#dusk $DUSK At first I assumed the hard part of regulated tokenization was putting a security on-chain. But the more I looked at Dusk’s design, the less that seemed to be the real constraint. What caught my attention was the way transfer eligibility is treated as part of the asset itself. A transfer is not simply a transaction between two addresses. The system has to know whether the receiving party is allowed to hold that security before the transfer can happen. That sounds straightforward, but it moves part of the burden from the institution managing the asset to the network enforcing the rules. The trade-off is interesting. On-chain ownership can become more direct, but only if the underlying eligibility information remains reliable and current. Someone still has to define those rules, maintain the relevant status, and deal with exceptions. So the blockchain may remove some manual steps without removing the institutional dependency behind them. Makes me wonder whether regulated assets can ever be fully on-chain, or whether they always carry part of the old system with them. #Dusk $DUSK @Dusk