This is the foundation everything else sits on, because a tokenised register is what makes genuinely tokenised fund administration possible. What makes this particularly attractive is how well it fits the PCC structure that Gibraltar fund managers already know. For fund managers weighing where to base a tokenised offering, that combination of technical capability and regulatory maturity is hard to find elsewhere. The market is only beginning to work out what tokenised fund structures look like in practice, and governance, documentation and operational arrangements will all need careful thought as it does. My advice to fund managers, investors and service providers considering this route is to seek specialist advice early.