India is developing its own real-world asset tokenization framework through regulatory initiatives including Demat 2.0 and Maharashtra's DELTA Act.
Regulation & Gov ·
India is developing a domestic framework for tokenizing real-world assets across multiple markets. The country holds over 300 billion dollars in largely illiquid real estate, more than 25,000 tonnes of idle household gold, stalled corporate bond and MSME loan markets, and over 500 million farmers lacking access to formal credit despite owning land. Several regulatory initiatives are moving forward in parallel: Demat 2.0, a blockchain-based system for corporate bond tokenization backed by the RBI and SEBI and integrated with India's wholesale CBDC; GIFT City, positioned to host regulated platforms for tokenized real estate and infrastructure; and Maharashtra's DELTA Act, a state legal framework for RWA tokenization proposed in September 2026.
The regulatory environment shows active engagement rather than restriction. The RBI sandbox is hosting fintech pilots for tokenized government securities. If implemented at scale, these systems could enable fractional ownership of commercial property starting at 500 rupees, borderless transfer of tokenized gold, farmers accessing loans through land tokenization, and MSMEs raising capital via asset and invoice tokenization.
What remains unclear is the timeline and degree of interoperability between these separate initiatives, enforcement mechanisms for the DELTA Act once adopted, and how institutional participation will develop once platforms launch.