Over the past two years, tokenised private equity and structured debt have repeatedly been presented as the next asset class ready to move onto blockchain, after real estate. The promise was always the same: fractional access, greater efficiency, the potential to develop secondary...

Valuation, legal classification, asset-specific constraints and economic structure must be resolved before smart contracts can provide meaningful tokenization infrastructure.

Tokenized assets are moving from experimentation toward institutional infrastructure as regulated markets, traditional finance and blockchain technology increasingly converge.

Tokenization becomes complex where blockchain infrastructure meets legal ownership, settlement, identity and the operational requirements of regulated financial markets.