.svg)
.svg)
%20(1).svg)
%20(1).svg)
.svg)
Katsuya Terai
Deputy Director, Crypto-Assets & Stablecoin Division
Financial Services Agency of Japan (JFSA)
Mr. Terai serves as Deputy Director of the Crypto-Assets & Stablecoin Division at the Financial Services Agency of Japan (JFSA). In his current role, he has been responsible for the JFSA’s engagement in discussions on global stablecoins at the Financial Stability Board (FSB). His responsibilities also include supervising crypto-asset and stablecoin businesses and preparing for the implementation of Japan’s new crypto regulations, which are scheduled to take effect in summer 2027.
Speaking At
-
11:15am–12:45pmTue 17 NovPublic-Private RoundtableRoundtable Room 2Open
The Scaling Challenge in Tokenized Markets
Beyond Issuance: Putting Tokenization to Work
-
Allison ParentChief Policy OfficerOndo Finance
-
Audrey MetzgerDirector of Innovation & Financial Market InfrastructuresBanque de France
-
Chetan KarkhanisSVP Digital Asset Client EngagementFranklin Templeton
-
Gabriel CallsenSenior Director, FinTech & DigitalisationInternational Capital Market Association (ICMA)
-
John HoHead, Legal, Financial MarketsStandard Chartered Bank
-
Katsuya TeraiDeputy Director, Crypto-Assets & Stablecoin DivisionFinancial Services Agency of Japan (JFSA)
-
Peter HilborneChief Operating Officer, Global Operating PlatformSchroders Investment Management
-
Alan LimDirector & Head, Financial Infrastructure & Artificial Intelligence OfficeMonetary Authority of SingaporeModerator
About this session
The first wave of asset tokenization proved that funds, bonds and other assets can be represented digitally and transacted on-chain. Yet despite a growing number of tokenized products, adoption remains fragmented and concentrated in isolated use cases. The next challenge is not creating more tokenized assets, but making them useful. How can tokenized assets be mobilised as collateral, deployed in funding markets, transferred seamlessly across institutions, and integrated into liquidity and treasury operations?
Building on Guardian's work in tokenized collateral and tokenized funds, this roundtable explores how tokenized assets can evolve from investment products into operational instruments that support financing, margining, collateral management and liquidity optimisation. Participants will discuss the legal, regulatory and infrastructure enablers needed to unlock collateral mobility, the role of tokenized money market funds and sovereign debt instruments, and whether a more connected ecosystem can create the scale necessary for institutional adoption.
-
