6.1 Ten-Step Execution Process
- Identify the asset and legal owner
- Define the tokenisable rights (income share, equity, debt-like, usage right)
- Form or select SPV / holding structure
- Independent valuation and due diligence
- Design offering and investor restrictions
- Design token model and select standard
- Develop contract + independent audit
- Connect identity registry and compliance module
- Mint and initial allocation (fully documented)
- Secondary market, redemption, corporate actions and ongoing reporting
6.2 Dual Identification Principle
Every token must have two identifiers:
- On-chain digital identifier — tokenId / contract address + balance
- Off-chain legal/asset identifier — asset registry ID, SPV share register, title deed
If either changes, a reconciliation process is mandatory. Without this principle the token becomes detached from the right and loses legal value.
Operational note: Reconciliation between on-chain and legal identifiers should be performed periodically (at least monthly) and on material events (sale, capital increase, SPV change), and must be documented.
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