The Financial Market of the Future: “Programmable Ownership” and the Challenges of Tokenization

The article provides a comprehensive analysis of tokenization of real assets as a promising area of financial market transformation. The study reveals the essence and technological foundations of this process, highlighting the key stages of its implementation and the role of synergy of blockchain, smart contracts and cryptography in the formation of a new paradigm ‒ “programmable ownership”. The paper systematizes the main types of tokens (FT, NFT, ST, UT, HT) and analyzes their impact on liquidity, asset availability, and financial inclusion. Special attention is paid to such forms of capital raising as STOs, which combine technological innovations with legal certainty. However, systemic problems hindering market development are identified, including technological limitations (the blockchain trilemma, interoperability) and legal challenges (the lack of harmonized regulation, the conflict between transparency and confidentiality). Сonclusion emphasizes the necessity for coordinated interdisciplinary efforts to realize the transformational potential of tokenization within the emerging decentralized financial architecture.