US Regulators Clarify: Tokenized Securities Subject to Same Capital Rules as Traditional Securities

US financial regulators have recently formally clarified that tokenized securities will receive the same treatment as traditional securities in terms of capital requirements, emphasizing that the regulatory framework adheres to the principle of "technology neutrality." The regulators pointed out that the technological means on which the issuance and exchange of securities rely generally do not affect their capital treatment. According to the latest guidance, financial institutions holding tokenized securities on their balance sheets do not need to over-collateralize them as they would with high-risk or unstable assets. This policy adjustment responds to the growing interest in tokenization from traditional financial institutions and aims to provide the market with clearer compliance expectations.

In addition, regulators have clarified that the capital treatment of derivatives based on "qualified tokenized securities" should be consistent with that of derivatives of corresponding non-tokenized securities. At the same time, as long as tokenized securities are liquid and legally held or controlled by institutions, and can be legally disposed of in the event of borrower default, they can also be recognized as legal financial collateral. The regulatory document further states that if tokenized securities meet the statutory definition of "financial collateral" and meet other relevant conditions in the capital rules, banking institutions can regard them as credit risk mitigation tools and incorporate them into the capital measurement system. This move clears institutional obstacles for the integration of traditional financial systems and blockchain assets, marking a key step in the compliance process of digital assets in mainstream finance.