MiCA · EU
One licence for crypto players
Since 2024-2025, a provider licensed in one EU country can operate across the bloc, under capital, transparency and client-protection duties.
Understanding web3 and real world assets
Real assets,
on a blockchain.
A building, a government bond, a gold bar. Web3 lets you split them into digital shares you can buy, hold and resell. We explain how — without the jargon.
01 — Where web3 comes from
Thirty years of the internet, in three steps.
Static pages you visit. The internet is a library: you read, you do not reply.
02 — Definition
What is an RWA?
RWA stands for real-world asset: something tangible — property, corporate debt, treasury bills, gold, farm equipment — whose ownership is represented by a token on a blockchain.
The token is not the asset. It is a title deed: enforceable proof that you hold a precise fraction of something that exists off-screen.
In other words: tokenisation does not change what the asset is. It changes how it is held and traded.
Comparison — click a row
TraditionalTokenised
03 — The journey
From a building to a share in your portfolio.
↓ scroll
01
Asset selection
- Asset selection
- Legal structure
- Token issuance
- Subscription
- Life of the share
Pick an asset that produces value
A rented building, a loan portfolio, treasury bills. It is appraised, audited, and its value documented before any token exists.
The asset is placed in a dedicated company
A holding structure — often an SPV — owns the asset. Tokens represent rights over that structure: this is the legal bridge between the blockchain and the real world.
The value is divided into tokens
€400,000 of asset, 4,000 tokens at €100. The contract records how many tokens exist, who may hold them, and how income gets split.
Investors subscribe, after checks
Identity verified (KYC), payment in euros or stablecoin, tokens credited to a wallet. Nothing anonymous: this is a regulated investment, not an over-the-counter crypto trade.
Then the share lives: income, valuation, resale
Rent is distributed automatically pro-rata. The share can be resold to another approved investor, whenever a buyer shows up.
04 — Try it
What does your share actually amount to?
The asset
Illustrative example, share price fixed at €100. Not an offer, not a promise of return.
Flat · Lyon · €400,000
- 20
- tokens held
- 0.50 %
- of the asset
- €8
- estimated monthly income
- €96
- over twelve months
Without tokenisation, this asset would require buying the whole property — or a fund share whose contents you do not choose.
05 — Case study
One rental building, owned by 812 people.
A typical European property tokenisation: a six-unit building valued at €1.2M, held by a dedicated company and split into 12,000 shares of €100.
- 812
- investors
- €100
- minimum ticket
- 4.8%
- target net yield
- 1 month
- to fill the raise
06 — Regulation
This is not a wild west: Europe wrote the rules.
AMF · France
Registered, supervised providers
The French regulator publishes the list of authorised players, plus regular warnings. Checking that a platform is listed is reflex number one.
DLT Pilot · EU
A sandbox for tokenised securities
An experimental regime allows trading and settling financial securities on blockchain, supervised and capped.
Educational page. Nothing here is legal, tax or investment advice.
07 — Risks and limits
What tokenisation does not fix.
Liquidity is not guaranteed
Reselling needs a buyer. In a young market, there may be none at the price you hoped for.
The underlying asset can lose value
Vacancy, a falling market, repair bills: the token follows the asset, both ways.
Technical risk is real
Lost key, badly written contract, failing platform. Key custody is a profession, not a detail.
Everything rests on the legal link
If the paperwork does not firmly tie the token to the asset, you hold a line of code, not a right.
08 — Glossary
Eight words, eight sentences.
The minimum needed to read anything on the topic without losing the thread.