Cardano allows issuers to set rules for new tokens

Core Points

CIP-0113 has been officially launched, allowing issuers to create new programmable tokens.

Rules can cover qualification verification, transfer restrictions, freezing operations, and authorization of third-party actions.

ADA and existing Cardano tokens are not affected by this framework.

Each issuer determines whether its tokens include controls and what controls they include.

Holders must fully understand these controls before accepting or purchasing tokens.

Cardano Foundation announces the launch of CIP-0113 standard

On October 7, Cardano Foundation announced that its CIP-0113 programmable token standard has been officially launched on the main network. The standard is designed to serve stablecoins, funds, bonds and similar assets, whose issuers may need to define who can hold, receive or transfer those assets.

A network can now host tokens with different transfer rights. ADA moves only when its holder authorizes a valid transaction. Tokens created through CIP-0113 may require additional inspections before ownership changes. The Cardano ledger applies the rules of the token when it is transferred, minted, or destroyed.

Issuers can use these rules to require recipient approval, restrict transfers across jurisdictions, or suspend the flow of funds while addressing compliance issues. The framework can also support third-party actions (such as forced transfers), provided that the design of the token itself grants such permissions.

Existing assets are not affected

None of these changes will affect the ADA or add new controls to tokens already circulating as ordinary Cardano assets. The additional logic only takes effect when the issuer creates a new token through the programmable token framework.

• Unaffected assets: ADA
• CIP-0113 does not give issuers new powers to freeze, seize, or restrict ADA transfers.

• Existing Cardano tokens in circulation:
• Tokens already in circulation will not receive programmable control functions due to the new standard.

• Issuer's options:
• For programmable tokens, the issuer may have built-in qualification checks, transfer conditions, limits, or jurisdiction-based restrictions.

• Optional permissions:
• Measures such as freezing or mandatory transfers are only available if the issuer explicitly includes them in the token's own rules.

Each programmable token has its own "rule book"

The CIP-0113 specification describes a programmable token as an asset that requires successful execution of a script before ownership changes. Issuers set up transfer logic for their tokens and can define separate conditions for minting, destruction, or third-party actions.

对于持有者而言，这种技术设计变成了一个直接的尽职调查问题：当代币进入钱包后，是否有其他方拥有定义好的能力来限制、暂停或重定向转账？同一区块链上的两个资产可能会产生截然不同的答案。

例如，一种稳定币可能使用与制裁筛查挂钩的窄范围冻结流程；一种基金可能要求投资者在获得份额前满足资格条件；一种债券可能仅限于特定的投资者群体。此类控制措施可以帮助发行方履行传统金融中已有的义务，同时也限制了持有者对代币的操作空间。

代币化使现有金融规则变得可执行

债券、基金和证券本身就带有法律条款、投资者资格认证以及处理错误或法院命令的程序。通常情况下，这些框架的大部分内容位于资产外部的合同、登记册和中介机构中。

通过丰田钱包（Toyota Wallet）分销的企业债券展示了区块链如何改变分发和结算方式，同时保留受监管投资周围的既定条件。CIP-0113 将部分框架拉近至代币层面，允许发行方在资产移动时强制执行转账条件。

Tokenized stocks face a similar situation. The U.S. Securities and Exchange Commission's temporary channel requires participation standards and protects shareholder rights even if trading infrastructure is moved on-chain. Blockchain transactions can efficiently record ownership; but rules attached to assets still determine whether ownership can change hands.

Four key points for holders to pay attention to

1. Who can intervene?
   Identify the issuer, administrator, or other party authorized to implement a freeze, initiate a recovery process, or perform a mandatory transfer. Product pages may summarize these powers, while governance documents and token rules provide more complete answers.
2. Who can receive it?
   Whitelists, KYC requirements and jurisdiction rules can affect a wallet's ability to receive or send assets. Even if both addresses are technically valid on Cardano, the transfer may fail.
3. Can rules be changed?
   The Cardano Foundation stated that issuers can use modular rules and update them as regulations evolve. Holders should carefully review how to approve, announce and limit these changes before relying on the current conditions of the token.
4. What does this token legally represent?
   Code controls the movement of tokens. The issuer's documents define broader rights and interests, including redemption rights, payments, voting rights, custody arrangements and how to deal with them in the event of bankruptcy or dispute.

Cardano opens up new paths for assets on the controlled chain

CIP-0113 保留了 ADA 现有的转账模式，同时为受监管的发行方提供了一条在 Cardano 上构建特定资产的路径。这可能会扩大该网络在那些从法律设计之初就包含限制的资产方面的应用。

对于持有者而言，相关信息现在不仅限于钱包中显示的余额。代币的规则可能决定谁可以接收它、何时可以移动，以及在出现合规或法律问题时有哪一方可以介入。

本文仅供参考，不构成法律、财务或投资建议。代币权利和发行方权力取决于每个资产的代码、治理文件以及适用法律。