Tiger Research highlights regulatory uncertainty as the primary obstacle to wider adoption of unlisted stock tokenization. Their report, "Can the Unlisted Stock Tokenization Market Break Down Investment Barriers?", explores the potential of tokenization to democratize access to high-growth companies like OpenAI, traditionally reserved for institutional investors. Tokenization offers fractional ownership and increased liquidity, potentially unlocking significant value. However, the lack of clear regulatory frameworks surrounding tokenized securities creates hesitation among investors and issuers alike. This ambiguity impacts legal compliance, investor protection, and the overall viability of the market. While the technology exists to tokenize unlisted stocks, resolving regulatory ambiguities is crucial for realizing the full potential of this emerging market and enabling broader participation in lucrative investment opportunities. Further clarity from regulators is needed to foster trust and encourage growth. ```