International legal aspects of asset tokenization in the context of integrating central bank digital currencies into settlement relations

Objective. The purpose of the research is to analyze the international legal, economic, and technical aspects of asset tokenization, as well as to identify the role of Central Bank Digital Currencies (CBDCs) in establishing a robust infrastructure for settlements involving tokenized assets. Results. The article identifies the key advantages of asset tokenization, including enhanced settlement efficiency, increased transparency, reduced costs, and broader access to investments. It also highlights associated risks: legal uncertainty, operational and cyber risks, and increased interconnectedness with the volatile crypto market. The necessity of integrating CBDCs into the tokenized asset ecosystem as a risk-free settlement asset is substantiated, ensuring instant and secure delivery-versus-payment (DvP) clearing. The core international legal principles of regulation (technological neutrality, investor protection, information disclosure) and infrastructural requirements, including the role of Virtual Asset Service Providers (VASPs), are analyzed. Asset tokenization, supported by CBDC settlement, represents a natural evolution of financial markets, leading to their globalization, increased inclusivity, and efficiency. The sustainable development of this field requires further harmonization of international legal norms, the development of reliable technological and depository infrastructure, as well as the active participation of the central banking community and supervisory authorities in creating a secure and interoperable ecosystem.