“Tokenized” future, high concentration of capital and prospects for Ukrainians: what is behind the loud statements of the head of BlackRock
A real resonance in the media space was caused by the recent statements of BlackRock CEO Larry Fink – from the idea of “tokenizing all assets” to thoughts about population reduction as an impetus for robotization. But these are not just loud quotes “from Wall Street”. Behind them lies a broader picture of the future, where large financial players influence not only markets, but also the pace of automation, environmental standards, and even how countries recover from war.
For Ukraine, this means that future funds and bonds will increasingly be “digitized,” and access to them for retail investors will depend on the client identification procedure and anti-money laundering rules, which logically fits into the “Diya” ecosystem and the approximation of Ukrainian rules to European ones.
However, it is worth distinguishing real quotes from their social media interpretations. The most controversial phrase – “you have to force behaviors, and at BlackRock we are forcing behaviors” – was uttered by Fink at the DealBook conference in 2017; it is being raised by the media and politicians as evidence of “force” for diversity, equality and inclusion practices. Primary sources – a video of the 2017 speech and later stories – confirm the quote, although the context was related to corporate policies and risk management, not “collusion”.
Phrases about “demography and robotization” in Western economies often circulate in excerpts torn from panel discussions of 2024–2025, so the widespread thesis “depopulation is good” is a simplification. Rather, it is about adapting labor markets to labor shortages and accelerating automation, which can raise productivity and living standards if there is quality retraining and investment in technology. This shifted emphasis is clearly evident from the full conversations and careful reading of primary sources.
What already tokenizing “here and now”, and what else is a hypothesis
Real-world examples are already working in sovereign debt, money market funds, and collateralized transactions. In 2024–2025, BlackRock launched a tokenized liquidity fund that quickly surpassed $1 billion in assets and regularly pays dividends; in parallel, Franklin Templeton runs its own “on-chain” money market fund with access through regular applications. These are no longer test pilots, but products with an institutional custodian and clear rules.
In corporate debt, digital bonds have appeared on public networks. A case in point was Siemens’ €60 million issue under the German Electronic Securities Act: without paper certificates and without central clearing. That is, the market has moved from “experiments” to full-fledged placements.
Banks are also moving: JPMorgan’s Onyx platform allowed to “digitize” shares of the BlackRock money market fund and transfer them as collateral in an OTC derivative transaction with Barclays in a matter of minutes. For investors, this is a rate for “same-day” settlements, not “tomorrow.”
What hasn’t become widespread yet? “Tokens for every apartment” and direct public trading of shares of any business without intermediaries. Technically, this is already possible, but legal property registers, the work of transfer agents, public offering regimes, and taxation are still being finalized. Tokenized collateral and short-term government bond funds are growing the fastest; real estate and private equity are moving more slowly.
Tokenization: Efficiency Adjusted for Storage and Failures
For the investor, the main advantages of tokenized instruments are speed and lower costs. Such assets can be transferred almost instantly, without unnecessary intermediaries, allowing for better cash flow management and not keeping margins “frozen”. A transparent transaction ledger and a shorter chain between participants make the market more efficient, and net returns after expenses are potentially higher. It is no wonder that the market for tokenized US Treasury securities has already exceeded $5 billion and continues to grow.
However, there are also risks. First, asset storage: even if a token exists on an open network, ownership is determined by an official registry and transfer agent, and the security of assets is ensured by a regulated custodian. Secondly, technical failures – public blockchains sometimes “go down” for several hours, and at a critical moment, liquidity can simply freeze. Thirdly, a lot depends on the professionalism of the provider: you need well-established exchange processes between crypto and fiat, proven stablecoins and clear access restoration procedures.
Finally, it is worth remembering: no technology eliminates market risk. If the underlying asset depreciates, so does the token. So tokenization does not guarantee profit, but it makes the financial system faster, more transparent and more convenient, if you do not forget about the basic rules of caution.
The role of customer identification and anti-money laundering rules
Tokenized securities are primarily “white” instruments, i.e. legal and transparent. Only users who have passed identification and verification of the sources of funds can buy or sell them. In other words, only “clean” wallets included in the whitelist have access to such assets.
European rules for crypto providers and token issuers require that all transactions be accompanied by clear information about the participants, and wallets in legal products must be named. This means that every movement of tokens can be tracked, and regulators can control the origin of the money.
At the same time, high-quality projects try to maintain a balance between transparency and privacy. Users’ personal data is stored outside the blockchain in a specially designated responsible party – the “data controller”. Only technical events are recorded in the chain itself, without disclosing personal information. European regulators emphasize that even a wallet address or transaction hash can be personal data, so it is important to clearly define who is responsible for what and who has access to the information.
In simple terms: tokenized securities are a combination of blockchain and financial law, where transparency and legality come first, and privacy is protected not by anonymity, but by clear rules.
How This is changing the crypto market: from “wild farming” to the outskirts of traditional finance
The volume of settlements in stablecoins is now huge. In September alone, about $772 billion passed through the Ethereum and Tron networks – almost two-thirds of all crypto transactions. This dynamics shows that it is through stablecoins and tokenized “cash analogues” that fixed capital enters the market – in particular, into tokenized funds.
For decentralized platforms, this has a double effect. On the one hand, the “gray zone” between open crypto protocols and those subject to regulation is growing: investor whitelists, reporting requirements, reserve control appear. On the other hand, this is what makes the market more mature and predictable – long-term savings become safer, even if the profitability of “wild” experiments decreases.
Simply put: the crypto industry is gradually maturing. Where chaos and risk previously reigned, a new order is forming – less anonymity, but more trust and stability.
Ukrainian dimension: money for reconstruction, transparency requirements and sustainable “rules of the game”
Ukraine, together with BlackRock and JPMorgan, is creating an investment platform for reconstruction. At the World Economic Forum in Davos on January 16-17, 2024, it was officially reported that at least $500 million in confirmed commitments and a target of about one billion at the start were at stake.
The European Union created a support instrument “Ukraine Facility” worth up to 50 billion euros until 2027, and the European Bank for Reconstruction and Development invested a record 2.4 billion euros in Ukraine last year. The World Bank estimates reconstruction needs at more than half a trillion dollars over a decade. These “anchor” funds reduce the price of risk and open the door to private and semi-private investors, including future tokenized debt baskets for energy and infrastructure.
Regulatory Ukraine is getting closer to Europe. In September, the Verkhovna Rada supported in the first reading a draft law on the taxation of virtual assets: for individuals, the net annual result is taxed, for businesses – in the usual accounting logic. This removes a significant part of the compliance risks for foreign counterparties and allows for the legal declaration of income from tokens.
What does this mean for businesses and citizens? Firstly, access to capital will become more realistic for prepared projects with clear special companies for individual facilities, audits, procurement plans and occupational health and safety measures.
Secondly, the retail investor will receive a wider choice of exchange-traded funds and tokenized “cash” products from regulated providers, but always with customer identification and tax reporting. Thirdly, the role of open procurement and electronic contracts is increasing, which reduces the space for “silent” agreements.
… Ukraine lacks people, so business is quickly switching to machines: drones, “smart” sensors, AI and unmanned systems are already entering logistics, energy, agriculture and defense. At the same time, large investors – BlackRock, Vanguard and State Street – are speaking out less, but continue to pressure through voting results and conversations with boards of directors, setting the rules of the game.
There is a risk of excessive concentration, and safeguards are also appearing: transferring part of the votes to the clients themselves, transparent voting standards in the EU and Britain, more open government programs. European funds and ETFs are actively growing, commissions are decreasing: for Ukrainians, this means easier and cheaper access to reliable “bond” and “cash” solutions through regulated brokers.
The rules are also becoming clearer: personal wallets, storing sensitive data outside the blockchain, new requirements for cyber resilience mean more protection and responsibility, but less anonymity. Tokenization speeds up payments and reduces costs, but it does not eliminate market risks: reliable custodians of assets, proven stablecoins, and a clear path to regular money are needed.
The reconstruction does not depend only on Wall Street: EU grants and guarantees, EBRD investments, military bonds, UNITED24, and local funds with co-investment are working. The practical recommendations are obvious: people should improve their “human + machine” skills and maintain a financial “cushion” without currency distortions; businesses should take care of transparent procurement, real audits, and occupational safety. Those who act in a disciplined manner will receive funding and an advantage.
Tetyana Viktorova
