Letter from Andrew Wong, the Global Regulated Asset & Digital Exchange Alliance (GRADE) New Executive Director

I’m honored to announce that I’ll be serving as the inaugural Executive Director of the Global Regulated Asset & Digital Exchange Alliance (GRADE).

GRADE is an invite-only coalition of regulated trading venues, custodians, and market participants committed to simplifying cross-border listings for tokenized financial instruments. Backed by a growing membership of institutions actively operating tokenized products across multiple continents, GRADE is uniquely positioned to be a foundational enabler of the next phase of tokenization’s global growth—one that is responsible, interoperable, and compliance-aware.

I’ve joined GRADE at a pivotal moment because its vision and mission aligns deeply with where I believe the industry is today, and must go next.

Where We Are

In the current phase of tokenization, issuers have made significant progress in designing financial instruments whose ownership, structure, and operations are represented on blockchains through smart contracts / tokens. These instruments - whether “mirrored,” “part-of,” or “native” to onchain infrastructure - embed new legal, technical, and operational innovations at their core. Tokenization has created the building blocks for new efficiencies and business models, but the journey is far from complete.

Where We’re Going

The next phase demands that tokenized instruments move seamlessly along onchain rails. This isn’t just a technical exercise - it’s a legal and operational one. True interoperability requires frameworks that address not only how tokens technically move, but under what conditions they can move, especially when those tokens represent regulated financial instruments.

Unlocking this future means rethinking distribution and liquidity. It requires collaboration across the financial value chain to build new infrastructure that supports the full lifecycle of tokenized assets - from issuance to settlement to secondary trading - across jurisdictions and platforms.

That’s why I’m excited to join GRADE and work alongside its members to build the practical foundations for this future. Together, we’ll advance the shared mission of enabling responsible, onchain financial services that are legally sound, technically robust, and globally scalable.

What’s Next

In 2026, GRADE will launch a series of initiatives focused on:

• GRADE Eligibility Passport: A standardized “submit once, review many” framework that allows issuers to submit a single due diligence pack, which is then mapped against each member venue’s rulebook in their respective jurisdiction. This streamlines the listing process while preserving venue autonomy.
• Industry collaboration: Convening regulated institutions to grow the membership and jurisdictional coverage to co-design standards for listing, custody, and settlement of tokenized assets.
• Education and engagement: Equipping stakeholders—from technologists to policymakers—with the knowledge needed to navigate this evolving landscape.

If we succeed, GRADE will become the industry’s trusted source for how tokenized financial instruments can be distributed, traded, and settled across borders - safely and efficiently.

Stay tuned for updates, and please reach out if you’re interested in joining GRADE as a member. Let’s build the future of regulated tokenization - together.