Regulating Tokenization | Anina Milanović, The World Bank

Serbia adopted its digital asset act in 2021, three years before MiCA. In this episode, Anina Milanović, who helped build that framework at the Securities Commission of Serbia and now works at the World Bank on capital market digitalization, shares what it took, what they got wrong, and where emerging markets stand today.Topics Serbia's Digital Asset Act, how it compares to MiCA, tokenized bonds as an entry point for SME financing, the case for tokenized deposits, fragmented jurisdiction as a barrier to institutional adoption, investor protection in regulated digital asset markets, and a 3-5 year outlook for emerging markets going fully digital.Beyond Cosmoverse is the Executive Dialogue Series by Cosmoverse, the institutional digital asset summit. Hosted by Roberto Cassa, Marketing Director at Cosmoverse, each episode brings together practitioners from finance, regulation, and digital asset infrastructure. Learn more at cosmoverse.org.Timestamps:(00:00) Introduction(00:31) Serbia's Digital Asset Act(05:58) Serbia vs. MiCA(08:18) Anina's career path(13:46) Evolution, not revolution(15:33) Regulation as the main blocker(18:10) Fragmented jurisdiction(19:46) Which asset class leads first(24:12) Advice for emerging markets(27:43) 3-5 year vision(29:30) Emerging markets vs developed economies(31:30) Closing