A tax insight from gunnercooke on how tokenising shares interacts with EIS and SEIS relief, and how much of the liquidity story you can safely tell at the point of issue. A tax perspective, not legal advice.

As the equities markets are generally moving towards tokenisation, a common question is how the marketing of tokenised equity differs from traditional equity. In this respect, it is a mistake to focus on the “tokenised” element of tokenised equity. In the UK, tokenisation does not, from a purely legal analysis, expand the target market to whom shares can be sold. Where a token represents rights to, or interests in, an underlying share, it is very likely going to be treated as

For founders and investors. If you are a founder weighing up whether to tokenise your equity, or an investor trying to work out what you would actually be buying, this is the place to start. From a legal perspective, it covers: how tokenised equity works, what changes, what does not, and where the rules are heading. Tokenisation is a concept often met with much hype and little knowledge. At its core it is simple. A cryptoasset token is just shorthand for data held on-chai

An RWA, or real world asset, is a cryptoasset that represents something that exists off the blockchain: a share, a bond, a building, even a stock of uranium. The idea has been around for a decade, but in recent months it has moved to the centre of the conversation. That is partly new use cases with real value, such as tokenised uranium, which allows investment without ever taking delivery. It is partly better infrastructure, such as stablecoins making settlement more reliab