Impacts of Asset Tokenization on the Cross-Border Financial System and Monetary Sovereignty Governance

Tianchang Zhan

doi:10.47297/wspdecWSP2515-797315.20250912

PDF
导出
分享
收藏
专辑

Impacts of Asset Tokenization on the Cross-Border Financial System and Monetary Sovereignty Governance

9卷第12期

浏览量: 0 Downloads: 0

Impacts of Asset Tokenization on the Cross-Border Financial System and Monetary Sovereignty Governance
Impacts of Asset Tokenization on the Cross-Border Financial System and Monetary Sovereignty Governance
Schulich School of Business, York University, Toronto, Ontario, M3J 1P3, Canada
2025年9卷第12期页码：68-75
纸质出版：2025-12-30
DOI：10.47297/wspdecWSP2515-797315.20250912
Accepted：

Scan QR Code

Tianchang Zhan. (2025). Impacts of Asset Tokenization on the Cross-Border Financial System and Monetary Sovereignty Governance. 发展经济学, 9(12), 68-75.

Zhan Tianchang.Impacts of Asset Tokenization on the Cross-Border Financial System and Monetary Sovereignty Governance[J].Development Economics of China,2025,09(12):68-75.
Tianchang Zhan. (2025). Impacts of Asset Tokenization on the Cross-Border Financial System and Monetary Sovereignty Governance. 发展经济学, 9(12), 68-75. DOI： 10.47297/wspdecWSP2515-797315.20250912.

Zhan Tianchang.Impacts of Asset Tokenization on the Cross-Border Financial System and Monetary Sovereignty Governance[J].Development Economics of China,2025,09(12):68-75. DOI： 10.47297/wspdecWSP2515-797315.20250912.

摘要

Abstract

This paper examines how real-world asset (RWA) tokenization and stablecoins reshape cross-border capital flows and challenge traditional monetary sovereignty governance. Through a comparative analysis of China

the United States

the EU

Hong Kong

and Singapore

it identifies three regulatory pathways and reveals an inverted U-shaped relationship between regulatory stringency and innovation performance. The study proposes a "Benevolent Regulation" framework and an Automated Benevolent Regulation (ABR) model to explain how technology-integrated

public-interest-oriented regulation can achieve a dynamic balance between financial stability and innovation in the era of digital finance.

关键词

Keywords

references

Arner D. W. , Buckley R. P. , Zetzsche D. A. , & Lever A . ( 2023 ). Financial stability, innovation and the role of fintech regulation: The case of digital assets and tokenisation . Journal of Banking Regulation , 24 ( 1 ), 68 – 89 .

Bowen G . A . ( 2009 ). Document analysis as a qualitative research method. Qualitative Research Journal , 9 ( 2 ), 27 – 40 .

Brunnermeier M. K. , James H. , & Landau J . P . ( 2022 ). The digitalization of money. International Monetary Fund .

Catalini C. , & Gans J . S . ( 2020 ). Some simple economics of the blockchain. Communications of the ACM , 63 ( 7 ), 80 – 90 .

Eisenhardt K . M . ( 1989 ). Building theories from case study research. Academy of Management Review , 14 ( 4 ), 532 – 550 .

Hall P. A. , & Soskice D . W . ( 2001 ). Varieties of capitalism: The institutional foundations of comparative advantage. Oxford University Press .

International Monetary Fund (IMF) . ( 2023 ). Global financial stability report: Crypto assets and systemic risk . International Monetary Fund .

Le H. , Narain A. , & Rose A . K . ( 2023 ). Capital flows, crypto assets, and central bank policy: Evidence and implications. IMF Working Paper .

OECD . ( 2023 ). Tokenisation of real-world assets and the future of capital markets . OECD Digital Finance Report .

Obstfeld M. , Shambaugh J. , & Taylor A . M . ( 2010 ). Financial stability, the trilemma, and international reserves. American Economic Journal: Macroeconomics , 2 ( 2 ), 57 – 94 .

Saldaña J . ( 2021 ). The coding manual for qualitative researchers (4th ed .). Sage .

Yin R . K . ( 2018 ). Case study research and applications: Design and methods (6th ed.). Sage .

Zetzsche D. A. , Buckley R. P. , & Arner D . W . ( 2020 ). Regulating digital financial services: Platforms, tokenization and compliance. European Business Organization Law Review , 21 ( 4 ), 801 – 838 .

文章被引用时，请邮件提醒。

Submit

The Impact of Lax Financial Regulation on the Euro Crisis

Related Author

Jia Xu Chongqing College of International Business and Economics

Qi Gao Chongqing College of International Business and Economics

Jing He Chongqing College of International Business and Economics

Related Institution

Chongqing College of International Business and Economics

⁰