[IMF: Tokenized Market Remains Small and Fragmented, Regulatory Framework Should Be Clarified and Interoperability Strengthened] The International Monetary Fund (IMF) stated in an article that the daily trading volume of tokenized repos is approximately $300 billion to $350 billion, while other tokenized assets amount to around $65 billion. In comparison, the daily trading volume of the U.S. repo market is approximately $13 trillion, and the global capital market asset size reaches $300 trillion. The IMF noted that although the tokenized market is growing rapidly, it remains extremely small in scale and highly fragmented. To achieve safe growth, it is urgently necessary to establish legal certainty, clarify regulatory frameworks, and achieve interoperability. The IMF also warned that as the market expands, it could amplify traditional financial risks such as sell-offs, liquidity squeezes, and contagion. Policymakers should adopt a technology-neutral approach, clearly define the legal rights of tokenized assets, ensure consistent regulation for similar activities, support interoperability between tokenized platforms and traditional financial systems, and continuously monitor risks related to interconnectedness, leverage, and liquidity.