Status: Completed stakeholder engagement in Summer 2026 and preparing Phase 1 Findings Report
Participating CSA members: Alberta Securities Commission, British Columbia Securities Commission, Ontario Securities Commission, Autorité des marchés financiers
Around the world, financial institutions are launching tokenized products. At the same time, central banks and securities regulators are exploring new frameworks to support innovation, while protecting investors and safeguarding financial stability.
Tokenization generally refers to the process of creating, issuing or representing rights to real or digital assets through a digital token recorded using distributed ledger technologies (DLT). One prominent application of DLT is the tokenization of certain financial assets in capital markets.
International standard-setting bodies, such as the International Organization of Securities Commissions, the Financial Stability Board, the Bank for International Settlements, the Global Financial Innovation Network, and the International Monetary Fund have published comprehensive policy recommendations. These recommendations address governance, custody, market integrity, cross-border cooperation, and operational risk in tokenized markets and have identified tokenization as a priority focus area for regulators. Their work reflects a growing consensus on the need for consistent regulatory outcomes and harmonized standards to manage the risks and unlock the benefits of tokenization globally.
With tokenization emerging as a priority area for regulators globally, the CSA launched Project Tokenization. This project examines how tokenized financial products intersect with Canadian securities laws and supports informed, coordinated responses to innovation in capital markets.
About Project Tokenization
Project Tokenization uses a flexible information-gathering approach, which includes stakeholder engagement, issue-mapping exercises and targeted research. This information helps CSA staff decide whether, when and how to launch a live testing environment that supports continued regulatory learning and collaborative exploration.
The overarching goal is to build a shared understanding of tokenization and its implications for Canadian markets, while maintaining investor protection and market integrity.
Get involved
The CSA invites market participants, technology providers, investor representatives and other interested parties to share insights on real-world use cases, priorities and challenges. If you are exploring tokenization or have insights to share, please complete our survey.
The CSA encourages firms exploring tokenization to contact the securities regulator in the provincial or territorial jurisdiction where their head office is located, to discuss potential paths forward. If you would like to receive updates about Project Tokenization, please complete an expression of interest.