“Next Generation Tokenization” in Liechtenstein: Multiple Assets, Multiple Tokens

Amazing Blocks
8 min readNov 16, 2020

First tokenization projects have been conducted. In quite some projects, debt tokens were issued for real estate objects. In this article we want to present the tokenization method we are currently working on: multi-asset-multi-token issuance processes. Imagine, multiple assets could be tokenized (that is, multiple real estate objects, multiple machines, multiple IP rights) by one and the same legal entity. Plus, for each asset, multiple tranches of tokens are issued (that is, equity tokens, debt tokens, tokenized participation rights). This way, one real estate object could be represented by both equity tokens and debt tokens. Or, a tokenized machine could be represented by two tranches of debt tokens. Amazing Blocks has done first steps on this regard: We tokenized the shares of our company. The next step will be multi-asset-multi-token issuance processes.

Amazing Blocks is a Liechtenstein-based company that offers tokenization solutions. With this article, we want to describe our vision of how tokenization can be implemented in the future. Tokenization? Yes. But, tokenizing what exactly? The key thought is that a token is a carrier of an asset. So, deploying equity in a token results in an “equity token”. Deploying debt in a token results in a “debt token”. The underlying fundamentals stem from the Liechtenstein Token Act (TVTG) that came into force in the beginning of 2020.

One of the important trends is tokenization of real estate. But, again, what exactly is tokenized? In fact, most of the tokenization projects that currently exist are tokenizing debt. The asset — say, a real estate object — is owned by a legal entity and this legal entity is issuing debt. The resulting debt tokens provide an interest payment to the investor based on a fixed interest rate. A flexible interest rate is also possible to accommodate a more beneficial performance. In most legislations, tokenizing debt is basically possible even though complex legal constructs are needed. Tokenizing equity, however, is more difficult and in most legislations not possible yet. This is different in Liechtenstein. Here, all kinds of rights can be tokenized leveraging the Liechtenstein Token Act.

Tokenizing shares of a legal entity

We at Amazing Blocks leverage the Liechtenstein Token Act. Of course, a Liechtenstein-based legal entity is needed for this. For this, a company limited by shares (Aktiengesellschaft) can be used. The company’s shares can also be tokenized. Relying on our software, we did this earlier this year which can be read here. Here is the proof on Etherscan. These tokenized shares allow an easier administration of the legal entity itself, for example, when it comes to ownership changes or onboarding new investors.

Tokenizing an asset with debt tokens

Imagine, you place an asset in a legal entity, for example a real estate object. As described above, this asset can be tokenized by debt tokens which are separated from the tokenized shares of the legal entity itself. Technically speaking, there are two smart contracts at work. One smart contract for the tokenized shares of the company and another one for the debt tokens of the real estate object. See the following illustration: Our software allows such multi-asset handling.

Tokenizing assets with equity tokens

Another example could be that a machine should be tokenized. Here, for example, equity tokens could make sense. Again, we transfer the ownership of the machine to the legal entity and tokenize it. “It” in this sense could mean equity. The token holder then owns a part of the machine.

Tokenizing multiple assets with multiple tokens per asset

Of course, it would also be possible that we transfer the ownership of multiple assets to the legal entity. Even more so, each asset could be represented by multiple types of tokens. For the machine, equity tokens could be issued. For the real estate object, debt tokens could be issued.

It gets very interesting, if multiple tranches of tokens are issued for one and the same asset. Here is an example: For the real estate object, it could make sense to issue both debt tokens and equity tokens. The investors of the debt tokens receive an interest payment for their investment, either a fixed interest rate or a flexible interest rate. Vice versa, the investors in the equity tokens own the asset and hold the equity value. Their reward is — simply speaking — the profit whereas the interest payments have previously been deducted. This multi-asset-multi-token issuance is illustrated in the following figure.

Please note that our software is ready to support such multi-asset-multi-token issuance processes but of course an issuer has to initiate such a project and also do the legal work. While this is not extraordinarily difficult, it still requires specific skills on behalf of the law firm (such as our partner law firm NÄGELE). Since the Liechtenstein Token Act only came into force at the beginning of 2020, the knowledge about these possibilities is just diffusing. To the best of our knowledge, nobody so far has engaged in multi-asset-multi-token issuance processes so far.

The full picture: multi-asset-multi-token issuance processes

Transferring more assets to the legal entity, tokenizing them with multiple tranches of tokens would lead to the illustration below. While this configuration is a project to be realized in the future, it is just a question when an issuer takes up on this lean and flexible solution to tokenize assets.

At Amazing Blocks we call this “multi-asset-multi-token issuance processes”. We are working on this and our software is ready for it. Actually, we are excited to work on such projects in the upcoming months and years.

The architecture behind the multi-asset-multi-token issuance process

We have two software packages in place developed by micobo. On the one hand side, this is the Investor Suite. It allows investors to onboard to our software complying with all required KYC procedures. The Investor Suite integrates multiple assets, it allows investments in multiple tokens and it of course also provides a dashboard for investors that seek to build a portfolio.

On the other hand, there is the Issuer Tokenpad. This software allows administering all functions of a smart contract. Tokens generated for an asset stem from a smart contract. If a real estate object or any other asset would be represented by equity tokens and debt tokens, two smart contracts would be in place. Their configurations, the number of tokens outstanding, token transferral restrictions etc. can be configured with the Issuer Tokenpad.

Therefore, the Issuer Tokenpad can be used to configure multiple smart contracts to issue multiple tranches of tokens. These tokens — be it equity tokens, debt tokens or tokenized participation rights — are plugged in the Investor Suite such that investors can invest in them. This is illustrated as follows:


Tokenization is an uprising trend and we saw first successful projects. Yet, in the years to come, there will be endless possibilities of assets to be tokenized. We truly think that Liechtenstein will play an important role in the emerging “token economy”. Of course, legal aspects need to be clarified but when we tokenized the shares of our company we saw that the Liechtenstein Token Act works in a fabulous way.

A key question is how equity tokens, debt tokens or tokenized participation rights are viewed in other countries. Securities’ laws, tax laws and custody rules need to be complied with when issuers work on the placement of their assets. Our first experiences were that skilled lawyers should find a way for paving the way such that investors from multiple countries can invest in those tokens generated by or within a Liechtenstein legal entity — especially because Liechtenstein is part of the European Economic Area (EEA).


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Amazing Blocks offers a tokenization solution (software-as-a-service) that enables its clients to tokenize various assets according to the Liechtenstein Token Act. The software suits the needs for tokenizing all kinds of assets (e.g. machines, cash flow generating contracts, trademarks, real estate, cars). The software can also handle investors: onboarding investors, handling ownership transfers, allowing to build investment portfolios, and providing dashboards. For example, if an asset should be tokenized, for this asset equity tokens, debt tokens, participation rights as tokens or any mixture of these types of tokens can be issued. This is possible by integrating blockchain technology with the law (that is, the Liechtenstein Token Act). At the core, there is the “digital legal entity in Liechtenstein” based on “tokenized shares” which allows a very efficient foundation, a very efficient operation of the company and, thus, an efficient and flexible possibility to tokenize assets. This should now make a wide variety of tokenization projects possible, because the costs for tokenization are significantly reduced.

Interested? Then, contact us! Are you interested in what Amazing Blocks is doing? Visit our website, write an email to hi@amazing-blocks.io, or follow us on LinkedIn or Twitter. Or provide your email address here and we will immediately send you more information.