Development of the Institutional Environment for Rwa-Tokenisation as a Mechanism for Sustainable Financing of Hromadas in Ukraine

The article is devoted to the study of institutional prerequisites and mechanisms for implementing the tokenisation of real-world assets (RWA) as an innovative tool for sustainable financing of local hromadas in Ukraine. In the context of the digital transformation of the global financial system and the need to diversify funding sources for territorial development – especially in the post-war reconstruction period – there is a growing demand for alternative mechanisms to attract investment at the local self-government level. The authors analyse the current state of the institutional environment for implementing RWA-tokenisation in Ukraine, identifying key obstacles and opportunities for the development of digital financial instruments in municipal governance. A conceptual model of the institutional-functional architecture of the RWA-tokenisation ecosystem is developed, incorporating regulatory, organisational-institutional, technological, financial-economic, compliance, and informational-educational components. A comprehensive SWOT analysis of the potential for real asset tokenisation in Ukrainian local hromadas reveals significant opportunities to create innovative financing mechanisms for infrastructure projects and to enhance the investment attractiveness of territories. Four scenarios for the development of the institutional environment are proposed: “institutional stagnation,” “experimental phase,” “integrated RWA ecosystem,” and “technological transformation”. Based on empirical research into the readiness of territorial hromadas to implement blockchain technologies, practical recommendations are formulated for creating an effective institutional foundation for RWA tokenisation. The study results can inform public policy on the digitalisation of municipal finance and support the implementation of pilot projects to tokenise public assets.