Tokenisation Explained: From Asset to Operating Model

Tokenisation represents rights, claims or units of value using programmable digital tokens. The token itself is usually the easiest part. Institutional-grade tokenisation depends on what the token legally and operationally represents, who maintains the source of truth and how the full lifecycle is controlled.

Asset definition

Specify the underlying asset or right, ownership model, transfer restrictions, valuation source and authoritative records.

Lifecycle design

Model issuance, transfer, corporate actions, servicing, redemption, cancellation and exception handling.

Identity and permissions

Define how participants are identified, qualified and authorised, including any jurisdictional or policy rules.

Custody and key control

Decide how keys are held, recovered, segregated and governed across user and institutional workflows.

Settlement and integration

Connect token transfers to payments, off-chain systems, registries, data services and reporting.

Governance and operations

Design upgrade authority, incident response, dispute handling, monitoring and long-term ownership.

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