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| (Left to Right) - Manish Kumar, Vishal Kalantri, Pramod Borate, Ashish Shelar, Somesh Batra, Neera Inamdar |
- Maharashtra IT Minister says responsible tokenisation can lower entry barriers, improve transparency and widen participation in real-world assets
Speaking at the event, Shelar said India had already demonstrated the power of digital public infrastructure through UPI and that the country’s next opportunity was to build trusted infrastructure around ownership and productive assets.
“The next frontier is digital ownership,” Shelar said, pointing to the high entry costs, complex documentation, opaque processes and limited liquidity that have historically made participation in real estate difficult for large sections of Indians, particularly younger citizens.
He said responsible tokenisation could help address these barriers by representing clearly defined rights in real-world assets through secure digital units, while creating verifiable records and widening participation.
“Responsible tokenization can help address these barriers. It can represent clearly defined rights in real world assets through secure digital units, create verifiable records, widen participation, and connect capital with productive opportunities,” he said.
The Minister, however, emphasised that technology by itself cannot create trust. For tokenisation to become mainstream, he said, it would need to be supported by legal enforceability, transparent disclosure, cybersecurity, reliable custody, sound governance and strong investor protection.
“A token must not become a shortcut around the law. It must help make rights clearer, transactions more transparent, and accountability stronger,” Shelar said.
His remarks come at a time when Maharashtra is stepping up its focus on blockchain-based asset tokenisation. The state government has proposed the Maharashtra Digitisation and Exchange of Land Token Asset (DELTA) framework to create a legal architecture for tokenising land and other immovable assets.
Against this backdrop, Shelar said initiatives such as The Box could contribute to building the infrastructure needed to translate the potential of tokenisation into real-world applications.
He highlighted the respective roles of the three companies behind the initiative, noting that RealX’s framework seeks to connect blockchain-based digital units with legally enforceable rights in real-world assets, MST Blockchain contributes blockchain infrastructure, while Liminal Custody provides the security and custody layer.
The launch brings together two platforms, REDbox and WHITEbox, designed to address different parts of the real-world asset tokenisation ecosystem. REDbox enables real estate developers to introduce tokenised property offerings under their own brands and platforms.
Shelar also linked the evolution of such infrastructure to India’s larger development ambitions, stressing that technological advancement would need to be accompanied by greater citizen participation and trust.
“India must not simply adopt emerging technology. India must build secure, trusted and responsible systems around it,” he said.
He added that scalable and credible technology platforms could play an important role in enabling wider participation in the real estate ecosystem and supporting India’s broader development objectives.
The remarks at The Box come as tokenisation moves from being largely a technology conversation to a broader discussion around ownership, liquidity, access and infrastructure, with policymakers, financial institutions and technology companies increasingly exploring its potential applications.
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