Tokenisation glossary: RWA, DLT and regulatory terms defined

• Tokenisation (tokenization)

  Tokenisation is a way of representing an asset, or ownership of an asset, on a distributed ledger.

  The wording follows the FCA's description in Policy Statement PS26/7; tokenization is the US spelling. Ctrl Alt reports over $1.8 billion in assets tokenised as of September 2026, a company-reported figure. Full guide: What is real-world asset tokenisation?

• Real-world asset (RWA)

  A real-world asset is an asset that exists off the ledger, such as property, a loan or a fund interest, which a token represents.

  VARA's definition covers financial instruments, physical assets and intangible rights, but not items that exist only in digital form. Ctrl Alt names real estate, private credit, funds and commodities among assets tokenised on its asset tokenisation platform.

• Token

  A token is a ledger entry that stands for an asset or a right and passes between holders under rules written in code.

  What the holder owns depends on the legal structure behind it. Example: Ctrl Alt's Dubai entity lists 1,308,800 tokens in circulation for the property referenced TRE-1110, without an as-of date. See the real estate tokenisation platform.

• Distributed ledger technology (DLT)

  Distributed ledger technology keeps one shared record of transactions across many computers, with no single party holding the master copy.

  A blockchain is the best-known type. Ctrl Alt's announced transactions use two public ledgers: the XRP Ledger for the Dubai property project and Solana for a structured product announced on 30 April 2026. Background: how real-world asset tokenisation works.

• Smart contract

  A smart contract is code on a ledger that runs automatically when set conditions are met, for example to restrict who may hold a token.

  The code carries out the terms; the legal documents still define the rights. Ctrl Alt does not publish its contract standards or its code auditor. What is on record is listed under security and compliance.

• Fractional ownership

  Fractional ownership means several holders each own a defined share of one asset, instead of a single holder owning all of it.

  Dubai Land Department said its first tokenised property attracted 224 investors of 44 nationalities, with an average investment of AED 10,714 (announcement of 29 May 2025). The project is explained in real estate tokenisation in Dubai.

• Special purpose vehicle (SPV)

  A special purpose vehicle is a company or similar entity set up to hold one asset or pool, separate from its sponsor's other business.

  Tokens can then represent interests in it. Ctrl Alt lists SPVs, funds and structured products as wrappers; its Guernsey entity, licensed by the Guernsey Financial Services Commission (GFSC reference 3085959), administers vehicles. See the fund tokenisation platform.

• Tokenised fund

  A tokenised fund is a fund whose units or shares are recorded on a distributed ledger, with tokens standing for each investor's holding.

  The portfolio, manager and fund rules stay the same; the register changes. FCA Policy Statement PS26/7 of 30 April 2026 gives UK fund managers final guidance on using one. See tokenising a fund with Ctrl Alt.

• Security token

  A security token is a token that represents a regulated investment, such as a share, a bond or a fund unit.

  Also called a tokenised or digital security. The Bank of England says securities issued in its sandbox can be used in the same way as traditional ones. Regimes are compared in who regulates tokenisation in the UK and UAE.

• Structured product

  A structured product is an investment issued by a vehicle, with a return linked to underlying assets on terms fixed at issue.

  Ctrl Alt announced its first tokenised structured product on Solana on 30 April 2026: backed by assets from a regulated UK financial services firm and issued through a Guernsey-domiciled vehicle, with legal structuring by Carey Olsen. See structuring on the platform.

• Whitepaper

  A whitepaper is the disclosure document an issuer publishes for a virtual asset, setting out the rights it gives, its risks and how it works.

  VARA's rules require extra disclosures for an asset-referenced virtual asset, including whether the token represents a direct right of ownership. Ctrl Alt's Dubai entity publishes whitepapers for ten property tokens. See tokenising real estate with a registry.

• Registrar

  A registrar keeps the official register of who holds the units, shares or other interests in a fund or vehicle.

  For tokenised interests, the ledger and the legal register must agree. Ctrl Alt Corporate Services Limited can act as registrar under its Guernsey Protection of Investors licence (GFSC reference 3085959), announced on 5 August 2026. See registrar services for tokenised funds.

• Digital transfer agent

  A digital transfer agent processes subscriptions, redemptions and transfers in a fund or vehicle and keeps the holder record on a distributed ledger.

  Ctrl Alt uses the term for its Guernsey permissions: the Protection of Investors licence (GFSC reference 3085959) covers acting as registrar and digital transfer agent for investment fund and vehicle interests. See transfer agency for tokenised funds.

• Custody

  Custody is the safekeeping of assets for their owner; for tokens it means controlling the private keys that authorise transfers.

  For the Dubai property project, Ctrl Alt uses Ripple's institutional custody technology, announced on 16 July 2025. Custody providers for other mandates are not published. The evidence is collected under custody and security.

• Delivery versus payment (DvP)

  Delivery versus payment is settlement in which the asset moves only if the payment moves, and the payment only if the asset moves.

  It removes the risk that only one side performs. The Bank of England calls the all-or-nothing form atomic settlement and says its RT2 system already supports DvP in sterling central bank money. Related term: synchronisation.

• Synchronisation

  Synchronisation is the Bank of England's term for coordinating central bank money movements in its RT2 system with asset transfers on external ledgers.

  Funds and assets are earmarked, then released together. The Bank plans a live service in 2028. Ctrl Alt announced its approval as a Synchronisation Operator in the Bank's Synchronisation Lab on 10 February 2026. See sandboxes and market infrastructure.

• Secondary market

  A secondary market is where existing holders sell tokens or securities to other investors, as opposed to the first sale by the issuer.

  Phase two of the Dubai Land Department project opened controlled secondary trading on 20 February 2026, with about 7.8 million tokens eligible for resale, Ctrl Alt says. A market does not ensure a buyer. See how the Dubai property project works.

• Digital Securities Sandbox (DSS)

  The Digital Securities Sandbox is a live environment, operated by the Bank of England and the FCA, for issuing, trading and settling securities on ledgers.

  Its gates are testing (Gate 1), go-live under initial limits (Gate 2) and scaling (Gate 3); the sandbox is due to run until 8 January 2029. Ctrl Alt Ltd is a Gate 1 entrant. See UK and UAE tokenisation regulation.

• Sandbox Approval Notice

  A Sandbox Approval Notice is the notice the Bank of England issues to a firm it approves at a gate of its sandbox.

  The Bank's dashboard lists a Gate 1 notice for Ctrl Alt Ltd dated 4 December 2025 (Alt Ltd first passed on 26 March 2025). Gate 1 gives no permission for live activity until Gate 2 approval. See licence numbers for each Ctrl Alt entity.

• Direct-to-fund dealing

  Direct-to-fund dealing is an optional UK dealing model in which investors transact directly with the fund itself.

  The FCA introduced the rules in Policy Statement PS26/7 on 30 April 2026 and abbreviates the model D2F. It is available whether the fund is traditional or tokenised. See fund dealing on a ledger.

• Blueprint model

  The Blueprint model is the industry-led design for a UK tokenised authorised fund that the FCA's fund tokenisation guidance covers.

  The FCA's page links the Investment Association paper UK Fund Tokenisation: A Blueprint for Implementation. Guidance in PS26/7 covers use of the model and keeping the unitholder register on a distributed ledger. See how Ctrl Alt tokenises funds.

• Non-mass-market investment

  A non-mass-market investment is an FCA category of often complex, high-risk investments whose promotion to ordinary retail investors is restricted.

  The rules are in COBS 4.12B of the FCA Handbook, which also prescribes a risk warning. This site prints that warning as a conservative default. See the risk disclosure for tokenised assets.

• Professional client

  A professional client is, in FCA rules, a client that is either a per se professional client or an elective professional client.

  Per se professionals include financial institutions and large undertakings; elective professionals request the status and must pass tests (COBS 3.5). Ctrl Alt's Irish entity serves only eligible counterparties and professional clients under MiFID (Central Bank of Ireland reference C571300).

• Virtual asset service provider (VASP)

  A virtual asset service provider is, in VARA's rulebooks, an entity authorised by VARA to conduct virtual asset activities in the Emirate of Dubai.

  The VARA public register lists Ctrl Alt Solutions DMCC with VASP Licence VL/25/05/002, issued on 24 May 2025, status Active. See what each Ctrl Alt licence covers.

• Asset-referenced virtual asset (ARVA)

  An asset-referenced virtual asset is a virtual asset that represents ownership of a real-world asset, or an entitlement to income from one.

  Under VARA's ARVA rules, issuers disclose circulation at least monthly, commission an independent audit every six months and state in marketing that the ARVA is not covered by any investor protection or deposit guarantee schemes. See real estate tokenisation in Dubai.

• Category 1 VA Issuance

  Category 1 VA Issuance is the VARA activity of issuing a virtual asset that falls within Category 1, which includes every asset-referenced virtual asset.

  Each ARVA needs VARA's approval before issue. The activity is one of two on the register entry of Ctrl Alt's Dubai entity (VASP Licence VL/25/05/002), next to Broker-Dealer Services. See the licences and register entries.

• Broker-Dealer Services

  Broker-Dealer Services is a VARA activity covering arranging and matching orders in virtual assets and providing placement or distribution services for an issue.

  It is defined in Schedule 1 of VARA's Virtual Assets and Related Activities Regulations 2023. Ctrl Alt's Dubai entity holds it under VASP Licence VL/25/05/002, for Qualified and Institutional Investors only. See the platform used in the Dubai project.

• Qualified and Institutional Investors

  Qualified and Institutional Investors are the two investor classes in VARA's Market Conduct Rulebook that are not Retail Investors.

  A Qualified Investor has relevant knowledge and net assets of at least AED 3,500,000 (an individual may instead have annual income of AED 700,000 or more). Institutional Investors include regulated financial firms, VASPs, governments and central banks. Ctrl Alt's VARA licence (VL/25/05/002) covers only these classes: see the licence conditions.

• Property Token Ownership Certificate

  The Property Token Ownership Certificate is a certificate that Dubai Land Department launched for its tokenised real estate project.

  The Department announced the certificate on 29 May 2025, after the first project sold on the Prypco Mint platform. This glossary uses the Department's name and does not call the document a title deed. Token structure: guide to the Dubai Land Department project.

A glossary entry is the short version. The three guides give the mechanism, the Dubai case and the rules; the three platform pages show how Ctrl Alt applies them, and tokenisation pricing covers the cost side.

• What is real-world asset tokenisation? Guide
• Real estate tokenisation in Dubai Guide
• Who regulates tokenisation in the UK and UAE Guide
• Asset tokenisation platform Platform
• Fund tokenisation platform Platform
• Real estate tokenisation platform Platform

Every guide is listed under Insights. Short answers about Ctrl Alt itself are in the FAQ. To suggest a term or question a definition, use the contact page. The company overview is on the home page: Ctrl Alt tokenisation infrastructure.

Definitions are drafted from the sources linked in each entry and checked against them on 11 October 2026. Where a rulebook defines a term, the rulebook wording prevails. See the editorial policy.