From choosing and valuing the asset, through structure and documents, investor onboarding and minting, to reporting, distributions and the end of a token's life.
The asset and the numbers
- Pick an asset with a clear owner, a defensible valuation and a reason to be tokenized.
- Get an independent valuation and model the cash flows investors will receive.
- Decide who the investors are: professional only, or also retail.
Structure and documents
- Choose the legal wrapper (Episode 2) and the classification (Episode 3).
- Draft the terms, the prospectus or offering memorandum, and the token terms.
- Line up the service providers: legal, audit, custody, registrar, technology.
The investor journey
- Identity and anti-money-laundering checks before anyone can hold the token.
- Suitability or appropriateness checks where the rules require them.
- A wallet the investor controls, or a custodial account.
Minting and the register
- Deploy an audited smart contract and mint the tokens.
- Allocate to eligible investors only after payment is confirmed.
- The on-chain holdings and the legal register must always match.
After the launch
- Regular reporting on the asset and its value.
- Distributions, paid on-chain or through the bank, and corporate actions.
- A defined end of life: redemption, buy-back or sale, then burning the tokens.
Key takeaways
- Most of the work happens before and after minting.
- No token reaches an investor who has not been checked.
- Plan the end of the token's life on day one.
Sources
Educational content only, not legal, tax or investment advice. Based on EU and Swiss rules as of September 2026. Check the official texts before relying on anything here.