Research and convening on the infrastructure of regulated digital finance.
The Boli Association is an independent research institute based in Zürich. We publish long-form research on tokenization standards, AI verification, stablecoins and cross-border settlement, and market structure — and convene working groups that move the practical plumbing of each field forward.
An independent institute. Supported by the Boli platform as a founding sponsor; governed at arm's length by a Swiss Verein with fellows drawn from across the field.
Research papers, policy briefs, standards drafts — plus convened working groups that turn the research into practical specifications the field can actually use.
Commercial services, investment advice, or advocacy for a particular technology stack. We are a research institute, narrowly scoped on purpose.
Four fields, studied in depth.
Tokenization & RWA standards
01Asset representation, share classes, legal wrappers, SPV structures, and the software contracts that bind them.
AI for verification & authenticity
02Agentic compliance, cryptographic attestations, and the authenticity of off-chain claims about real-world assets.
Stablecoins & cross-border settlement
03Regulated stablecoin frameworks (MiCA, GENIUS Act), DvP cash legs, and the quiet displacement of correspondent banking.
Market structure & regulation
04Secondary markets, broker-dealer rails, transfer agent reform, 12(g) thresholds, and the institutional plumbing beneath them.
Recent publications.
A taxonomy for asset representation on public chains
Separating legal wrapper, asset model, and token standard in tokenised real-world instruments.
Cryptographic attestation frameworks for AI-assisted compliance
How agentic systems can produce audit-grade claims about off-chain facts without eroding human accountability.
Regulated stablecoins as cash legs in DvP settlement
MiCA, the GENIUS Act, and the quiet convergence on a common settlement surface.
Working groups that turn research into practical specifications.
Asset Standards working group
Being assembledDevelop narrow, composable standards for asset-model schemas in tokenized private and public issuances. The group works one layer above token standards and one layer below legal wrappers, with a mandate to prefer minimal and interoperable specifications to comprehensive ones.
AI Attestation working group
Being assembledSpecify a companion governance standard for agent identity, mandate issuance, and revocation atop ERC-8004. The group works at the intersection of on-chain identity standards and off-chain governance practice in regulated institutions, with a mandate to reconcile the two.
Cross-Border Settlement working group
Being assembledMap the operational interfaces between regulated stablecoin frameworks (MiCA, GENIUS Act, FINMA, MAS) to support tokenized-asset issuers who settle across jurisdictional regimes. The group produces practical guidance for fund administrators, transfer agents, and custodians rather than novel policy.
Market Structure working group
Being assembledExamine the plumbing of secondary markets for tokenized private and public issuances — venue design, settlement topology, regulatory thresholds (notably 12(g)), and transfer-agent reform. The group produces recommendations to standards bodies, venues, and regulators with explicit scope boundaries to avoid overreach.
Shorter reads.
MiCA, one year in — a working hypothesis
7 minThe framework is more operationally tractable than its critics predicted and less transformative than its advocates claimed. Both camps should update.
The Boli Association · 2026-04-12Agentic compliance — the quiet shift
5 minKYC refresh used to be a quarterly project. At three regulated institutions we interviewed, it is now a continuous agent-driven process — and nobody wrote a press release.
The Boli Association · 2026-04-05Why order books keep failing for private tokens
4 minOrder books work when the underlying produces continuous information. Private funds don't. The fix isn't a better order book.
The Boli Association · 2026-03-28
Convenings.
The first dates for the annual summit, quarterly roundtables, and public lectures will be posted as they are confirmed. Write to secretariat@boli.org to be notified.
Anchor partners in the two fields where the work is moving fastest.
The Association develops its technical positions in direct dialogue with industry leaders in institutional tokenized finance and decentralized AI. Our working groups draw particularly on deep technical engagement across the Canton ecosystem.
Canton Foundation
The Canton Foundation stewards the Canton Network and its ecosystem of institutional participants. The Association's working groups on tokenization standards and cross-border settlement draw on deep technical engagement across the Canton ecosystem — the venue where the largest share of production-grade regulated tokenized infrastructure is being built today.
canton.network ↗Tenzro Network
Tenzro Network is the Association's anchor partner on decentralized AI infrastructure. The AI-attestation working group develops its technical positions in dialogue with Tenzro's work on distributed inference, model provenance, and verification of AI outputs — the practical plumbing that determines whether AI becomes a supervisable category in regulated finance.
tenzro.com ↗Partner relationships are technical and advisory. Neither partner holds editorial or publication rights over the Association's work.
Independent, not isolated.
The Boli Association is supported by Boli — the tokenization infrastructure platform — as a founding sponsor. Boli provides baseline funding, and the Association cites Boli as a relevant reference point where it is the clearest example of a particular pattern.
Governance sits with the Swiss Verein that holds the Association. Fellows have academic tenure or senior industry affiliations; research conclusions are published without sponsor sign-off; and the Association retains the right to publish findings critical of Boli when the evidence warrants.
This arrangement is standard for research institutes with a single strategic funder. It is explained in more detail in our governance page.