RWA transferability: who can hold and move a tokenized asset
Transferability describes whether a token can move freely between any two wallets or only between approved holders. For tokenized real-world assets it is often the deciding factor in who can actually hold them.
Why transfers are restricted
Securities laws usually limit who may buy or hold an instrument — by investor type, by country or by number of holders. Issuers enforce those limits in the token contract so the rules travel with the token.
How restrictions are enforced
Open tokens use plain ERC-20 or similar standards with no checks. Restricted tokens check each transfer against an allow-list or an identity registry, using standards such as ERC-1404 or ERC-3643, or custom logic in the contract.
Some issuers combine an open token on-chain with restrictions applied off-chain at the point of subscription and redemption.
What this means when researching
Whether a token is restricted, and to whom, should come from the contract or the issuer's documents. UNIALL shows a transferability standard only when it has been sourced; otherwise it is marked undetermined.