When an investment moves from decision to execution, several events arise that are often described as one flow. The investor decides, pays, receives a position and may see a digital representation.
In practice, the steps need to be kept separate. A payment says that money has moved or may move. It does not automatically say which legal or economic right the investor has received. A digital registration alone does not prove that the payment was correct, that the allocation was right or that all conditions were fulfilled.
This chapter therefore concerns the relationship between money, right and digital representation. The goal is not an operational manual, but an understanding of why a robust tokenised structure must be able to connect these three parts and reconcile them over time.
IMPORTANT PRINCIPLE
A completed payment does not automatically mean the investor has received the correct legal position, and a created token does not automatically mean the payment has been correctly settled. The three links must be capable of being connected and reconciled.