Recently, the Asian Securities Industry and Financial Markets Association (ASIFMA) published a report entitled “Treasury Securities – A Roadmap for Market Participants and Regulators”. The report details the impact of tokenization on market participants and the current areas that need to be considered at each stage of the securities lifecycle of a cross-blockchain ecosystem. The report was written by employees of Citi, Nomura, PricewaterhouseCoopers and Standard Chartered Bank. The report also suggests that token transactions require a consistent mechanism to ensure that the final outcome of the settlement is consistent with the regulatory requirements of the blockchain ecosystem. When designing the architecture and agreeing on agreements between different participants, it is also necessary to consider the regulatory requirements for storing and sharing personal data. The report points out that isolating blockchain infrastructure from legacy systems can help accelerate the deployment of new technologies in the short to medium term. In addition, the report calls for the standardization of blockchains and smart contractual agreements based on use cases or products and existing ecosystems to which they need to be connected.