Four questions that decide whether a tokenization project works, answered from the published record rather than from the pitch deck.
These are not introductions to blockchain. Each one answers a question that costs money to get wrong, using the same rule as the rest of the site: a figure without its source and date is not a fact.
If the token is a transferable security or a fund unit, MiCA is not your regime — MiFID II, the Prospectus Regulation and AIFMD are. The most expensive misconception in this market, and the three costs that follow from it.
Three different products are sold under one name, at prices two orders of magnitude apart. Every published figure we could source and date, and what the public record still does not contain.
An analysis of 130 published figures: the five ways sources talk past each other, one vendor contradicting itself, and how to make quotes comparable.
Transferability is not liquidity, a token is usually not title, and securities law does not soften. The limits practitioners know and the marketing omits — plus what genuinely improves.