Regulated digital securities.
Commentary and analysis on the legal, custodial, and market structure of regulated digital securities.
Week 18 · CNAD regulatory framework — six-month review.
El Salvador’s digital-asset regulator as a progressive, purpose-built supervisor.
The Tier-1 counsel stack: CMS DeBacker, Dentons, CNPLaw, Foley & Lardner.
How four firms, across four jurisdictions, built the legal perimeter of a regulated digital security.
The custody problem — and its Swiss answer.
Why Swiss-licensed qualified custodians are the currently-available institutional custody layer for tokenised securities.
The Singapore–El Salvador–London triangle.
Multi-jurisdictional regulatory arbitrage is not arbitrage. It is resilience.
What institutional DD looks like in a regulated digital security.
A 14-point checklist from the issuer side.
Reading the Luxembourg SCSp.
How Luxembourg’s Special Limited Partnership became the default legal vehicle for institutional-grade digital securities.
What Bitcoin taught us — and what regulated digital securities take from here.
Sixteen years of bearer digital instruments have produced a set of lessons that Reg-S-compliant tokenised LPs can now apply at institutional scale — lessons about scarcity, custody, settlement, and narrative.
Governance for tokenised LPs.
On-chain transferability does not remove the need for limited-partnership governance. It changes where that governance lives and who can verify it.
Preferred returns, waterfalls, and carry: reading ALKN’s capital structure as a limited partner.
The capital structure of a tokenised LP is not new. The transparency of it is. Here is how to read the ALKN waterfall the way an institutional allocator would.
The architecture of a regulated digital security.
How ALKN’s multi-jurisdictional structure solves the three problems RWA tokenisation has, so far, failed to solve for: primary-law basis, institutional custody, and secondary-market liquidity.
Why Alkemya Metacore chose a Luxembourg SCSp.
A first-principles explanation — from the issuer — of why the Société en Commandite Spéciale is the right legal vehicle for a tokenised limited-partnership interest held by non-US qualified investors.
Why the next gold is not gold.
The store-of-value argument for gold was built for a century in which industrial demand mattered less than monetary sentiment. The metals that will define sovereign and institutional reserves in the second half of the 2020s are the metals that make electrolysers, aerostructures, and compound semiconductors work.