Sweden's Finansinspektionen is inviting companies and other market participants to join a reference group for a new guidance project on tokenised money and DLT-based payments. The deadline to register interest is 22 November.
Innovationskompassen is the method Sweden's Finansinspektionen uses to capture the market's need for guidance and prioritise it in dedicated guidance projects, launched in December 2025. The next theme has now been chosen: tokenised money, meaning digital representations of money or monetary claims that are recorded and transferred using distributed ledger technology (DLT) – blockchains being the best-known example. The work takes place in dialogue with a reference group made up of representatives from the regulator, the industry and other relevant parties.
Finansinspektionen points to growing interest in DLT across the financial industry, both in Sweden and internationally. At the same time, new forms of tokenised money are emerging, such as tokenised bank funds and stablecoins structured as e-money tokens under the EU's crypto-asset regulation, MiCA. In parallel, work is under way within the EU to make central bank money usable in DLT-based solutions as well.
This development can enable faster and more automated transactions, but it also raises questions about which rules apply to the various digital means of payment, and how they can be used across different financial contexts.
Tokenisation is an area where Finansinspektionen has seen demand for guidance from the market. A number of proposals touching on tokenisation have already been submitted to Innovationskompassen, which is why the regulator is now moving ahead with tokenised money and DLT-based payments as the theme for its next project. The more precise direction will be set by the reference group itself as the work gets under way.
Among the questions that may become relevant are how different forms of tokenised money should be classified and which rules then apply, how different means of payment can be used, and how DLT-based solutions can work alongside existing payment and settlement systems.
Questions of this kind can arise in several contexts, including cross-border payments, where tokenisation could potentially make the flow of funds faster and more automated, and in the trading and settlement of tokenised financial instruments such as shares and bonds. Depending on the use case, different types of tokenised money may become relevant – tokenised bank funds, e-money tokens or central bank money.
Work in the reference group takes the form of dialogue, with participants expected to help identify and spell out the regulatory and practical challenges they see. The questions and possible guidance needs will be discussed over four to five joint workshops. Finansinspektionen leads the work and limits the dialogue to questions it can itself provide guidance on within its mandate; the project does not cover issues outside the regulator's area of responsibility.
Finansinspektionen is now looking for companies and other actors with experience of, or concrete plans for, tokenised money and DLT-based payment solutions. This could include actors working with stablecoins that are e-money tokens under MiCA, tokenised bank funds or other DLT-based payment solutions, as well as actors working on payment solutions linked to tokenised financial instruments such as shares and bonds.
Selection will be based on participants' relevance to the project, though Finansinspektionen is also aiming for a broad mix of businesses, areas of expertise and perspectives. If interest is high, the number of participants may need to be limited so the work can be carried out effectively. The deadline to register interest is 22 November.
Sources: Finansinspektionen
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