Tokenized Assets Pilot Regulation

Design a regulatory sandbox framework for tokenized financial assets in an emerging market economy. Outline eligibility criteria, custody and settlement standards, KYC/AML controls, tax implications, market surveillance, cross-border considerations, and consumer protections. Compare stringent versus permissive regimes, define success metrics, and identify systemic risks such as liquidity gaps, custody failures, and illicit finance, with an emphasis on enabling responsible financial innovation.