7.1 Structural Overview
Each asset issuance under the $AET platform is structured through a dedicated SPV incorporated in the jurisdiction of the underlying asset or an appropriate holding jurisdiction. The SPV issues digital securities representing economic interests in the asset, offered to investors through a compliant private placement process.
The choice of issuance jurisdiction and offering structure is determined on an asset-by-asset basis to optimize regulatory clarity, investor protections, and tax efficiency. Representative structures include Singapore (Variable Capital Company or private company limited by shares under SFA exemptions), Japan (GK-TK or tokenized beneficiary certificates under FIEA), and Cayman Islands / BVI holding structures for multi-jurisdictional assets.
7.2 Investor Eligibility
| Category | General Requirement (Indicative) |
|---|---|
| Individual Accredited Investors | Net personal assets exceeding USD 1,000,000 (excluding primary residence), or equivalent threshold per applicable local law |
| Institutional Investors | Entities with net assets or AUM exceeding USD 5,000,000, or regulated financial institutions |
| Excluded Persons | U.S. Persons (as defined in Regulation S); residents or nationals of any Sanctioned Jurisdiction |
Note
Each issuance will specify the precise eligibility criteria applicable to that offering based on the structuring jurisdiction. Investors must self-certify and pass platform KYC/AML procedures prior to subscription.
7.3 Sanctions Compliance
$AET operates a zero-tolerance policy toward sanctioned counterparties. The platform screens all investors and transactions against OFAC (U.S. Office of Foreign Assets Control), UN Security Council, EU, and UKFSI sanctions lists. Investors from the following jurisdictions are permanently ineligible, regardless of nationality or place of subscription: Iran, North Korea, Russia, Syria, Cuba, Belarus, and any other jurisdiction subject to comprehensive sanctions at the time of participation. This list is subject to update as sanctions regimes evolve.
7.4 Key Regulatory Considerations by Market
| Jurisdiction | Primary Framework | Notes |
|---|---|---|
| Singapore | Securities and Futures Act (SFA); MAS Payment Services Act | CMS licence required for dealing; AI/II private placement exemptions available |
| Japan | Financial Instruments and Exchange Act (FIEA); FSA tokenized securities rules | Trust beneficiary interests or GK-TK structures; Type II FIBO dealer required |
| Hong Kong | Securities and Futures Ordinance (SFO); HKMA stablecoin consultation | Professional investor offering; VATP licensing under SFC review |
| Other Asian Markets | Jurisdiction-specific securities and digital asset laws | Legal opinion required per issuance; local placement agent typically engaged |