RWA FOUNDATION
Jurisdiction Arbitrage
The token travels anywhere. The rules behind it come from one place.
Tokens can be transferred globally, but securities law is national, so every issuer chooses a home jurisdiction. Delaware, the Cayman Islands, Liechtenstein, Singapore and Abu Dhabi each set different rules on who can buy, what must be disclosed and which courts hear disputes. Often this is ordinary structuring, such as using an offshore vehicle to serve investors outside the US. Sometimes it is a search for the lightest rules available. A product's marketing page rarely tells you which.
Check where a product is based before you look at its yield. That decides which rules protect you and which court hears a claim.