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An IMF working paper on financial market infrastructure in a tokenized economy concludes that smart contracts and distributed ledgers can replace many functions of CSDs, securities settlement systems, CCPs, and trade repositories, but code alone cannot provide legal certainty, bear liability, or exercise discretion in a crisis. The paper's core thesis — tokenization means institutional redesign, not disintermediation — signals that regulators will push tokenized securities toward hybrid models where regulated intermediaries remain accountable, tempering the pure-DeFi displacement narrative. For markets, this framing supports institutional tokenization plays built with regulated infrastructure while capping expectations that public-chain protocols will directly absorb clearing and settlement functions; watch how national regulators translate this stance into tokenized-securities rulemaking.
As a Research signal, watch whether it changes price action, volatility, or flows around ETH.
Original Source: 토큰포스트
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