8 Product legal and risk disclosures

Version 1.0 | 16 October 2026

These policies describe the proposed Vanuatu services of AYOV CAPITAL MANAGEMENT LTD. Licensing applications are being prepared; no licence grant is represented. The responsible provider must be identified in the accepted service agreement. Publishing these policies does not change the operator of an existing service.

Real asset tokens

The agreed token unit, issuer, asset entitlement, custodian, admitted reserve, evidence and redemption terms define the product. A report, CUSIP, allocation or asset valuation does not alone establish transferable title or immediate liquidity. An oracle provides a reference price; it does not inspect gold or guarantee a sale price. Published allocation, certified reserve and issued supply must be separately identified and dated.

Asset-backed tokens remain exposed to title, custody, fraud, insurance exclusions, valuation, market liquidity, legal enforcement and operational risks. Private/investment/trading labels do not determine regulatory classification. Client eligibility and transfer restrictions may limit liquidity. Redemption can involve notice, verification, minimum quantities, physical logistics and costs specified in the accepted terms.

BOVEUR and vault routes

A BOVEUR institutional token using reserve certification and burn-to-cash processing is distinct from an ERC-4626 vault share. A vault accepts only its configured on-chain underlying asset. Clients must verify the full contract, chain, asset address, decimals, balances, eligibility rules and accepted product before sending anything. A similar symbol does not make two contracts interchangeable.

For an agreed ERC-4626 route, an approved holder authorises the underlying token and deposits through the vault method. Redemption burns shares and releases underlying according to the contract. Cash conversion is a separate accepted provider process. For an agreed burn-to-cash route, a confirmed burn is followed by the recorded payment process; a burn alone is not bank settlement. A custodian commitment hash is not a transaction receipt.

Markets systems and rewards

Smart contracts may contain defects or privileged powers; networks may be delayed, congested or forked. Audits and verified source do not eliminate risk. Clients must understand actual pause, issuance, whitelist, recovery and administrative powers. Read-only explorer access requires no AYOV private key or server password.

Any client-reward programme must have a separate accepted schedule stating payer, eligibility, funding, calculation, caps, vesting, discretion, tax and cancellation treatment. There is no promise in this book of guaranteed income, appreciation or a redemption premium. Rewards must not be assumed to be funded by client backing. Product availability is subject to actual provider permissions and accepted terms, not the existence of a public page.