Dutch regulators say national law blocks native securities tokenisation

The AFM and DNB publish a joint exploratory study on securities tokenisation in the Netherlands, concluding that current Dutch law offers no basis for fully native tokens and forcing firms into hybrid dual-registration arrangements. This segment covers what the regulators found, what they are asking government to do, and why Dutch market infrastructure choices may migrate elsewhere.

• AFM and DNB find Dutch law gives no basis for securities issued, held and transferred exclusively as tokens; native tokenisation is not currently possible.
• Hybrid dual registration alongside DLT limits efficiency gains and creates uncertainty over the legal significance of the token record.
• The regulators call for a government-led follow-up aligned with European initiatives, using specific use cases to decide whether to clarify or amend rules.