The Capital Markets and Technology Association (CMTA) has launched the CMTA Tokenized Debt certification scheme, an initiative designed to bring legal certainty and industry trust to the fast-growing market for digital debt instruments.

The scheme allows issuers of tokenized bonds, notes, structured products and other debt securities to provide assurance that their instruments are compliant with Swiss law and aligned with CMTA’s industry standards. By obtaining the certification, issuers can demonstrate to investors, regulators, and trading platforms that their products have been tokenized in accordance with Swiss law and CMTA's industry standards.

The new scheme supplements CMTA's existing equity certification scheme, to cover a broad universe of securities.

At the core of the scheme are two certification marks: CMTA Tokenized Debt and CMTA Tokenized Debt (Program). These marks confirm that the relevant debt instruments have been issued as ledger-based securities under Articles 973d and 973f of the Swiss Code of Obligations, granting them the same legal status as traditional securities.

The certification process combines legal and technical verification carried out by CMTA-recognized experts. Leveraging CMTA’s open-source CMTAT (CMTA Token) framework, the certification ensures that the underlying smart contracts have the functions to ensure tokens behave as securities.

The scheme is open to issuers worldwide, provided their instruments are structured under Swiss law and the law that governs the issuer permits that process. Issuers may certify individual products or establish a program-level certification, enabling them to streamline multiple issuances under a single compliance framework.

CMTA is currently welcoming applications from issuers. Legal or tech experts able to provide confirmations under the scheme can also apply for recognition.

With the launch of this initiative, CMTA is setting a new benchmark for transparency and standardization in the tokenized debt space. The certification not only facilitates greater market confidence but also positions Switzerland at the forefront of innovation in digital capital markets.

For further information, please refer to the CMTA Tokenized Debt certification page: https://cmta.ch/certification/cmta-tokenized-debt