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The rulebook is in the token.

A tokenized security is enforceable when its transfer restrictions, investor checks and disclosures are part of the asset rather than a policy written next to it. We turn your counsel’s structure into rules the token enforces, and keep a record a regulator can read.

Talk to a compliance specialistScore your asset first →
A dark glass atrium with one tall beam of light falling onto a black mirror floor
$305M+
in assets structured and supported
100+
clients
20+
jurisdictions
2018
building since
Who we are

Who is behind RWA legal, and what do we do and not do?

Stobox is a technology provider, not a law firm and not a broker-dealer. We turn your counsel’s structure into transfer rules the token enforces and a record a regulator can read: $305M+ in assets structured and supported, 100+ clients, 20+ jurisdictions, since 2018.

Your lawyers keep the legal opinions. Regulated activity runs through licensed firms. That line is the first thing we say on a call.

  • ✓$305M+ in assets structured and supported
  • ✓100+ clients, 20+ jurisdictions
  • ✓Founded 2018, Wyoming corporation
  • ✓Not a broker-dealer, not a law firm

About Stobox → The team → In the press →

A dark glass atrium with one tall beam of light falling onto a black mirror floor
Law

Which rules decide whether the offering is allowed?

Exemptions, documents and the line between a security token and a utility token. Read the comparison, then take the jurisdiction guide to counsel.

CompareReg D vs Reg S vs Reg CF vs Reg A+The main US securities exemptions compared for compliant and tokenized raises: who can invest, general solicitation, raise limits, reporting.CompareSecurity token vs utility tokenThe real difference between a security token and a utility token: legal status, who can hold it, rights, transferability, and where each fits.GuideThe regulatory changelogA dated log of the regulatory changes that matter for tokenized securities – US, EU, UK, UAE, Switzerland, Germany, Liechtenstein, Singapore.GuideTokenizing an asset through an SPVWhy the SPV is tokenization's standard legal wrapper, the six-step playbook, and an honest venue comparison – Delaware, BVI, Cayman, Luxembourg.ExplainerLegal documents by offering type: registered vs exemptWhich offering documents a security token issuance needs, registered vs exempt, in one table from phase six of the Tokenization Framework.ToolWhere you raise, and under which rule.Four questions on where your investors are and who they are, and the jurisdiction guide and exemption that follow. Runs in your browser.

Legal pages, terms and privacy →

A dark glass atrium with one tall beam of light falling onto a black mirror floor

Rules enforced on every transfer.

Who may hold it, where it may move and when it may move, written into the asset.

What you get

What the token enforces

✓Who may hold it

Investors are verified once, and a transfer to anyone who is not verified does not go through.

✓Where it may move

Jurisdiction and eligibility rules sit in the asset, not in a spreadsheet beside it.

✓When it may move

Lockups and holding periods run as rules, so an early transfer is refused rather than reviewed afterwards.

✓What the holder was told

The disclosures are attached to the asset, so the person who holds it can read what they were given.

Where

Which jurisdiction and which regulator apply?

The same token is a different instrument in different places. Twelve jurisdiction guides say which regulator, which exemption and what changed lately.

GuideUnited StatesTokenized securities are securities – the SEC said so plainly in January 2026.GuideEuropean UnionA tokenized security in the EU is a MiFID II instrument, not a MiCA crypto-asset. Prospectus exemptions, the DLT Pilot Regime and ECSP, explained.GuideUnited KingdomSecurity tokens in the UK are FCA-regulated specified investments. How offers run under the new regime, and how the Digital Securities Sandbox works.GuideSwitzerlandSwitzerland made tokenized shares a first-class legal object: ledger-based securities under the DLT Act.GuideGermanyDo you need a BaFin licence to issue tokenized securities in Germany? Issuing does not trigger it, running the register does. The eWpG, explained.GuideLiechtensteinLiechtenstein wrote the first purpose-built blockchain law – the TVTG's Token Container Model lets a token hold any right.GuideLuxembourgFour blockchain laws (2019–2024) made Luxembourg securities natively digital – including unlisted equity via the new control-agent role.GuideUnited Arab EmiratesFour regulators, three routes: VARA's ARVA regime for real-world-asset tokens in Dubai, DFSA's Investment Tokens in the DIFC.GuideSingaporeMAS regulates a tokenized security as the security it represents – 'same activity, same risk, same regulatory outcome.' The SFA offer exemptions.GuideHong KongThe SFC calls tokenized securities 'traditional securities with a tokenisation wrapper' – same business, same risks, same rules.GuideBritish Virgin IslandsThe BVI is where token issuers incorporate, not where investors live: a Business Company in 24–48 hours for ~$2,500–3,000, tax-neutral.GuideCayman IslandsIn March 2026 the Cayman Islands became the first major fund domicile with an explicit statutory regime for tokenized funds.
ToolWhere you raise, and under which ruleFour questions on where your investors are and who they are, and the jurisdiction guide and exemption that follow. Runs in your browser.LogThe regulatory changelogA dated log of the regulatory changes that matter for tokenized securities – US, EU, UK, UAE, Switzerland, Germany, Liechtenstein, Singapore.GuideThe tokenization timelineThe honest schedule: readiness month 0, structure months 1–2, offering prep 2–3, a ~90-day raise window, close and issue by month 4–6.

All jurisdiction guides →

Ask

Ask us anything.

A question about a structure, a country, a price or your own asset. Ask it here and get an answer at once, with the sources. Want a person? One click, and the question goes to Stobox.

The assistant answers from Stobox pages, with the sources, in a few seconds. If you want a person, it goes to stobox.io with a note that you came from rwa.legal.

What we do

What do we build for a legal structure?

Three products that carry the structure from paper to asset: the record counsel reads from, the package counsel signs, the token that enforces the rules.

The recordStobox Intelligence

The record counsel reads from, every fact linked to its document.

See the product →
The raiseStobox Raisable

The package counsel signs: the exemption, the documents, the route.

See the product →
The tokenStobox Compass

The token that refuses a transfer that breaks the rules.

See the product →
The protocolStobox Orbit

A permissioned tokenization protocol on Base: a transfer that breaks the rules does not happen. In development.

See the product →
For AIStobox MCP serverGive Claude, ChatGPT or any model a tokenization fact-checker it can call, every answer linked to its source.Free toolReadiness scoreTwenty-five questions across seven dimensions, about eight minutes.AdvisoryTokenization advisoryFrom the first structuring decision to a live issuance.
How it works

How does a legal structure become transfer rules?

Your counsel sets the structure. We encode who may hold, where it may move and when, test it before anything is issued, and keep the record of what was checked.

01

Strategy

What you are tokenizing, for whom, and why a token is the right tool.

02

Asset structuring and legal readiness

The vehicle, the rights and the legal basis, settled before anything is issued.

03

The tokenization model

What the token represents and how it moves.

04

Token economics and the contract

The terms, and the contract that carries them.

05

The issuing framework

Who issues, who verifies investors, who holds the register.

06

Legal documentation

The offering documents your counsel signs.

07

Validation and deployment

Tests, review and the release to chain.

08

The offering

The raise itself, through a licensed firm.

FrameworkThe Tokenization FrameworkEight phases and forty-eight steps from an unstructured company to a live tokenized security, with who signs each decision and what you hold at each close.ChecklistThe Tokenization Framework checklist: what each phase hands onThe eight phases of the Tokenization Framework and what you should hold at the end of each before the next one starts.GuideThe tokenization timelineThe honest schedule: readiness month 0, structure months 1–2, offering prep 2–3, a ~90-day raise window, close and issue by month 4–6.
Since 2018

Rules the asset enforces.

Who may hold, where it may move, when it may move. Written down once, checked on every transfer, readable by a regulator.

$305M+in assets structured and supported
100+clients
20+jurisdictions
For whom

Whose structure does this fit?

Funds, property, resources, software companies and revenue streams all arrive with terms somebody already wrote. The pages say what changes and what stays.

By assetReal estateTwenty of our fifty-five public engagements are property. What a building must prove before issue: title, valuation, encumbrances, custody and structure.By assetMining and commoditiesCustody, assay and storage carry the entire proof tier for a reserve or a royalty. What a buyer verifies, and what makes a mining asset issuable at all.By assetTechnology companiesFor a software company the asset is the cap table, and it has to be true before anything is issued. Here is the path from record to raise to token.By assetAI companiesWhat can and cannot be tokenized in an AI company: compute, revenue rights and equity are three different instruments with three different rulebooks.By assetRenewable energyFor a project the offtake agreement and the licence decide who may hold the token and where it may trade. What to settle before the structure is drawn.
By structureInvestment fundsTokenizing a fund is reconciling two sets of terms rather than writing one. Where the LPA and the token contract disagree, and which one has to give.By structurePrivate equityTransfer restrictions enforced by the asset, not a liquidity promise. What tokenizing an SPV or an LP interest actually changes, and what it does not.By structureRevenue and royaltiesWrite the entitlement down before you tokenize it. What a revenue share or a royalty has to define to survive a counterparty reading it closely.

All solutions →

Tell us about the structure.A compliance specialist reads it and replies within two working days. Your counsel keeps the legal opinions.
Talk to a compliance specialist
Technology

How is a transfer restriction enforced technically?

The rule sits in the asset, not in a spreadsheet beside it. These pages explain the models and their limits.

ExplainerWhat is the STV3 Protocol?STV3 is Stobox's RWA token protocol: an ERC-20 built on the Diamond Standard (EIP-2535), so it is modular and upgradeable.ExplainerChain selection for RWA: Ethereum vs Arbitrum vs Polygon vs permissioned chainFor most tokenized securities, issue on an Ethereum Layer 2: you inherit Ethereum's settlement assurance at lower cost.ExplainerWhat does an institutional smart contract audit for RWA actually cover?A smart-contract audit checks the token code itself: access control, transfer-restriction logic, upgrade safety, reentrancy, and oracle/economic risks.ExplainerWhat is ERC-7943 (uRWA), the Ethereum standard for real-world asset tokenization?ERC-7943 (uRWA) is the final Ethereum standard for tokenizing real-world assets: a minimal interface that lets the issuer enforce transfer rules.

The full library of explainers →

Clients

Which structures have we put in place?

Cross-border, exempt, registered, fund-level and property cases from the public engagements. The client’s name is published with their agreement.

Case studyPLMPBuilt a cross-border compliant tokenization framework for a venture capital fund operating across multiple jurisdictions.Case studyIgniter100Structured a compliant private-equity tokenized fund enabling small-ticket investments into early-stage startups.Case studyErinwood FordStructured investor-ready security tokens to fund a Ford and Lincoln automotive dealership acquisition.Case studyRavetch InvestmentsEngineered a cross-border tokenized fundraising structure for a Zimbabwe energy project.Case studyLos Patios IbizaStructured the tokenized renovation financing for a historical Spanish hotel while navigating complex local real estate and heritage regulations.Case studyNet Zero HawaiiResearched a compliance model to tokenize U.S. construction tax credits with built-in eligibility for 401(k) and employee benefit plan investors.Case studyAllegiance Capital FundStructured tokenized mineral and royalty interests from U.S. oil and gas extraction through a compliant revenue-sharing security token.Case studyInfinity Industrial ParkDelivered a full documentation package for tokenized fundraising for Kenya's large-scale district development, including business and financial plans.Case studyLiquid TokensStructured a token issuance powering construction-stage funding for emerging UK real estate developments.Case studyMathieu TessierDeveloped a tokenized capital-raise offering for a Canadian residential real estate developer.Case studyGlobal Leaders CapitalProvided a deal-level tokenization framework and built a compliant governance model for future investment deals.Case studyKeystone EquitiesStructured a security token raise for hotel acquisition, renovation, and a premium exit strategy for investors.

All fifty-five case studies →

How we work with your counsel

Investors are verified once, and a transfer to anyone who is not verified does not go through.

Read

What has been published on regulation?

The newest on regulation and compliance, and the legal side of raising, from the Stobox blog.

Regulation and compliance

2026-09-26SEC Crypto Asset FAQs, September 25, 2026: All Nine Answers, ExplainedOn September 25, 2026 the SEC's Division of Corporation Finance published nine FAQs on its crypto asset interpretation.2026-09-10Article 345 TFEU: The Ceiling on Tokenised-Securities HarmonisationWhy there will be no MiCA for security tokens: Article 345 TFEU reserves property law to Member States, so what a token is, who owns it, and how rights transfer stay…2025-10-08Stobox Partners with NeosLegal to Expand RWA Infrastructure in the UAEStobox and NeosLegal unite to strengthen real-world asset tokenization in the UAE, merging legal expertise with Stobox 4’s regulated infrastructure.2025-07-21The GENIUS Act Has Arrived: Why It’s a Game-Changer for Your Digital Dollars and the Dawn of the RWA RevolutionThe market for these digital dollars is already massive, sitting at around $250 billion, and according to Citigroup analysts, could explode to $3.7 trillion by 2030.

Raising under an exemption

2022-07-11What Is an STO? Security Token Offerings ExplainedLearn about security token offerings (STO), which represent ownership of assets. Find out about their benefits, and regulatory compliance.2021-11-15Security Token Offering: benefits to markets, issuers, and investorsSecurity Token Offering: benefits to markets, issuers, and investors

Tokenization and the law

2026-09-02The Wrapper Decides: Why Tokenized Asset Structuring, Not Minting, Determines Institutional Liquidity in 2026The RWA market crossed $36B on-chain, but most tokens barely trade.2026-09-02The SEC Wants to Let the Blockchain Be the Official Share RegisterOn September 1, 2026 the SEC proposed the first rewrite of its transfer agent rules in over 40 years.2026-08-22Tokenizing Real Estate the Legal Way: Why Liens Beat Fractionalizing the HouseNaive LLC-wrapper fractionalization of a home collides with US property and securities law.2026-08-15Permissioned Blockchains for Finance: Where Wall Street's Regulated Capital Flows FirstLarge pools of regulated capital demand surveilled, compliant environments.

The whole blog →

Compare

How do the legal routes compare?

Side by side, with the differences that decide the route.

CompareReg D vs Reg S vs Reg CF vs Reg A+The main US securities exemptions compared for compliant and tokenized raises: who can invest, general solicitation, raise limits, reporting.CompareSecurity token vs utility tokenThe real difference between a security token and a utility token: legal status, who can hold it, rights, transferability, and where each fits.CompareSTO vs ICO vs IEOSTOs sell enforceable rights under securities law; ICOs sold coins with no claim attached; IEOs added exchange vetting to the same instrument.CompareERC-3643 vs ERC-7943Both standards make a security token enforce its own compliance.

All comparisons →

WhoInvestors verified once
WhereJurisdiction rules in the asset
WhenLockups that run as rules
Price

How do we get paid?

Published flat fees at every layer, never a percentage of what is raised. Legal opinions are your counsel’s, and are not part of our fee.

PricingFlat prices, publishedPublished flat fees at every layer, with no percentage of a raise at any point. What each product costs, what changes the number.FreeThe readiness scoreTwenty-five questions across seven dimensions show where your own asset stands. Free, about eight minutes, no account needed.ChecklistThe 12 questions that sort the tokenization marketThe buyer's checklist built from real failure modes: does the fee grow with your raise, who holds the keys, what survives the platform's death.
Ask

Have a legal question about a tokenized structure?

Start with the 25-question score or the gap check, or ask a compliance specialist directly.

Self-serviceScore your own assetTwenty-five questions across seven dimensions show where your own asset stands. Free, about eight minutes, no account needed.Self-servicePaste what you have. See what is missing.Paste your data room index and see which of the 36 facts a counterparty asks for first are never mentioned. No email, and nothing leaves your browser.AnswersEvery question, answered short106 short answers about Stobox: what Intelligence and the company record are, how the AXIS readiness score works.WordsThe glossaryEvery word this industry uses at you, explained plainly in 78 short entries. Every word here appears somewhere on this site.LiveAsk the founder, live, once a monthMonthly webinar: forty minutes live on Zoom with Gene Deyev, Founder and CEO of Stobox, once a month. Register on Zoom.A personThree ways in, none of them a queueBook a call, run the free readiness score on your own asset, or write to a person. No form gate, and nobody calls you unless you ask for it.

Counsel signs. The token follows.

Your lawyers set the structure and own the opinions; the code carries it out and shows its work.

Next step

Three ways in, and none of them is a queue.

01Book a call

30 minutes with a person who has done it. Say the asset and the country, and we say whether the structure works.

Book a call →02Write to a person

Anything that does not need a meeting. It goes to the right desk at Stobox, and a person replies within two working days.

Write to us →03Score your asset first

Twenty-five questions, about eight minutes, free. You arrive knowing where the gaps are.

Start the score →
Before you write

Plain answers.

Is Stobox a law firm or a broker-dealer?

No. Stobox is a technology provider. Offerings are made only through licensed firms, and legal opinions are your counsel’s.

Can you work with our counsel?

Yes. Your lawyers keep the legal opinions; we provide the transfer-rule logic, the record and the on-chain implementation.

How does Stobox get paid?

Published flat fees, never a percentage of what you raise.

What happens after I ask a person?

A compliance specialist reads it and replies within two working days with a concrete next step.

What is Stobox?

Stobox is a technology provider that structures and supports the tokenization of real-world assets. It has done so since 2018, with $305M+ in assets structured and supported for 100+ clients in 20+ jurisdictions.

Is Stobox a broker-dealer or a law firm?

No. Stobox is a technology provider. Offerings run through licensed firms, and legal opinions are your counsel’s.

What does it cost?

Stobox publishes flat fees at every layer and gives the quote in writing before you commit. It never takes a percentage of what you raise.

Which countries do you have guides for?

The United States, the European Union, the United Kingdom, the United Arab Emirates, Switzerland, Germany, Singapore, Hong Kong, Liechtenstein, Luxembourg, the British Virgin Islands and the Cayman Islands.

What kinds of asset can be tokenized?

Real estate, mining and commodities, technology and AI companies, renewable energy, funds and private equity, and revenue or royalty streams. The readiness score does not care whether a page exists for your asset.

How long does it take?

It depends on where you start. The honest schedule is in the tokenization timeline: readiness first, then structure, then the offering preparation, then a raise window of about ninety days.

rwa.legal is an affiliated domain of Stobox (stobox.io), operated by Stobox Technologies Inc. Stobox is a technology provider and not a broker-dealer or a law firm; regulated activity runs through licensed firms. Nothing on this page is an offer to sell or a solicitation to buy any security, and nothing here is legal, tax or investment advice.

Talk to a compliance specialist