Section
Token qualification
The token may be classified as a financial instrument (security token) under applicable law.
Token structure
Token Structure
The token may be classified as a financial instrument (security token) under applicable law, represents specific rights against the issuer, and is linked to a Real-World Asset through a defined legal structure.
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Represented rights
The token represents specific rights against the issuer, as defined in the offering documentation.
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Relationship between token and rights
The token constitutes a digital representation of such rights but does not itself constitute the legal right.
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Underlying legal structure
The rights are linked to the overall structure of the transaction (issuing entity and underlying assets).
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Link to real-world assets
The value and characteristics of the token are associated with real-world assets (e.g. land) through the defined legal structure.
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Role of the smart contract / protocol (XRPL)
The protocol governs the issuance, recording, and transfer of the tokens according to predefined rules.
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Protocol limitations
The protocol does not create or modify legal rights, which are governed exclusively by contractual documentation.
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Restrictions and transferability
Any limitations on the transfer of tokens are defined in accordance with applicable regulations.
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Hierarchy of documents
In the event of discrepancies, the terms of the offering and the offering document shall prevail.
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