Page 16 - CMA Journal (Jan-Feb 2026)

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ICMA: GBBC helps shape global standards. Where
should standard-setting focus right now to
encourage innovation while keeping systems At the end of 2025, GBBC was
secure?
approved for Category A Liaison
Sandra Ro: Standards are how trust travels across
borders and scales industries. No industry has ever status under the International
scaled without standards and proper risk mitigation
frameworks across the technical, legal, regulatory, and Organization for
business domains.
Standardization (ISO) Technical
In an industry without borders, digital technologies
have reached a critical juncture where standards are Committee 307 on blockchain
essential to building harmonized, secure, and trusted and distributed ledger
infrastructure. We know that scaling real world
solutions requires strong standardization. technologies (ISO/TC 307)
At the end of 2025, GBBC was approved for Category A
Liaison status under the International Organization for
Standardization (ISO) Technical Committee 307 on
blockchain and distributed ledger technologies jurisdictions about what is possible and the lessons
(ISO/TC 307). GBBC assumed a full representational they offer.
role, actively seeking community input regarding
ICMA: Tokenization is becoming central to
contributions to ISO/TC 307 and other matters under
blockchain. How would you explain it simply, and
consideration within the global standards community.
why does it matter for businesses and investors?
ICMA: A key part of GBBC’s mission is “responsible
Sandra Ro: In particular, real-world asset (RWA)
adoption.” How does that look in practice for
tokenization is the process of taking a real-world asset,
organizations and industries embracing digital
whether tangible or intangible, and creating a digital
assets?
representation of it on a blockchain or DLT. Once an
Sandra Ro: The key to responsible adoption is actively asset is on-chain, businesses and investors can transfer,
engaging appropriate private and public sector exchange, or store it more easily and securely.
stakeholders in constructive dialogue. One of GBBC’s
There are many potential benefits, which include
pillars centers on partnerships that bring public and
increased transparency, better record keeping,
private sectors together to build alignment on industry
unlocking trapped capital for increased investment or
needs and support the scaling of real-world use cases.
use, reducing intermediaries and/or costs, embedding
All stakeholders may not always agree, but we must
instant payments and cash-leg settlement, and
continue an open dialogue to find common ground on
creating new opportunities for fractionalization of
definitions, taxonomy, standards, and regulatory
assets (e.g., digitally breaking up a real estate asset or
guardrails.
gold bar into many smaller pieces and selling them
ICMA: With initiatives in nearly 120 jurisdictions, digitally in primary and secondary markets).
which country or region is surprising or under the
You can fractionalize assets without blockchain, but
radar for getting blockchain right, and what lessons
keeping track of many smaller transactions with
could Pakistan draw from them?
separate payment rails may become onerous and more
Sandra Ro: Often, the smaller jurisdictions have been cumbersome using legacy systems.
at the forefront in advancing digital assets and
ICMA: Beyond financial assets, which non-financial
blockchain based legislation and frameworks.
applications of blockchain or tokenization, like
Regulators from Switzerland, Liechtenstein, and
supply chains, identity, or sustainability, excite you
Singapore have been some of the earliest and most
most for their potential to transform everyday life?
prolific leaders in digital assets regulation.
Sandra Ro: About 97% of organizations face significant
From an innovation point of view, the Kingdom of
challenges in supply chain management, including
Bhutan and its sovereign wealth fund, Druk Holdings &
limited visibility, reliance on paper-based processes,
Investments Limited, have surprised many with their
and growing labor or skill shortages.
digital identity system, investments in crypto, and
blockchain. We can all learn from these smaller, nimble
ICMA’s Chartered Management Accountant, Jan-Feb 2026