[ESMA: Tokenized Stocks May Lead to Liquidity Fragmentation] Odaily Planet Daily News - The European Securities and Markets Authority (ESMA) stated in its 'Trends, Risks, and Vulnerabilities Report for the First Half of 2026' that issuing different tokenized versions of the same stock could lead to liquidity fragmentation. The report noted that tokenization has potential advantages such as improving efficiency, expanding investor access, enhancing programmability, and enabling atomic settlement. However, prediction markets in Europe have not yet developed significantly, as major platforms have not obtained EU licenses, which are required in most cases.