July 15, 2025

Following the position paper issued by the Malta Financial Services Authority (MFSA) on tokenisation of funds in Malta, CCFS is pleased to announce a strategic collaboration with Fume, a pioneering platform in on-chain fund infrastructure, to jointly support the structuring and implementation of compliant tokenised fund solutions.

This collaboration represents a forward-looking step in CCFS’s commitment to bridging traditional finance with cutting-edge blockchain capabilities. Through this collaboration, CCFS will provide regulatory, structuring, and operational expertise to support the deployment of digitally native fund structures, powered by Fume’s composable on-chain framework. It is now possible for Maltese UCITS, NAIFs, NPIFs, and AIFs to be tokenised on selected EVM-compatible blockchains, following the innovative ERC-6909 standard.

Why Tokenised Funds?

Tokenising a fund migrates its investor register, compliance rules, and economic rights onto an auditable public blockchain. Built on the latest multi-asset token standard, Fume’s model turns each unit class into a programmable on-chain asset while keeping a one-to-one link with the legal share register.

Key Benefits for Managers and Investors

  •  Programmable compliance: whitelisting, lock-ups, and transfer restrictions enforced in code, shrinking legal and operational overhead.
  •  Instant settlement & fractional ownership: units move peer-to-peer 24/7, enabling secondary liquidity even for small ticket sizes.
  •  Radical transparency: NAV history, subscriptions, redemptions, and fee accruals are timestamped on-chain, simplifying audits and regulator reporting.
  •  Operational efficiency: reconciliations, cap-table management, and investor reporting are executed automatically, reducing fund-admin costs by up to 80 %.
  •  Borderless distribution: Digital onboarding lets qualified investors participate globally without legacy banking frictions.

Stablecoin-Powered Fund Administration

Stablecoins do more than streamline subscriptions and redemptions—they act as the cash and accounting backbone for the entire fund-administration lifecycle.

How it Works

  • Subscriptions & redemptions: investors transact in USDC, USDT, or other regulated stablecoins, achieving T+0 settlement and eliminating correspondent-bank delays and FX slippage.
  • Automated fee extraction: management, performance, entry, and exit fees are calculated by the smart contracts and debited in stablecoins at each NAV event—no manual invoices or reconciliations.
  • Dividends & distributions: the protocol airdrops income or profit share pro-rata to tokenised unit-holders in a single transaction, ensuring every investor receives the exact entitlement at the same block-height.
  • Audit-ready ledger: Every movement of capital calls, fee payments, and distributions is immutably logged on-chain, providing a single source of truth for auditors and regulators.

By settling the fund’s cash leg on stablecoin rails, managers reclaim days of float, slash correspondent-bank charges, and gain a continuous, real-time view of liquidity across the structure.

Supporting Both Digital and Traditional Finance

Recognising that many investors still operate within traditional financial systems, the on-chain transfer agent infrastructure developed through this collaboration also records fiat-based subscriptions and redemptions. This dual approach ensures that both blockchain-native and conventional investors can engage with tokenised fund structures without barriers.

Fund managers can maintain existing workflows while gaining access to the speed and flexibility of on-chain operations, all while remaining within regulatory frameworks.

A Shared Vision

CCFS and Fume share a common goal: to make compliant, blockchain-native investment structures more accessible and operationally scalable. With the increasing demand for digital asset exposure from institutional and professional investors, the need for compliant infrastructure has never been greater.

“This collaboration is an important milestone for CCFS,” said Steven Grech, Executive Director at CCFS. “Tokenised funds have enormous potential to modernise the asset management industry. Our role is to ensure that these innovations are built on a strong regulatory foundation.”

Bringing Innovation to the Regulated Investment Space

What makes this collaboration unique is its focus on compliance-first design and execution. Many tokenised investment vehicles still lack regulatory clarity or suitable structuring for institutional adoption. By combining CCFS’s regulatory and cross-border structuring capabilities with Fume’s programmable on-chain infrastructure, this collaboration aims to deliver legally robust, operationally efficient fund frameworks suitable for both traditional and digital-native asset managers.

What’s Next?

Over the coming months, CCFS will support the onboarding of managers and service providers interested in exploring tokenised fund structures via the Fume platform. We aim to empower participants across the industry to enter this space with confidence, providing a comprehensive service offering that includes legal structuring, regulatory guidance, and operational implementation.

Stay tuned for further updates and opportunities to engage with this transformative evolution in fund administration and management.

To learn more about how this solution can support your fund or to explore tokenisation opportunities, please contact us at [email protected].