Hashed, ADGM Publish Report Saying Tokenization Has Entered Market-Redesign Phase

Global Web3 venture capital firm Hashed said April 28 that it published a policy report with the Abu Dhabi Global Market Registration Authority on the future of financial infrastructure built on artificial intelligence and blockchain.

The report was co-authored by Hashed Open Research, the firm's policy think tank, and the ADGM Registration Authority. It was based on discussions at a Web3 Leaders Roundtable the two sides hosted during Abu Dhabi Finance Week 2025 last year.

About 40 representatives from global financial institutions, regulators and infrastructure companies joined two roundtable sessions. Participants included the Abu Dhabi Investment Authority, BlackRock, the Depository Trust & Clearing Corp., Franklin Templeton, Circle, Consensys, the Solana Foundation, the European Commission and the government of Liechtenstein.

The report said blockchain could become essential financial infrastructure as AI agents spread. As more autonomous AI entities carry out transactions, existing internet and payment systems may reach their limits, making blockchain a potential alternative.

It said tokenization has moved beyond simply digitizing existing assets and entered a phase of redesigning market structure across issuance, distribution and settlement. The report said DTCC set out a goal of tokenizing the broader U.S. capital market. It also cited cases in which tokenized gold products drew some flows away from traditional gold exchange-traded funds.

The report identified standards for the soundness of digital settlement assets such as stablecoins, along with accounting treatment, as key factors that will determine the pace of institutional adoption. It also said widespread use of AI agents by individuals could reshape how people participate in the digital economy.

Regulatory uncertainty remains a major obstacle, according to the report. It said institutional expansion is being constrained by high risk weights applied to digital assets under Basel rules, differing anti-money laundering and know-your-customer requirements across jurisdictions, and unclear accounting and tax standards.

The report said stablecoins and real-time settlement offer a practical path for scaling, but tokenization could remain limited unless secondary-market liquidity and redemption structures are in place. It added that a balanced regulatory framework is needed because excessive regulation in the market's early stages could hinder innovation.

Rashed Al Blooshi, chief executive of the ADGM Registration Authority, said governance should not be treated as an afterthought as AI and blockchain become more deeply embedded in the financial system. Systems need to be built around practical control points such as identity verification, permission management, auditability and clarity of rights so innovation can scale responsibly.

Hashed Chief Executive Officer Simon Kim said the gathering brought together global leaders from regulators, institutional investors and infrastructure builders to discuss practical policy questions over who will redesign capital-market structure and how. He added that he hopes the report will serve as a concrete reference for designing digital financial infrastructure.