Page 19 - CMA Journal (Jan-Feb 2026)

([FOXVLYH ,QWHUYLHZ

ICMA: What excites you most about tokenizing real
world assets such as programmable ownership and ESG must be made
24/7 markets?
meaningful, with credible data,
Izzat-Begum B. Rajan: What excites me most is
programmable ownership, for example automating auditability, and strong
corporate actions, compliance checks, and revenue flows
in ways that reduce friction and errors. Equally important anti-greenwashing measures
is the shift toward near real time, 24/7 market across tokenized asset
infrastructure, which can lower settlement risk and
lifecycles, especially for
broaden participation across time zones.
ICMA: In your view, which real world asset such as
property, crops, or digital rights is most ready for reporting, provenance, and
tokenization today?
impact claims
Izzat-Begum B. Rajan: Digital rights, for example
royalties and licensing revenues, are among the most
ready for tokenization because the asset lifecycle is
already digital, rights can be standardized, and ICMA: Ahead of the February 2026 Digital Assets
distribution can be automated transparently. Where land Forum, what bold actions should policymakers and
registries and ownership clarity are strong, selected real leaders take to create ESG aligned and interoperable
estate use cases can also scale, but readiness varies widely tokenization ecosystems?
by jurisdiction.
Izzat-Begum B. Rajan: Policymakers need to provide
ICMA: In your “Critique of Regulatory Conflation” legal certainty for on-chain representations of rights,
paper, you show how misclassifying tokens can hurt including enforceability, custody, and insolvency
innovation. What practical guidance can you give treatment. They should also ensure interoperability by
regulators to classify tokens correctly and encourage design, using common data models, identifiers, and open
adoption? standards to prevent market fragmentation. Most
importantly, ESG must be made meaningful, with credible
Izzat-Begum B. Rajan: Classify tokens based on their
data, auditability, and strong anti-greenwashing
economic function and the rights they provide, such as
measures across tokenized asset lifecycles, especially for
claims on cash flows, governance or control, and access or
reporting, provenance, and impact claims.
consumption, rather than the technology used to
represent them. Use a technology neutral framework that ICMA: Can you share a recent INATBA initiative or
is based on activities and risk, acknowledge hybrid working group that you are particularly proud of
models, and provide clear supervisory pathways so and why?
compliant innovation is encouraged instead of being
delayed by uncertainty. Izzat-Begum B. Rajan: I am particularly proud of
INATBA’s Tokenization thought leadership, which created
ICMA: INATBA brings together regulators, industry a shared, practical map of opportunities, risks, and policy
leaders, and policymakers. What is the most common priorities that both market actors and regulators can use.
challenge when these groups collaborate on INATBA’s Industry Position Paper on DeFi is equally
blockchain and how can they overcome it? important. Its value lies in being action-oriented, focusing
on what must be in place governance, legal clarity,
Izzat-Begum B. Rajan: The most common challenge is a
interoperability, and compliance for tokenization to scale
mismatch in language, incentives, and timelines. Policy
responsibly.
focuses on stability, industry focuses on speed, and both
often define risks differently. These challenges are The Editorial Board thanks Ms. Izzat-Begum B. Rajan, Former
addressed by agreeing on a shared vocabulary, Board Chair, International Association for Trusted Blockchain
Applications (INATBA) for sparing her precious time to give an
concentrating on concrete use cases, and conducting
exclusive interview for Chartered Management Accountant Journal.
evidence-based pilots with clear metrics for consumer
protection, integrity, and operational resilience.

ICMA’s Chartered Management Accountant, Jan-Feb 2026