Tokenization of “real-world” financial assets and liabilities will be the topic of a symposium set for early next year by the regulator of national banks, the agency said Wednesday.
The Office of the Comptroller of the Currency (OCC) said the Feb. 8 event – to be held at OCC headquarters in Washington, D.C. – is aimed at promoting public discussion of the potential for tokenization “to improve the efficiency and robustness of financial settlements.”
In announcing the symposium, Acting Comptroller Michael Hsu drew a sharp line between crypto and tokenization. He called the former “driven by the promise of speculative gains” which he said continues to be marked by rampant scams, fraud, and hacks, “and struggles to comply with anti-money laundering rules.”
Tokenization, by contrast, he asserted, “is driven by solving real-world settlement problems and can easily be developed in a safe and sound manner and fully compliant with anti-money laundering rules.”
Among other things, the OCC said, the event is scheduling keynote remarks from Hyun Song Shin, economic adviser and head of research at the Bank for International Settlements (BIS), panel presentations to explore the legal foundations for tokens, tokenization use cases, and risk management and control considerations. Discussions about legal and economic research on tokenization are also planned.
The symposium will be open to the public and webcast live, the agency said. Registration, agenda, and more details will be posted on the OCC website later this year, according to the OCC.
OCC to Host Symposium on the Tokenization of Real-World Assets and Liabilities