Six Leading Jurisdictions for Tokenized Real-World Assets in 2025: Where to Launch an RWA Platform

The acceleration of real-world asset (RWA) tokenization is reshaping the foundations of capital markets. While converting the real-world assets into tokens, firms need to decide how assets are issued, traded, and owned across jurisdictions. While the forecast suggests tokenized markets could exceed $16 trillion by 2030, with real estate and fixed income leading adoption. The trajectory of this growth is determined by jurisdictional policy. Legal frameworks dictate which assets qualify for tokenization, define the scope of eligible investors, and establish the conditions for secondary market activity.

This report evaluates the jurisdictions for RWA tokenization in 2025 that currently set global benchmarks: Singapore, the United Arab Emirates (Dubai/ADGM), Hong Kong, the European Union (Germany-led), Switzerland, and the United States. Each represents a distinct regulatory environment, investor base, and strategic pathway for compliant platform development.

Why Jurisdiction Matters for RWA Tokenization

Tokenization is as much about law as it is about code. Tokens that represent property, securities, or commodities must sit within regulatory frameworks that recognize their value and enforce investor rights.

For example:

• A real estate tokenization platform in Dubai can connect directly to property registries.
• In Switzerland, tokenized bonds are enforceable under federal law, and even central banks have tested settlement in wholesale CBDC.
• In the U.S., treasuries dominate tokenization because securities laws make other use cases more complex.

Jurisdictions matter because they shape ROI. The right environment accelerates distribution, deepens liquidity, and widens investor access. The wrong one leaves projects stuck in pilot mode.

The Six Leading Jurisdictions for RWA Tokenization in 2025

United States

The United States anchors the global market, hosting approximately 34.8% of tokenization initiatives. It has become the center of gravity for tokenized Treasuries, credit funds, and institutional-grade experiments. Platforms like Franklin Templeton’s Benji, BlackRock’s BUIDL, and Securitize’s infrastructure confirm that the U.S. offers unmatched scale, despite regulatory complexity.

Legal frameworks and issuance routes

In the US, tokenization falls under existing securities and commodities laws, enforced by the SEC and CFTC. Issuers typically navigate through exemptions:

SAB 121 was rescinded in 2025, eliminating the requirement for custodians to put client assets on balance sheets. The SEC also issued a roadmap clarifying the treatment of tokenized securities under existing statutes.

Best asset classes for platform development

• Treasuries and fixed income remain dominant due to liquidity and institutional demand.
• Private credit funds and money market instruments are emerging through Securitize and Goldman-backed projects.
• Markets such as Delaware and Wyoming provide specialized frameworks for digital asset ownership of Real estate tokenization services.

The U.S. remains one of the best countries for real-world asset tokenization if platforms are prepared for a longer runway and heavier legal investment.

Singapore

Singapore stands out as one of the most compliant jurisdictions for tokenization. The Monetary Authority of Singapore (MAS) regulates tokenized assets under the Securities and Futures Act, providing a clear framework rather than a sandbox-only approach.

Key initiatives include:

• Project Guardian: MAS, alongside JP Morgan, DBS, and others, is piloting tokenized bonds, funds, and FX.
• Project e-VCC: a blockchain-native variable capital company fund structure supported by MAS, UBS, and PwC.
• Licensing model: InvestaX operates as both a CMS provider and a Recognized Market Operator, showing that fully licensed tokenization platforms are feasible in Singapore.

Best asset classes for platform development

• Tokenized funds and bonds are most suitable, with real estate tokenization gradually emerging.
• Singapore provides an efficient launchpad for Asia-bound issuance, but large-scale retail rollouts remain constrained by investor eligibility rules.
• Real estate tokenization platforms can be structured under the Variable Capital Company (VCC) regime, enabling fractionalized funds with robust governance.

For platforms seeking real-world asset regulations 2025 that prioritize compliance and cross-border credibility, Singapore is the Asia-Pacific leader. It offers a legal path to tokenize property funds via VCC structures, making it an attractive base for Asia-focused property platforms.

United Arab Emirates (Dubai/ADGM)

Dubai, through its Virtual Assets Regulatory Authority (VARA), has created one of the clearest frameworks for tokenization globally. Unlike jurisdictions still experimenting with pilots, Dubai’s 2025 VARA Rulebook establishes enforceable regulations for token issuance, custody, exchange, and advisory.

Recent developments

• Dubai Land Department pilots: Title deeds tokenized directly on blockchain, aligning real estate registries with tokenization platforms.
• ARVA classification: Asset-referenced virtual assets formally recognized under VARA.
• Mandatory disclosures: Issuers must meet capital requirements, undergo audits, and publish whitepapers.

Best asset classes for platform development

• Real estate tokenization platforms are the UAE’s strongest use case, supported by registry integration.
• Commodities and private equity are gradually entering the framework.

For those asking where to launch the RWA platform 2025 in the MENA region, Dubai is the strongest candidate, particularly for property-backed platforms. ROI generation comes from rental yields, property appreciation, and early access to off-plan projects.

Hong Kong

Hong Kong has positioned itself as a bridge between global markets and mainland China. The Securities and Futures Commission (SFC) regulates tokenized securities under existing frameworks, and the city has already launched large-scale tokenized bonds.

Notable issuance

• An HKD 800 million green bond was issued by the Hong Kong government.
• Multi-currency tokenized bond led by HSBC, settleable in HKD, CNH, USD, and EUR.
• Retail access to tokenized gold custodied in London.

Best asset classes for platform development

• Government and corporate bonds: tokenization of debt instruments is already live through multi-currency issuance (USD, EUR, CNH).
• Gold and commodities: banks have successfully launched tokenized versions for retail distribution.
• Real estate tokenization platforms are less developed here compared to the UAE, but secondary tokenized property products could emerge as regulation matures.

Hong Kong is one of the top jurisdictions for tokenized assets if the goal is visibility in Asian capital markets with structured institutional products. It provides access to retail investors and pan-Asian institutions, making it unique in enabling mass distribution of tokenized securities. ROI stems from increased liquidity and broader participation, particularly in green and ESG-linked bonds.

Switzerland

Switzerland remains one of the most compliant jurisdictions for tokenization thanks to the DLT Act, which formally recognizes blockchain-based securities as enforceable. FINMA provides a licensing regime that integrates seamlessly with institutional finance.

Real-world examples

• Multiple cantons (Basel, Zurich, Lugano) have issued tokenized public bonds.
• SIX Digital Exchange (SDX) has become a central infrastructure for tokenized securities.
• The DLT Act recognizes ledger-based securities as legally enforceable.

Best asset classes for platform development

• Tokenized bonds: particularly attractive to institutional investors who require high-assurance legal structures.
• Real estate tokenization platforms in Switzerland benefit from enforceable ledger-based securities, enabling precise ownership recording and compliant trading.

For platforms prioritizing credibility and enforceability, Switzerland is one of the best regions for asset tokenization. ROI is linked to reduced issuance costs, faster settlement, and greater transparency.

European Union / Germany

The EU has established one of the most comprehensive frameworks through MiCA (Markets in Crypto-Assets Regulation) and the DLT Pilot Regime. Germany has implemented these rules nationally via the KMAG law, creating a clear pathway for tokenized assets.

Key Features

• The Markets in Crypto-Assets Regulation (MiCA), fully effective in 2025, establishes pan-European licensing for crypto-asset services.
• The DLT Pilot Regime allows authorized platforms to experiment with tokenized trading and settlement infrastructures, bypassing legacy constraints.
• Germany has passed the KMAG law, aligning its local regulations with MiCA and giving BaFin oversight over tokenized securities and funds.

Developments

• KFW tokenized bond issuance (€20M): under German regulation.
• Passporting advantages: once authorized, issuers can operate across all EU member states.

Best asset classes for platform development

• Funds, bonds, and tokenized securities for pan-European investors.
• Real estate tokenization is possible, but more complex due to divergent property laws across member states.

For platforms aiming to access real-world asset tokenization countries at scale, the EU represents the most comprehensive regulatory base in 2025.

Real Estate Tokenization: The Cross-Jurisdictional Opportunity

Across all six jurisdictions, real estate tokenization companies remain central to RWA adoption. Property represents the world’s largest asset class, valued at over $300 trillion, and fractional tokenization addresses the sector’s biggest pain points: illiquidity, high minimums, and complex cross-border ownership.

Real estate tokenization development typically involves:

• Establishing a legal wrapper (SPV, REIT, or fund structure).
• Issuing asset-backed tokens that represent equity, debt, or profit participation.
• Deploying a real estate tokenization platform with issuance, KYC/AML, secondary trading, and yield distribution modules.
• Partnering with licensed custodians and registries to ensure enforceable ownership rights.

Jurisdictional match by asset type:

• Dubai/UAE: income-generating real estate and luxury developments.
• Singapore: property-backed funds under VCC structures.
• Switzerland: ledger-based securities tied to institutional-grade property investments.
• United States: Reg D/Reg S real estate offerings via tokenization platforms.
• EU/Germany: pan-European real estate funds with MiCA passporting.

A real estate tokenization development company can leverage these frameworks to build platforms tailored to local investor bases while scaling globally through multi-jurisdictional strategies.

Takeaway

Tokenization is entering a pragmatic phase with legal certainty and increased investor adoption.

• For yield-focused platforms: Singapore and the U.S. lead with tokenized funds and treasuries.
• For real estate tokenization platforms, Dubai and Switzerland offer the clearest legal rails.
• For scale and pan-regional access, the EU provides passporting under MiCA.
• For retail distribution in Asia, Hong Kong’s government and banks are paving the way.

Choosing the right jurisdiction is not a one-time decision but a strategic alignment between asset class, investor base, and regulatory certainty. Those who position platforms correctly in 2025 will capture long-term ROI and credibility as the RWA market matures toward its trillion-dollar horizon.

Partner with Antier, a leading RWA tokenization development company, to build compliant, investor-ready platforms across the world’s top jurisdictions. From real estate tokenization platforms to funds, bonds, and private credit, we deliver end-to-end solutions that combine regulatory expertise, blockchain engineering, and institutional-grade security.

FAQ

What is a real-world asset tokenization platform?
A digital infrastructure that enables the issuance, trading, and lifecycle management of tokens representing fractionalized ownership in real-world assets.

Which jurisdictions are best for tokenization platform development?
The USA, UK, Dubai, Singapore, and Switzerland are currently the most favorable for tokenization companies due to clear legal frameworks and active market participation.

What services do asset tokenization companies provide?
Typical services include legal structuring, token issuance, compliance integration (KYC/AML), investor onboarding, secondary market trading, and yield distribution.

How do tokenization services enhance ROI?
They increase liquidity, reduce transaction costs, and broaden investor bases, leading to higher valuations and more efficient capital raising.

Which asset classes dominate tokenization in 2025?
U.S. Treasuries, real estate, private credit, and government bonds are the leading categories.