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  "documentTitle": "Towards the unified secondary market: The evolution of distribution channels and evaluation of Asset Tokenization Benefits",
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  "authorName": "EY Parthenon",
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      "text": "To take the burden away from exchanges, issuers can perform KYC / AML checks and whitelist all wallets that are allowed to trade securities on every platform. This unlocks secondary market trading potential.",
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      "text": "KYC and AML has to be performed at issuance and redemption, but also on everyone who acquires tokens on the secondary market. Engagement with regulators is required to determine the rules and guidelines for these checks.",
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      "text": "Design tokens on a (permissioned) public blockchain network where peer-to-peer trading is possible, while taking into account investor protection regulations.",
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      "text": "Source: EY-Parthenon analysis",
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      "text": "...however, the lack of clear regulations hinders secondary market liquidity. One interim solution is to \"whitelist\" wallets in close cooperation with regulators to operate in DeFi...",
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      "text": "Benefit evaluation per asset class",
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