Web3
⑥ Security-type vs. Income-type
International Practices Observation
GFM
••5 min
Security-type and income-type RWAs : The essential difference between the two issuance logics
The core fork in RWA's release lies in:
Security type = Equity expression; Return type = Cash flow expression
Securities-type path <br>Characteristics:
- Equity / Debt
- Voting rights
- Dividend rights
- Securities regulation
Advantages:
- Strong investor protection
- Legal status is clear
- High acceptance by institutions
risk:
- Strict regulation
- Liquidity constraints
Benefit-oriented path <br />Characteristics:
- Cash flow equity
- right of use
- Operating revenue
- Non-securities structure (as applicable)
Advantages:
- flexible
- High issuance efficiency
- Suitable for large assets
risk:
- Legal Attribute Dispute
- Weak investor protection
Key judgment criteria
- Does it promise returns?
- Does it have governance rights?
- Does it have expectations of capital gains?
- Whether an investment contract has been formed
GFM Service
- Token attribute design
- Legal path coordination
- Investor Structure Design
- Cross-border issuance structure
Compliance Statement <br />This article is for industry research purposes only and does not constitute legal advice.