Native Issuance, Regulatory Momentum, and What Comes Next
Insights from Token City’s Javier de Coca Benjumea
In the fast-evolving world of blockchain and finance, Real-World Asset (RWA) tokenization is quickly becoming a cornerstone for institutions seeking transparency, efficiency, and access to new markets. But for all the hype, what’s really happening behind the scenes? What are the real barriers – and where is the momentum?
To answer these questions, we spoke with Javier de Coca Benjumea, Head of Global Ecosystem at Token City, a Spanish fintech working at the forefront of native asset issuance and compliant tokenized securities infrastructure. With deep regulatory collaboration and a technology-first approach, Token City is shaping the next chapter in financial infrastructure.
From Digital Twins to Native Tokenized Assets
While most of the industry still relies on the “digital twin” model (tokenizing an off-chain asset), Token City has taken a bold step toward native issuance – where the token is the asset.
“We operate under a legal framework that mandates native issuance,” explains Benjumea. “The asset doesn’t exist elsewhere – only on-chain. This is the end state of tokenization, and we’re already doing it.”
This model aligns with forward-looking strategies from the Singapore Monetary Authority and the Bank for International Settlements, who see native assets as the future of capital markets infrastructure.
Regulation Is Still the Elephant in the Room
Despite significant progress, regulatory complexity remains the #1 barrier to RWA adoption.
Token City’s journey has involved close collaboration with Spanish financial authorities, working to shape frameworks under the EU’s pilot regime for tokenized securities. But even within Europe, Benjumea notes:
“There’s still enormous regulatory fragmentation. Belgium’s regulators, for instance, don’t even consider what we’re doing yet.”
Cross-border compliance, buy-side vs. sell-side legal alignment, and regulatory interpretation slow adoption, particularly for startups. Yet major institutions are watching closely – because the efficiencies are too compelling to ignore.
The Hidden Challenge: Technical and Blockchain Fragmentation
It’s not just about law – it’s also about infrastructure.
Token City faces a familiar problem: the blockchain ecosystem is technically fragmented. Compatibility between different chains (EVM-based vs. non-EVM like Ripple or Dusk) creates friction in partnerships.
“We’ve had great conversations with teams, shared vision – but couldn’t collaborate due to incompatible tech stacks,” Benjumea admits.
This issue is especially acute when tokenized assets need to be cross-chain portable, composable in DeFi, or liquid in secondary markets.
Where RWA Makes the Most Sense
According to Benjumea, the biggest opportunities in RWA lie in:
- Private company equity and debt
- Real estate
- Luxury goods with strong branding
- Innovative financial structures like tokenized money market funds
Why these? Because they solve actual pain points: illiquidity, high intermediation costs, and limited investor access.
“Tokenizing Apple stock doesn’t make sense – it’s already liquid. But SMEs who want to raise capital from a crowd of retail investors? That’s where blockchain creates value.”
He adds a standout example: a luxury brand issuing native on-chain bonds backed by lab-grown diamonds made from the grass of elite football stadiums like Real Madrid and FC Barcelona. A clever blend of storytelling, scarcity, and Web3-native mechanics.
What Institutional Interest Really Looks Like
While crypto grew bottom-up, RWA is growing top-down. Regulators, banks, and asset managers (like BlackRock and Franklin Templeton) are now exploring tokenized money market funds – creating an on-chain parking lot for stablecoins and idle liquidity.
“Stablecoins enabled users to escape volatility without leaving crypto. Now money market funds offer a yield-bearing, regulated alternative. Everyone wins,” says Benjumea.
These structures are not experimental anymore – they’re operational, and they’re attracting serious volume.
Building Trust With Investors: Security, Transparency, and Regulation
While Token City doesn’t directly handle investor acquisition, their platform ensures that issuer projects meet strict regulatory standards. Each issuance receives an ISIN code, is overseen by regulatory supervisors, and includes audited investor protection.
“Trust comes from legitimacy,” Benjumea says. “We’re not just a tech provider – we ensure every asset issued on our platform meets the expectations of serious investors.”
So, Is RWA Tokenization a Trend or the Next Financial Infrastructure?
The verdict from Benjumea is clear: RWA isn’t hype. It’s a structural shift.
It’s just early – slower than DeFi or NFTs because it’s institution-led. But that also makes it more sustainable. The incentives for both startups and financial giants are aligned, and infrastructure is being laid to bridge the gap.
“We’re building from one side – startups and SMEs. Others are building from the institutional side. Eventually, we’ll meet in the middle.”
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Disclaimer:
This article is based on information and opinions provided by Javier de Coca Benjumea, Head of Global Ecosystem at Token City, during a recent conversation. The views expressed in this article are intended for informational purposes only and should not be construed as investment advice or recommendations. OQTACORE does not endorse any specific platform, product, or investment strategy mentioned herein. Always conduct thorough research and consult with a professional advisor before making any financial decisions.
