Dutch regulators warn securities law blocks native tokenization

• —AFM and DNB: Wge bars native tokenization, requiring a security to exist before entering the register
• —Firms run dual bookkeeping — blockchain record plus conventional ledger — eroding tokenization benefits
• —Germany and France already have laws covering electronic and blockchain-based securities
• —The US tokenized-asset market has grown nearly fivefold this year to about $3.4 billion