What changes
The operational rails — replaced by tokenization
Settlement
multi-day batches
↓
Instant & atomic
Records
many separate ledgers
↓
One shared ledger
Reconciliation
manual matching
↓
Automatic
Compliance
checked after the trade
↓
Enforced at the trade
↑ on-chain
off-chain ↓
What stays the same
The legal & real-world foundation — off-chain by necessity
Legal structures
SPVs · fund documents · investor rights
Enforcement
credit risk · courts · collections · insolvency
Identity
KYC / AML through regulated providers
Custody
qualified custody · legal separation of assets