What does the token actually own?

Equity — a share in the company that holds the asset

Debt — money owed by a borrower under a contract

Economic interest — a share of income without direct ownership

Utility token — access or a benefit, with no financial right over the asset

The asset often belongs to a dedicated company, known as an SPV, rather than directly to token holders.

The issuer connects tokens to the equity, debt or contract carried by that company.

Your right therefore depends on every link: token, issuance terms, company, legal register and underlying asset.

Equity may provide voting and residual rights; debt mainly provides contractually defined priority repayment.

An income right may end with the contract without allowing you to claim the asset itself.

In insolvency, the exact nature of the right determines your rank, remedies and potential recovery.

It proves that a wallet holds a token, not that the asset still exists or is worth the advertised price.

It guarantees neither contract validity, issuer solvency nor recognition of the right by a court.

A perfectly accurate ledger can therefore record a weak, poorly drafted or impossible-to-honour promise.

Token terms — rights, restrictions and events of default

Issuer identity — company, country and responsible parties

Asset evidence — registry, custodian or independent audit

Legal agreements — enforceable link between issuer, token and asset

What can I legally claim: the asset, company equity, a debt or only a payment?

Which legal register prevails if the blockchain and the documents disagree?

What happens to my right if the issuer, manager or platform disappears?

Can I transfer the token freely, or only to eligible investors after KYC?

Two tokens backed by the same building can confer radically different rights.

An advertised yield only makes sense once you know who owes you what, under which contract and with which remedy.

The next step is to check who holds the real asset and how its existence is proven.