- Walkers Global
- |4/6/25
RWA Tokenisation
How Switzerland and Jersey can work together to combine TradFi and DeFi
6 May 2025
No withholding tax in Jersey
The Tokenisation can be achieved under Swiss Law
Expertise of service providers
Euro-time zone
A tried and tested approach… but what does the structure look like?
Verification requirements in relation to underlying RWAs
Disclosure of NAV
Distribution of assets upon cessation of activity
Distribution of income, dividends or other distributions
No lending without regulator consent
Rights
Disclosure of risks
Change of CSP or specified counterparties
Defaults/delays in redemption to be reported to the JFSC
What is required for the Jersey regulatory application?
A description of the features of the Tokens, including details of the proposed issuance and redemption process;
Details of target investor type and investor protections;
A detailed Jersey legal and regulatory analysis – this will include considering: (i) whether the Tokens will require any regulatory licences under the Financial Services (Jersey) Law 1998 (as amended); (ii) the investment fund / AIFMD position; and (iii) whether registration is required under Jersey’s AML legislation; and
The identity of any service providers – the JFSC will wish to satisfy itself as to the identity and credentials of the proposed service providers (including the custodian) and so it is important for the Issuer to have finalised this ahead of filing the application.
A beneficial ownership structure chart (and may also ask for an organisational structure chart showing additional information about the Issuer and proposed structure); and
A draft investor warnings and acknowledgement document – depending on the Jersey legal and regulatory analysis, various prescribed form investment warnings may be required to be acknowledged and so the JFSC will usually request sight of the warnings which will be provided to Token holders.
Elliot re-joined Jersey Finance in November 2018 from Crestbridge where he managed their Management Company Services Group.
Elliot’s role is to help define Jersey’s product offering for funds as well as to oversee the strategy and execution of marketing Jersey as both a domicile and destination for Alternative Investment Managers and their funds.
Elliot’s role is to help define Jersey’s product offering for funds as well as to oversee the strategy and execution of marketing Jersey as both a domicile and destination for Alternative Investment Managers and their funds.
