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The US Securities and Exchange Commission on Thursday unveiled its long-awaited exemption that will allow companies to offer trading in blockchain-based or "tokenized" stocks and other securities, in a major move that could integrate digital assets more deeply into traditional markets.The agency is offering a five-year exemption to platforms that facilitate trading of tokenized stocks — digital tokens that represent a stock and can be traded on a blockchain similar to a cryptocurrency — from many of the rules that apply to the Nasdaq, NYSE and other stock exchanges.It is also offering liquidity providers in tokenized stocks a five-year exemption from dealer registration requirements.Platforms would be required to notify companies before listing tokenized versions of their stocks, and would be barred from offering those products if the issuer objects, according to an SEC official."Synthetic" tokens offering exposure to a stock via a derivative or other product would not be permitted.The crypto industry says tokenizing securities could revolutionize markets by allowing shares to be traded 24/7 and settled instantly, boosting liquidity and reducing transaction costs. They could also allow investor self-custody and fractional ownership of shares, the SEC said.The SEC said the exemption is necessary because platforms offering tokenized stocks may face substantial challenges complying with the federal securities laws "without potentially burdensome changes" to their business models."The Innovation Exemption is designed to resolve challenges that have prevented responsible innovation from taking root in the US while providing investor protections and market integrity standards," said SEC Chair Paul Atkins in a statement.Prominent crypto players including Coinbase have signaled that they plan to launch tokenized stocks in the US when the rules allow. Robinhood, Kraken and several other crypto exchanges already offer tokenized stocks overseas.The new exemption comes just days after the US Senate failed to advance comprehensive cryptocurrency legislation backed by President Donald Trump in a major blow for digital asset companies and Republicans who had championed the bill for months.Over the long term, the exemption could pave the way for major structural changes to equities markets, bringing such crypto upstarts into direct competition with traditional brokerages like Morgan Stanley's E*Trade and Charles Schwab, said analysts and attorneys.The SEC also said on Thursday that tokenized stock trading could enable investors to self-custody their assets and enhance transparency.The innovation exemption is part of a broader SEC crypto policy U-turn under Trump, who courted crypto cash on the campaign trail by pledging to end a Democratic crackdown on the industry and who has profited from his own crypto ventures.The SEC in August proposed exempting certain crypto companies and offerings from US securities rules, which should make it easier for crypto companies to issue tokens and raise money.Although many tokenized stock products overseas are marketed like stocks, they rarely offer the same rights, disclosures and protections as traditional equities. A few companies have issued their own experimental stock tokens on the blockchain — software that acts as a shared digital ledger — but most tokenized shares are pegged to public companies and issued by third parties.The SEC said that under its exemption, tokenized stocks must offer the same rights and privileges as traditional securities, including rights to receive dividends and exercise voting rights.

Dukhan Bank has gone live on Kinexys by JP Morgan’s Blockchain Deposit Account network, making it the first Islamic bank in Qatar to adopt this next-generation payments infrastructure.The implementation marks a significant step in Dukhan Bank's digital transformation journey, enabling faster, more efficient, and always-on payment services for corporate and institutional clients with increasingly global and time-sensitive treasury requirements.Kinexys’ Blockchain Deposit Account network, offered through JP Morgan’s industry-leading blockchain business unit, enables real-time cross-border payments 24 hours a day, seven days a week, including weekends and public holidays. The network supports major global currencies and enables near-instant settlement, programmable payments, and improved liquidity management.Ahmed I Hashem, acting Group CEO of Dukhan Bank, said: “Going live on Kinexys’ Blockchain Deposit Account network reflects Dukhan Bank’s commitment to delivering innovative, Sharia-compliant solutions that respond to the evolving needs of our clients.“By leveraging blockchain technology, we are enhancing the speed, transparency, and efficiency of cross-border payments, while supporting modern treasury requirements and strengthening our digital capabilities.”Akshika Gupta, Global head of Product Sales and Solutions, Kinexys by JP Morgan, said: “Kinexys’ Blockchain Deposit Account network enables banks to offer clients real-time, 24/7 cross-border payments and efficient, always-on settlement.“With an established presence in the Middle East, eight of the region’s largest banks leverage our Blockchain Deposit Account network, we’re pleased to support Dukhan Bank as it expands its payment capabilities. We remain focused on helping financial institutions across the region leverage the next phase of digital payments.”The development also reflects the growing role of advanced payment infrastructure in Islamic finance. The transparency, security, and real-time settlement capabilities of distributed ledger technology can support principles such as clarity, certainty, and efficiency in financial transactions, and this implementation reinforces Dukhan Bank's commitment to innovation within a Sharia-compliant framework.Dukhan Bank now joins a growing network of leading global financial institutions leveraging blockchain-powered infrastructure to modernise cross-border payments, optimise liquidity management, and support the future of digital finance.

Businesses must prepare for agentic commerce, where AI-powered agents will shop on behalf of consumers, and for blockchain-based solutions that could reshape cross-border transactions.Visa Group president Oliver Jenkyn made the statement during ‘Media Day’ held recently ahead of the Visa Payments Forum in Paris, France, where he described the global payments industry as facing nine simultaneous technological revolutions.Jenkyn said the convergence of technologies such as generative AI, blockchain, quantum computing, and post-quantum cryptography is creating both confusion and opportunity. “If you aren’t a little bit confused, you aren’t paying attention,” he emphasised.He noted that uncertainty has always accompanied major industrial shifts, citing the advent of the internal combustion engine, personal computers, and the Internet. Quoting Voltaire, Einstein, and psychologists Dunning and Kruger, Jenkyn argued that humility and curiosity are essential qualities for navigating disruption.Jenkyn stressed that the difference between good and great teams lies in their willingness to adapt. “Great teams embrace the change; they lean into the change. They adopt a culture of curiosity, and they push themselves and their teams to learn and continue to advance,” he explained.He said the Visa Payments Forum provides a platform for dialogue and inspiration at a time when the industry is redefining itself. “It provides a venue for conversation and communication so that we can share and support, and most importantly, we can inspire each other for this next phase of what’s happening in our industry,” he emphasised.Jenkyn acknowledged that while technologies such as generative AI and blockchain are often discussed in abstract terms, they are already having tangible impacts on payments. “All of these topics are wonderful conversation topics, but unfortunately they’re having a very real and tangible impact on our business right now,” he said.He urged businesses to prepare for agentic commerce, where consumers will delegate shopping decisions to AI-powered agents, and for blockchain-based solutions that could reshape cross-border transactions.In Qatar, regulators have echoed similar concerns about balancing innovation with stability. In its 2025 Annual Report, the Qatar Central Bank (QCB) emphasised the need for robust cybersecurity and regulatory frameworks to support digital transformation in payments.The QCB’s Fintech Strategy 2025 also highlighted the importance of fostering fintech partnerships while ensuring compliance with international standards, a stance that aligns with Jenkyn’s call for curiosity and adaptability in the face of disruption.Jenkyn pointed out that the industry’s future will depend not on eliminating uncertainty, but on harnessing it as a driver of growth. “There will always be change. There will always be uncertainty; and we will always be able to adjust,” he noted. 

The Qatar Financial Centre (QFC) has launched a pioneering proof of concept (POC), under its Digital Asset Lab, marking a significant step forward in the application of blockchain technology to Islamic finance.This development was enabled through the collaboration of a consortium of partners — AlRayan Bank, Blade Labs, and Hashgraph — each contributing unique expertise to a shared vision of financial innovation.The POC will demonstrate a blockchain-based digital receipt system (DRS) that can enhance transparency, efficiency, and regulatory compliance in Shariah-compliant asset-backed finance.The system will operate on HashSphere, a private permissioned distributed ledger technology (DLT) network built with Hedera technology, deployed on Google Cloud infrastructure provisioned through QFC’s lab.This initiative exemplifies a collaborative model where regulatory foresight, technical innovation, and domain expertise converge.The QFC serves as the orchestrator of the initiative, providing infrastructure support and subject matter expertise to guide the use case development.Hashgraph delivers and operates the underlying blockchain infrastructure, ensuring secure and scalable network performance, and Blade Labs leads the development of the DRS, including smart contracts and user interfaces tailored to Islamic finance use cases.AlRayan Bank plays a critical role in validating the system’s functionality, offering domain-specific insights and exploring commercialisation pathways, while Google Cloud enterprise-grade infrastructure is utilised for the initiative."Through our Digital Assets Lab, we’re proud to facilitate this pilot as a step forward in exploring how blockchain can bring greater efficiency and scalability to Shariah-compliant financial products. This initiative reflects our continued support for tokenisation, financial innovation, and collaboration aligned with the Third Financial Sector Strategic Plan," said QFC Authority chief executive officer Yousuf Mohamed al-Jaida.Omar al-Emadi, acting Group chief executive officer of AlRayan Bank, said innnovation is a cornerstone of Islamic finance, and this initiative reflects its commitment to advancing Shariah-compliant financial solutions that meet the evolving needs of the market."Through our participation in this POC, we reaffirm our role in validating the system’s functionality and laying the groundwork for scalable, practical applications that can strengthen the future of Islamic finance while reinforcing Qatar’s position as a regional hub for financial innovation," he said.By participating in this POC, it is not only validating the system, but also helping pave the way for practical and scalable applications of blockchain technology in the Islamic finance sector, according to Houssam Itani, Group chief transformation officer, AlRayan Bank.Sami Mian, chief executive officer, Blade Labs, said the DRS POC will showcase that blockchain, smart contracts, and global identity standards can address the operational bottlenecks that currently prevent Islamic finance institutions from scaling certain Shariah-compliant asset-backed products."By providing a controlled environment to measure actual business outcomes, institutions can evaluate whether this technology approach solves problems worth solving before making larger commitments," he said.Eric Piscini, chief executive officer, Hashgraph, said it is built to deliver the trust, performance, and regulatory confidence that today’s financial systems demand."Backed by the scalability and security of Hedera’s enterprise-grade technology, this collaboration highlights how the right infrastructure can unlock new possibilities in both Islamic finance and broader financial innovation," according to him.