On March 26, the Reserve Bank of Australia (RBA), in outlining the next steps following its "Project Acacia" research initiative, stated that tokenization is no longer a question of "if" but "how" it will be implemented. Regulators, including the Reserve Bank of Australia, the Australian Securities and Investments Commission (ASIC), and the Australian Transaction Reports and Analysis Centre (AUSTRAC), are currently coordinating efforts on the legal and regulatory framework for tokenized assets and settlement systems. BTC Markets told Decrypt that establishing a long-term regulatory sandbox and strengthening regulatory coordination is expected to drive institutional investor participation in the tokenized market.