AFM and DNB identify a legal gap for native securities tokenization

The AFM and De Nederlandsche Bank published a joint statement on 7 October about securities tokenization in the Netherlands. They concluded that the current framework does not provide a basis for securities issued, held and transferred exclusively as tokens.

As a result, market participants often retain traditional records alongside a distributed-ledger administration. The authorities argue that this duplication limits efficiency and leaves questions about the legal significance of the token record.

The policy issue

The statement calls for government, supervisors and market participants to determine whether clarification is sufficient or legislation needs amendment. It does not introduce a new legal regime.

For a tokenization project, the missing piece is therefore not simply another technical platform. It is clarity about which record establishes the security and its ownership. The published exploration makes that distinction explicit, explaining why a functioning ledger can still depend on an existing offchain securities record.

Sources

• AFM / DNB — joint legal-framework exploration, 7 October 2026