Development of tokenization platforms
Tokenization platform development means building, to order, the software that issues, records and administers tokenized assets: smart contracts, an investor identity registry, compliance rules, the issuer dashboard and integrations with regulated firms. Unknown Gravity does this for issuers in the US, the EU and Latin America; the regulated roles stay with their counsel and intermediaries.
An asset tokenization development company builds, to order, the software an issuer uses to create and manage tokenized assets: the token's smart contracts, the investor identity registry, the compliance modules that enforce the offering's rules, the issuer dashboard and the connections to the regulated firms involved. Unknown Gravity builds these platforms for issuers, asset managers and financial institutions in the United States, in Spain and the rest of the European Union, and in Latin America, when their asset or their process needs logic that an off-the-shelf platform does not have.
We build the technology. The legal analysis, the offering route and the regulated roles belong to your counsel and your intermediaries: we are not a broker-dealer, funding portal, transfer agent, investment adviser, investment firm, ERIR, crypto-asset service provider (CASP) or law firm.
01 / What we build, and how it differs from a white label platform
A custom tokenization platform covers the full life of the tokenized asset, from investor onboarding to the last payment, with the logic your asset requires and connected to your systems. These are the building blocks we design and code in each project:
- Investor portal. Onboarding, identity and eligibility checks with the KYC/AML provider you choose, signing of the offering documents, holdings and notifications.
- Issuance and lifecycle. Minting and burning tokens, and the asset events the offering documents provide for: dividend or coupon payments, redemptions, capital increases, votes or exchanges.
- Holder register. Holders and balances on-chain, reconciled with the official register kept by whoever is responsible in each market.
- Transfer rules. Who may hold the token, in which countries, within which limits and for how long, checked before every transfer.
- Issuer and agent dashboard. Investor approval, issuance, freezes, forced transfers and token recovery, with a log of every action.
- Integrations. With the KYC/AML provider, the custodian, the register keeper, the intermediary that places the offering, the trading venue and the client's internal systems. Which systems connect, and how, is defined in each project.
Custom build or white label? They are two routes to the same goal:
| Custom development (this page) | White label platform | |
|---|---|---|
| Starting point | Designed from scratch for your asset and your process | Existing modules, configured and extended |
| Fits when | You need logic, events or integrations no platform has, or you want the platform to be a product of your own | You want your own branded platform without a long build |
| Time until technically ready | Longer: everything is designed, built and audited | Shorter: the base already exists |
| Who runs the infrastructure | You or the provider you choose; agreed in each project | Agreed in each project |
If you need a digital securities platform that issues in several markets, the technology base is the same: what changes are each market's rules and regulated firms, which we cover in section 03.
02 / Architecture: identity registry, compliance modules and ERC-3643
For securities and other assets that only identified investors may hold, we start from ERC-3643 (T-REX), a final-status Ethereum standard for permissioned tokens: the token only moves between verified identities and every transfer goes through a compliance check. This is how the work is split across the contracts (EIP-3643):
| Component | What it does | What the issuer decides |
|---|---|---|
| Token | ERC-20 compatible. It can be minted, burned and paused, and frozen, fully or partially, in an investor's wallet | The issuance and redemption terms |
| Identity Registry | Links each wallet to an investor identity contract and to the ISO-3166 code of the investor's country of residence, and checks whether the investor holds the required claims | Which claims are required, for example a passed KYC check |
| Trusted Issuers Registry and Claim Topics Registry | Define who may sign valid claims and which types of claim are required | Which claim issuers it accepts |
| Compliance | Enforces the offering's rules on every transfer, for example the maximum number of investors per country, the maximum tokens per investor or the accepted countries. It can be a tailor-made contract or a modular contract to which modules are added and removed | The rules, which come from the offering documents and its counsel |
| Owner and agent roles | The owner, which is the issuer, appoints the agents. Agents add identities, freeze tokens and force transfers, and the standard requires a system to recover the tokens of an investor who loses access to their private key | Who holds each role. We recommend that the agent role be held by the issuer or the regulated firm it appoints |
The platform can check before sending a transfer whether it will pass the rules, and a transfer that breaks them does not execute. We recommend keeping investors' personal data off-chain, together with the backend, the onboarding flows and the reports; balances and eligibility claims live on-chain. We work on Ethereum and other EVM networks, such as Polygon, Arbitrum or BNB Smart Chain, and the smart contracts go through an audit before mainnet. More technical detail in ERC-3643, the technical standard for security tokens.
03 / Integrations with regulated firms in the US, the EU and Latin America
The platform does not replace any regulated firm: it connects to the ones your offering needs. Which ones depends on the market and the offering route, and each integration is built within the project with the firms you choose.
United States
A tokenized security is still a security: the SEC's interpretation is that a digital security is a tokenized security and that recording it on-chain or off-chain does not change its nature (Release 33-11412, a Commission interpretation in effect since March 23, 2026). These are the roles a platform connects to for a US offering, always alongside the issuer's securities counsel:
| Role | When it comes in | What the platform integrates |
|---|---|---|
| Transfer agent | Whoever acts as transfer agent for securities registered under Section 12 of the Exchange Act, including the issuer itself, must be registered (Sections 3(a)(25) and 17A(c)(1)). Reg A Tier 2 and Reg CF issuers need a registered transfer agent to exclude those holders from the Section 12(g) count (17 CFR 240.12g5-1(a)(7); 240.12g-6) | The on-chain record, as the master securityholder file or as a mirror of the one the transfer agent keeps |
| Broker-dealer | Finding investors, taking part in negotiations, receiving compensation tied to the transaction or handling other people's funds or securities are signs of broker activity, which requires registration (Exchange Act Section 15(a); SEC staff Guide to Broker-Dealer Registration) | The intermediary's onboarding and subscription flows |
| Funding portal | In Reg CF, the offering runs only through a registered broker or funding portal (17 CFR 227.100(a)(3) and 227.300(a)) | The connection to the intermediary's platform |
| ATS | If resale is organized on an alternative trading system (ATS), the ATS must be registered as a broker-dealer (17 CFR 242.301(b)(1)) | The token and its transfer rules, connected to the venue |
| Custodian | Depending on the offering structure and the type of investor | The key custody and wallets the issuer chooses |
SEC staff accepts that the issuer or its agent may keep the master securityholder file on one or more blockchains (Statement on Tokenized Securities, January 28, 2026) and that a registered transfer agent may use a blockchain as its official master securityholder file if it meets all its other obligations (Trading and Markets FAQ, Q11). These are staff views and not binding. In September 2026 the SEC proposed new transfer agent rules that would also permit it (Release 34-106246, comments until November 3, 2026): it is a proposal, not a rule. More detail in our guide to asset tokenization in the United States.
European Union and Spain
- Classification. If the token is a financial instrument, MiFID II applies, and it covers instruments issued by means of distributed ledger technology (Directive 2014/65/EU, Art. 4(1)(15), as amended by Regulation (EU) 2022/858, Art. 18), while MiCA does not (Regulation (EU) 2023/1114, Art. 2(4)(a)). If it is not, it may be a crypto-asset under MiCA. Your counsel makes the call; for a first pass, try our MiCA or MiFID II classifier.
- Register. In Spain, transferable securities may be represented through systems based on distributed ledger technology (Law 6/2023, Art. 6(1)). The issuer drafts an issuance document (Art. 7) and appoints the entity responsible for administering the registration and recording of the securities, the ERIR, which must be authorized to safekeep and administer financial instruments (Arts. 8(4) and 126(a)). The platform integrates with the ERIR you appoint.
- Placement. Providing investment services as a regular occupation requires prior authorization (Directive 2014/65/EU, Art. 5(1)), and providing crypto-asset services requires being an authorized CASP or one of the eligible financial firms (Regulation (EU) 2023/1114, Art. 59(1)). If a third party places the offering, the platform connects its onboarding flows to that firm.
- Trading. The DLT Pilot Regime allows DLT multilateral trading facilities, DLT settlement systems and systems that combine both (Regulation (EU) 2022/858, Art. 2). When DLT securities are admitted to trading, responsibility for the register shifts to the authorized infrastructure (Law 6/2023, Art. 8(5)).
Latin America
Each country has its own securities law and supervisor, and several have specific fintech or crowdfunding rules. We work with the issuer's local legal counsel, who confirms how the token is classified and which intermediaries must take part, and we adapt the platform's rules to that analysis. See our country-by-country map of asset tokenization in Latin America.
04 / What we do and what we are not
Unknown Gravity is a technology provider: we design, build, deploy and maintain the platform, the smart contracts and the integrations. We are not a broker-dealer, funding portal, transfer agent, investment adviser, investment firm, ERIR, crypto-asset service provider (CASP) or law firm, and we do not give legal or investment advice.
| Who | What they do |
|---|---|
| Unknown Gravity | Architecture, smart contracts, investor portal, issuer dashboard, integrations, testing, code audit, deployment, technical documentation and maintenance |
| The issuer with its legal counsel | The legal structure, the token's classification, the offering route, the documents and the rules the platform will enforce |
| Regulated firms | Keeping the official register (ERIR, issuer or transfer agent), placing the offering (broker-dealer, funding portal, investment firm or CASP), running the secondary market (ATS or DLT infrastructure) and, where needed, custody |
| The issuer, as owner of the token | Appointing the agents that carry out freezes, forced transfers and other admin actions: the standard gives the owner role to the issuer (EIP-3643) |
If you need a branded platform without a full build, compare it with our white label tokenization platform.
05 / How we build it, phase by phase
1. Scope with your counsel
We map the asset, the markets, the offering route and the regulated firms involved, and turn them into requirements: transfer rules, asset events, roles and integrations. Once the scope is closed, the development schedule can be estimated.
2. Architecture design
Contracts, network, identity model, the split between what goes on-chain and what stays off-chain, and the specification of each integration.
3. Development in releases
Smart contracts, backend, investor portal and issuer dashboard, in releases your team tests on testnet.
4. Integrations and testing
Connections to the KYC/AML provider, the custodian, the register keeper and the intermediary or trading venue, with end-to-end testing.
5. Audit and launch
Smart contract audit, fixes for whatever it finds and mainnet deployment.
6. Operation
Handover of the platform and its technical documentation, and maintenance.
On timelines: the schedule depends on the scope, the number of integrations and the audit, which is why it can only be estimated once phase 1 is complete. The date of the first issuance also depends on the offering documents and on your intermediaries, not only on the technology.
How we work
Unknown Gravity is a Spanish tokenization technology and blockchain infrastructure company. We build the platform, the smart contracts and the integrations, and we work alongside your legal counsel (your US securities counsel in the United States, local counsel in Latin America) and the intermediaries each offering needs: transfer agent, broker-dealer or ATS, funding portal, ERIR, investment firm or CASP. We are not any of those entities.
Official sources
- SEC: Application of the Federal Securities Laws to Certain Types of Crypto Assets, Release 33-11412 (Federal Register, March 23, 2026)
- SEC staff: Statement on Tokenized Securities (January 28, 2026)
- SEC Division of Trading and Markets: FAQ on crypto asset activities and distributed ledger technology
- Spanish Law 6/2023 on Securities Markets and Investment Services (BOE, consolidated text, in Spanish)
- Directive 2014/65/EU on markets in financial instruments (MiFID II) (EUR-Lex)
- Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) (EUR-Lex)
- Regulation (EU) 2022/858 on a pilot regime for DLT market infrastructures (EUR-Lex)
- ERC-3643: T-REX, Token for Regulated EXchanges (Ethereum Improvement Proposals)
This page is informative only and does not constitute legal, tax or investment advice.
Framework verified as of October 13, 2026. If your project needs a platform of its own, we review your asset, your markets and your intermediaries with you before any code is written. Talk to us.
FAQ
Frequently asked questions
Does platform development include the legal analysis?
No. Unknown Gravity is not a law firm and does not give legal advice. The issuer decides the structure, the token's classification and the offering route with its legal counsel: its US securities counsel in the United States, its lawyers in Spain and the EU, local counsel in Latin America. We coordinate with them from the first phase and turn their conclusions into the rules the platform enforces.
How long does it take to build a tokenization platform?
It depends on the scope: the asset events, the number of integrations (KYC/AML, custodian, register, intermediary and trading venue), the networks and the audit. That is why we do not quote a general figure: the schedule can only be estimated once the scope is closed. The date of the first issuance also depends on the offering documents and on the regulated firms involved. If your timeline is short, the white label platform starts from modules that already exist.
Can you build a platform for a US offering?
Yes, alongside the issuer's securities counsel and its registered intermediaries. For example, in a Reg D Rule 506(c) offering every purchaser must be an accredited investor and the issuer must take reasonable steps to verify that status (17 CFR 230.506(c)(2)); the platform integrates the verification provider, keeps the records and enforces the transfer restrictions in the token. The platform does not replace the broker-dealer, the funding portal or the transfer agent: if the offering needs them, they take part. Note that Reg A+ is limited to issuers organized and with their principal place of business in the US or Canada, and Reg CF to issuers organized in the US (17 CFR 230.251(b)(1); 227.100(b)(1)).
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