Research and convening on the infrastructure of regulated digital finance.
The Boli Association is an independent, non-profit research institute based in Zürich, constituted as a Swiss Verein. 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. We do not sell, do not consult, and do not take commercial mandates.
An independent, non-profit institute. A Swiss Verein governed by its members, funded by donations and research grants, 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. All published openly.
Commercial services, paid consulting, investment advice, or advocacy for a particular technology stack. We hold no equity, take no fees, and earn no commissions.
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.
Technical interlocutors in the two fields where the work is moving fastest.
The Association develops its technical positions in open dialogue with leading practitioners in institutional tokenized finance and decentralized AI. These are non- commercial, advisory engagements — no fees, no equity, no endorsements exchanged.
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 ↗All interlocutor relationships are technical and advisory. No fees, no equity, no commercial exchange. Neither party holds editorial or publication rights over the Association's work.
A research institute, nothing else.
The Boli Association is a non-profit Swiss Verein. It holds no equity in any company, takes no commercial mandates, sells no services, and earns no fees. Its operating budget comes from charitable donations and research grants, all disclosed in the annual report.
Governance sits with the Verein membership. Fellows hold academic tenure or senior independent affiliations. Research conclusions are published without donor or interlocutor sign-off, and the Association retains the right to publish findings critical of any organisation — including its donors — when the evidence warrants.
The full constitution, donor list, and financial statements are available on our governance page.