The FSB's October 2024 report divides tokens into those that represent existing assets and those that represent a new claim against the issuer. The report excludes central bank digital currencies and crypto-assets from its scope.
For example, some projects issue tokens that represent government bonds or deposits on a DLT and use them for settlement. When a token represents an existing asset, the price of the token can diverge from the value of that asset (section 3.1 of the FSB report, page 15).
A crypto-asset is a separate term, defined in Article 2, paragraph 14 of Japan's Payment Services Act. The article covers how tokenization is used in derivatives trading and collateral, and its expected benefits and challenges.