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The RWA Bible

History, organisation, regulation and starting a business in the world of tokenised assets

  • 38 chapters
  • 7 parts
  • ~226 pages
  • Updated 3 Nov 2026

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  1. · Foreword 4 min

Part One The foundations

  1. Chapter 1 What is a real world asset 11 min
  2. Chapter 2 Blockchain for those who never needed it 9 min
  3. Chapter 3 Smart contracts, oracles and token standards 10 min
  4. Chapter 4 From token to right 12 min

Part Two The genealogy

  1. Chapter 5 Before the blockchain 8 min
  2. Chapter 6 2009-2017, from Bitcoin to ICOs 8 min
  3. Chapter 7 2017-2020, the security token wave and its disillusionment 9 min
  4. Chapter 8 2020-2023, decentralised finance discovers the real world 10 min
  5. Chapter 9 2023-2026, the institutions arrive 10 min

Part Three How the ecosystem is organised

  1. Chapter 10 Mapping the players 10 min
  2. Chapter 11 The tokenised asset classes 11 min
  3. Chapter 12 The cash leg 10 min
  4. Chapter 13 Secondary markets and liquidity 9 min
  5. Chapter 14 Measuring the market 7 min

Part Four Successes, mistakes and lessons

  1. Chapter 15 The successes and what explains them 8 min
  2. Chapter 16 The failures 9 min
  3. Chapter 17 Cross-cutting lessons 8 min

Part Five Regulation

  1. Chapter 18 The European Union law as of 1 November 2026 10 min
  2. Chapter 19 France law as of 1 November 2026 10 min
  3. Chapter 20 The United States law as of 1 November 2026 9 min
  4. Chapter 21 Switzerland, Liechtenstein, Luxembourg, Germany, United Kingdom law as of 1 November 2026 8 min
  5. Chapter 22 Asia and the Gulf law as of 1 November 2026 7 min
  6. Chapter 23 French taxation of RWA 8 min
  7. Chapter 24 Anti-money laundering, know your customer, the travel rule and sanctions law as of 1 November 2026 6 min

Part Six Launching your RWA business

  1. Chapter 25 Choosing your role in RWA 7 min
  2. Chapter 26 Legal structuring 8 min
  3. Chapter 27 Building your technology stack without being an engineer 8 min
  4. Chapter 28 Distribution 8 min
  5. Chapter 29 Business model, budget, timetable and a model business plan 8 min
  6. Chapter 30 Governance, risk management, reporting, continuity and exit 8 min
  7. Chapter 31 An annotated directory of providers 6 min

Part Seven Horizons

  1. Chapter 32 What lies ahead, 2027 to 2035 9 min
  2. Chapter 33 A vision 7 min

Appendices

  1. Appendix A Glossary 6 min
  2. Appendix B Chronology 4 min
  3. Appendix C Sources and bibliography 4 min
  4. Appendix D Update log 1 min
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