The rise of blockchain technology and modern financial instruments has opened the door to commodity tokenization and the issuance of digital securities. While this innovation enhances market transparency and liquidity, it also brings serious legal and jurisprudential challenges. In Iran, uncertainty about the legal nature of tokens, conflicting regulations, and the absence of a designated regulatory authority have slowed the development of these instruments. From the perspective of Imami jurisprudence, key issues such as property qualification (maliyah), possession (qabḍ), uncertainty (gharar), and usury (ribā) raise fundamental questions about the legitimacy of commodity‑backed token transactions. This study aims to examine the legal and jurisprudential challenges of commodity‑backed tokenized securities in the legal systems of Iran and Malaysia, and to propose solutions for legitimizing and expanding their use. The research adopts a descriptive–analytical and comparative method. Data were collected through library research, legal documents, resolutions of Shariah committees, and case studies of practical implementations in both Iran and Malaysia. The findings show that in Iran, the lack of a clear legal framework, institutional conflicts, and ambiguity in defining digital possession are the main obstacles to the development of tokenized securities. In Imami jurisprudence, the legitimacy of these instruments depends on establishing property qualification, eliminating uncertainty, and designing permissible contracts such as murābaḥah and salam. In Malaysia, commodity tokens and digital sukuk have been successfully implemented under Shariah screening and multilayered institutional oversight. The study concludes that for Iran to develop commodity‑backed tokenized securities, it must establish a unified legal–jurisprudential framework, designate a competent regulatory authority, legally define digital possession, and employ permissible contractual structures such as murābaḥah and salam. Drawing on Malaysia’s experience with Shariah screening and regulatory sandboxes—secure, controlled environments for testing financial and digital innovations—can provide a practical pathway for legitimizing and expanding these instruments in Iran.