Tokenisation · 7 min
Tokenising real assets: liquidity without losing legal certainty
Tokenisation promises liquidity for real estate and commodities. The value depends entirely on the link between token and legal title.
A token is a claim, and a claim is only as good as its enforceability. The central challenge of real-asset tokenisation is binding an on-chain token to off-chain legal title so that holders own what they think they own.
Structure precedes technology. Whether through an SPV, a trust or a direct legal instrument, the holding structure determines investor rights and must be designed before a single token is minted.
Regulation follows structure. Depending on design, the token may fall under MiCA, securities law or neither, and AML and investor-protection duties attach accordingly.
Smart contracts need legal wrappers. On-chain logic that distributes rent or enforces transfer must be backed by enforceable terms for the moments the code cannot resolve.
Done well, tokenisation delivers genuine liquidity with genuine certainty. Done carelessly, it delivers a token no institution will touch.
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