Choose a legal wrapper that gives a token holder an enforceable claim over the underlying asset.
Finance & Banking
Real-World Asset Tokenisation from Legal Structuring to On-Chain Settlement
Learn to structure a real-world asset tokenisation from legal wrapper to smart contract, choose custody and settlement models, and manage investor rights.
🗓️Duration5 training days
📚Content4 modules · 8 sessions
🎓On completionAccredited attendance certificate
About the programme
Course Overview
Turning a bond, a fund interest or a piece of real estate into a token is the easy part; making that token a legally enforceable claim that settles correctly and survives a dispute is where most tokenisation projects fail. This course works through a real-world asset tokenisation deal in the order it actually gets built: choosing the legal wrapper that gives the token holder an enforceable right, deciding whether the asset itself or a special purpose vehicle interest is what gets tokenised, and mapping investor rights and obligations onto smart contract logic without losing anything in translation. Participants compare custody models - self-custody, qualified custodian and hybrid arrangements - and the settlement mechanics that move a token and its corresponding cash leg, including delivery-versus-payment on a distributed ledger. The course addresses the practical failure points: what happens when a smart contract's logic diverges from the legal terms, how transfer restrictions and know-your-customer checks are enforced at the token level, and how a redemption or default event is processed when part of the chain of title lives off-chain. Delegates leave able to assess a tokenisation proposal end to end, from term sheet through legal opinion to on-chain settlement, and to identify where a structure quietly shifts risk onto investors who have not been told about it.
Expected Learning Outcomes
Decide between tokenising direct asset ownership and tokenising a special purpose vehicle interest.
Map investor rights and restrictions from legal documentation onto smart contract logic without gaps.
Compare self-custody, qualified custodian and hybrid custody models for a tokenised asset.
Design delivery-versus-payment settlement mechanics for a token and its corresponding cash leg.
Identify failure points where smart contract logic diverges from the underlying legal terms.
Assess a tokenisation proposal end to end and identify where structuring choices shift risk onto investors.
Who Should Attend
Structured finance and capital markets professionals evaluating tokenisation projects
Legal and compliance teams drafting or reviewing tokenised asset documentation
Fund managers and issuers considering tokenising fund interests or debt instruments
Digital asset and blockchain specialists working with financial institutions
Custody and settlement operations staff supporting tokenised asset platforms
Institutional investors assessing tokenised real-world asset offerings
Course Modules
Select any module to see its sessions and points.
01Legal Structuring of the Underlying Asset
2 sessions · 8 points
Session 1Choosing the Legal Wrapper
- Compare direct asset tokenisation, special purpose vehicle interests and trust structures as legal wrappers for a token.
- Assess how each wrapper affects enforceability of the token holder's claim in an insolvency of the issuer.
- Determine the securities law classification of the token and the regulatory regime that follows from it.
- Coordinate the choice of wrapper with the jurisdiction of the asset and the target investor base.
Session 2Documenting Investor Rights and Restrictions
- Draft offering documentation that sets out the token holder's economic and governance rights precisely.
- Define transfer restrictions, lock-up periods and eligible investor criteria in the legal terms.
- Reconcile the legal register of holders with the on-chain token ledger and decide which is authoritative.
- Address amendment mechanics for the legal terms and how token holders are notified and bound by changes.
02Smart Contract Design and Technical Structuring
2 sessions · 8 points
Session 1Translating Legal Terms into Smart Contract Logic
- Map economic rights such as distributions and redemptions onto smart contract functions without introducing ambiguity.
- Encode transfer restrictions and know-your-customer checks directly into token transfer logic where required.
- Identify structuring gaps where smart contract logic cannot fully capture a legal term and requires an off-chain process.
- Plan for smart contract upgrades or bug fixes without breaking the chain of legal enforceability.
Session 2Choosing the Ledger and Token Standard
- Compare public, permissioned and hybrid distributed ledger choices against the asset's regulatory and privacy needs.
- Select a token standard appropriate to the asset class and required transfer restriction functionality.
- Assess interoperability requirements where tokens must move between platforms or settle against other digital assets.
- Evaluate the security and audit history of chosen smart contract libraries before deployment.
03Custody and Settlement
2 sessions · 8 points
Session 1Custody Models for Tokenised Assets
- Compare self-custody, qualified custodian and hybrid custody arrangements against investor protection requirements.
- Assess private key management, multi-signature controls and recovery procedures for custodied tokens.
- Determine which custody model satisfies applicable regulatory safekeeping requirements for the investor base.
- Document custodian liability and insurance arrangements in the event of key loss or platform failure.
Session 2Delivery-versus-Payment and Settlement Mechanics
- Design a delivery-versus-payment mechanism that atomically exchanges the token and its corresponding cash leg.
- Compare on-chain cash settlement using tokenised deposits or stablecoins against off-chain payment rail settlement.
- Address settlement finality and reversal risk across the chosen ledger and payment combination.
- Plan settlement processes for corporate actions such as coupon payments, redemptions and defaults.
04Governance, Risk and Ongoing Administration
2 sessions · 8 points
Session 1Governance and Default Scenarios
- Design governance processes for asset-level decisions, such as amendments or enforcement, that bind all token holders.
- Plan the process for handling a default or insolvency event where part of the chain of title sits off-chain.
- Assign responsibility for reconciling on-chain records with off-chain legal and accounting records.
- Define dispute resolution mechanisms for disagreements between the smart contract outcome and the legal terms.
Session 2Reviewing a Tokenisation Proposal
- Assess a tokenisation term sheet for consistency between the legal wrapper, custody model and settlement mechanics.
- Identify undisclosed risk transfers, such as custody concentration or unclear enforceability, in a proposed structure.
- Evaluate the platform operator's track record, technology audit history and regulatory standing before participating.
- Prepare a due diligence checklist covering legal, technical and operational dimensions of a tokenisation deal.
What the participant receives
4 course modules
A structured syllabus
8 training sessions
across 5 days
32 detailed points
Applied, detailed content
Accredited attendance certificate
On completing the programme
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