basel prudential standards. A primary point of contention involves the ambiguity between asset-referenced tokens (ARTs) and tokenized money market funds. Despite the potential for confusion, the industry notes that zero ARTs have been authorized to date, making a legislative overhaul appear premature. AFME also advocated for adjustments to stablecoin concentration limits and clarified that tokenized deposits should remain under established banking frameworks. This debate is critical for the RWA market as it determines whether tokenized financial instruments will operate under established securities laws or a new, potentially restrictive crypto-specific regime. Maintaining the MiFID II status quo is viewed by industry leaders as essential for ensuring the seamless integration of tokenized assets into traditional financial systems.

#MiCA#Regulation#TokenizedSecurities
ledgerinsights.com·Sep 30, 20268.0
Tokenized assets in Europe: what Tokenized Stocks are and how do I use it?
Stocks

Tokenized assets in Europe: what Tokenized Stocks are and how do I use it?

OKX has introduced Unified Tokenized Stocks, a product offering economic exposure to U.S. stocks and ETFs through digital tokens. These assets, such as xAAPL, allow users to gain price exposure without direct share ownership or voting rights. The platform standardizes various third-party issuer tokens, such as those from Backed, into a consistent share-equivalent format for easier trading. A key feature of this offering is 24/7 trading availability, enabling users to trade outside of traditional U.S. market hours and on weekends. Because these tokens represent economic exposure rather than direct equity, their market price may temporarily diverge from the underlying asset's exchange-traded price. The product is distributed by OKX Europe Markets Limited, which is regulated by the Malta Financial Services Authority under MiFID II. This development highlights the growing trend of using blockchain technology to provide retail investors with flexible, continuous access to traditional financial instruments.

#TokenizedStocks#EquityTokens#OKX
okx.com·Sep 8, 20267.5
Kraken Brings 7,000+ U.S. Stocks to Europe, Becomes First Crypto Platform Offering Traditional Shares and Tokenized Equities in One Account
Stocks

Kraken Brings 7,000+ U.S. Stocks to Europe, Becomes First Crypto Platform Offering Traditional Shares and Tokenized Equities in One Account

Kraken has launched commission-free trading for over 7,000 U.S.-listed stocks and 700 tokenized xStocks for customers across the European Economic Area. This integration allows users to manage traditional equities and tokenized assets within a single regulated account under the MiFID II framework. By offering both traditional shares and 1:1 collateralized xStocks, Kraken aims to bridge the gap between traditional finance and crypto-native infrastructure. The platform, operated by Payward Europe Digital Solutions, distinguishes itself from competitors like Crypto.com and Bitpanda by providing a unified interface for both asset types. Tokenized equities currently represent 15% of the RWA market, with a total market capitalization of approximately $2.8 billion. Kraken, alongside Ondo Finance and Binance, controls 77% of this specific sector. This expansion signifies a major shift toward institutional-grade convergence, as trading activity on the platform increasingly pivots toward equity-based products despite a 13% year-over-year decline in total transaction volume.

#RWA#TokenizedEquities#xStocks
genfinity.io·Aug 21, 20268.5
Kraken launches US
Stocks

Kraken launches US

Kraken has expanded its European Economic Area (EEA) service offering by enabling eligible customers to trade over 7,000 conventional US-listed stocks directly through its Kraken Pro platform and mobile app. This integration allows users to manage traditional equities alongside more than 600 crypto assets and over 700 xStocks, which are tokenized representations of publicly listed equities. Operating under its Markets in Financial Instruments Directive II (MiFID II) authorization, Kraken’s Cyprus-based entity, Payward Europe Digital Solutions, facilitates these commission-free trades. Since the launch of xStocks in 2025, the product has achieved over $38 billion in total transaction volume, signaling significant user demand for hybrid trading environments. Currently, xStocks holds approximately $609 million in market capitalization, positioning it as the second-largest tokenized stock issuer globally behind Ondo Finance. This development marks a strategic convergence of traditional finance and blockchain-based assets, providing a unified interface for diverse investment classes. By bridging the gap between conventional shares and tokenized versions, Kraken is positioning itself as a primary venue for institutional and retail investors seeking integrated asset management.

#TokenizedEquities#xStocks#Kraken
Cointelegraph — Tokenization·Aug 18, 20268.0
MiCA May Not Be the Rulebook for Your Tokenized Asset
U.S. Treasuries

MiCA May Not Be the Rulebook for Your Tokenized Asset

The implementation of the Markets in Crypto-Assets (MiCA) regulation in July 2026 has created significant classification challenges for European real-world asset (RWA) projects. While MiCA provides a framework for crypto-assets, it explicitly excludes instruments already covered by traditional financial regulations like MiFID II, such as tokenized stocks, bonds, and fund shares. The European Securities and Markets Authority (ESMA) maintains that the underlying economic substance of an asset dictates its legal status, regardless of the blockchain technology used for settlement. This creates a complex grey zone for "wrapped" assets or debt-like instruments that may blur the lines between securities and crypto-assets. Misclassifying these assets can lead to severe regulatory risks, including unauthorized distribution and improper custody. Furthermore, the DLT Pilot Regime, intended as a sandbox for blockchain-based market infrastructure, has seen limited adoption with only a few authorized platforms across the EU. The European Commission is currently reviewing these classification uncertainties, with potential future shifts in how blockchain-based assets are governed.

#RWA#MiCA#ESMA
hackernoon.com·Aug 3, 20268.0

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