Future matters

Securities Services


In this paper, we provide an overview of the current regulatory landscape for digital assets in key markets across the globe. We also highlight some of the work we have done to learn and grow within the tokenised asset space, in particular via a series of experiments with our clients and trusted partners.


Head of Public Affairs, Sercurities Services, BNP Paribas


Head of Digital Assets, Securities Services, BNP Paribas

As the financial services industry continues its digital transformation, custodians have a significant role to play in ensuring the safety and security of all client assets, digital or otherwise.

The regulatory landscape within the digital assets space is fast-changing and authorities are placing great emphasis on a cautious, measured, and informed approach to digital asset service provision. With this in mind, BNP Paribas is closely following regulatory developments as they evolve. We are adopting an incremental approach to building the strong foundations required to support our clients on their digital asset journey.

This paper highlights some of the work we have done to learn and grow within the tokenised asset space, in particular via a series of experiments with our clients and trusted partners. It also provides an overview of the current regulatory landscape in key markets across the globe with a view to helping our clients navigate the various requirements in each jurisdiction.

A common global taxonomy may currently be lacking for these assets, but it is our duty to engage with regulators and help to build sensible and proportionate digital asset regulation for the future of the industry. Likewise, exploring the potential of blockchain to transform key processes within the industry enables us to adapt our own services as necessary to allow clients to truly benefit from these developments.

Global regulatory outlook for digital assets

A globally focused and comprehensive regulatory framework for digital assets would serve to protect investors and help to define services for market participants, while also fostering innovation in the digital asset space.

However, the current reality the industry is faced with is a patchwork of in-flight regulatory initiatives across the major global markets that sometimes conflict in key areas, particularly in the definition of various digital assets.

To help you navigate the various requirements, we provide an overview of the regulatory landscape for the following jurisdictions:

  • European Union
  • France
  • Germany
  • Luxembourg
  • United Kingdom
    United States
  • Hong Kong
  • Singapore
  • Australia

Digital assets: learning by doing

Each of our experiments has taught our teams important new lessons about the realm of digital assets and the legal, operational, technology and compliance dynamics of this evolving market

  • Digital cash
  • DLT and fund distribution
  • EIB bonds: the Venus and Mars experiments
  • Assessing the full lifecycle of an ESG-focused tokenised bond

As a global custodian, Securities Services at BNP Paribas aims to support its clients should they wish to enter the digital asset space. We are the long-term partner of choice of our clients, and as such, we believe that innovation and protection of our clients’ interests should go together.

Fostering real, durable change is a process. That is why we are taking an incremental approach, experimenting with distributed ledger technology and digital asset processes in regulated environments to build a resilient, compliant, and sustainable digital asset space.

As digital asset regulatory frameworks across the globe continue to evolve, market participants need to get to grips with the requirements of new and emerging asset classes. Much like the regulators themselves, market participants from across the value chain must experiment with distributed ledger technology (DLT) and digital asset processes to better understand their operational, legal, and administrative aspects.


Access the Future matters publication

To request your access to the Future matters publication, please complete the form below. You can reach out to your BNP Paribas representative for a direct access to the publication.

Personal data collected above are subject to a treatment designed especially for the internal management and, where appropriate, for the purposes of commercial prospecting by BNP Paribas and / or its sub-contractors. Your personal data will be kept for the duration of the contractual relationship with us plus a specified number of years after the end of the contractual relationship or as otherwise required by applicable law.

For the same purposes as mentioned above, BNP Paribas may also transfer personal data to its subsidiaries and/or affiliates, as well as external service providers located outside of the EEA.

In accordance with the General Data Protection Regulation (GDPR), European Regulation no. 2016-679, depending on the nature of the processing of the personal data concerned, you have a right of access, rectification and erasure of your personal data together with the right to restrict or object to the processing of such data. For more information on the General Data Protection Regulation (GDPR), details regarding processing purposes, and data retention principles, as well as your rights in relation to the processing of your personal data by BNP Paribas SA, in the context of Securities Services activities, please refer to our data protection notice: https://cib.bnpparibas/data-protection-notice/.