GSD — Tokenized Asset Tax Infrastructure

The tax layer for
tokenized RWAs across Europe.

Automated withholding tax calculation and regulatory filing for ERC-3643 security tokens across EU jurisdictions.

EU MiCA ERC-3643 Multi-jurisdiction
Request early access See how it works

The Problem

MiCA created regulated tokens.
It defined no tax standard.

ERC-3643 security tokens generate three classes of taxable event. No existing infrastructure handles the combination of on-chain provenance, token identity, bilateral treaty overrides, and EU jurisdiction-specific flat-file formats.

Per-event obligations, no automation

Yield payments, secondary transfers, and redemptions each trigger WHT or capital gains obligations under the investor's jurisdiction — calculated manually today.

📋

Manual filings at scale

Country-specific WHT returns are produced via spreadsheets and ad-hoc legal opinions — adequate for a pilot with three investors, broken at scale.

Every jurisdiction, a different form

Italy's CU/770, Spain's Modelo 193, and bilateral treaty overrides each impose distinct formats and deadlines. Reconciling them by hand doesn't scale across a multi-country investor base.


Market Opportunity

Institutional RWA is going live.
Tax infrastructure is not.

BlackRock BUIDL, Franklin Templeton, and Société Générale FORGE have already launched tokenized funds. Every platform operating across the EU is a potential buyer. Every custodian bank with a tokenized asset desk faces tax-reporting obligations no existing tooling addresses.

$10T+
Projected RWA tokenization market
0
Compliant tax APIs for tokenized assets on the market today
26%
WHT rates across EU — each jurisdiction calculated manually today
0
Automated WHT systems that handle ERC-3643 token events

The Solution

A B2B API that calculates, withholds,
and reports — automatically.

GSD accepts token event payloads and returns correct WHT amounts, capital gains calculations, and fully validated regulatory filings — in a single API call, in under 500ms.

🧮

Calculate

WHT and capital gains per event, per EU jurisdiction, per investor tax status — individual or corporate — with bilateral treaty override support.

📄

Report

Country-specific regulatory filing formats generated, validated, and returned as base64 attachments — ready to submit to each EU tax authority. Zero manual data entry.

🔒

Audit

Every calculation is immutably logged with full input/output payload and tax rules version. Retained 10 years. Reconstructible for any regulatory inspection.


Target Buyers

Three buyer tiers, one API.

Tier 1

Tokenization Platforms

Tokeny, Securitize, Polymath, DigiShares. Embed GSD as the tax layer for issuer clients. Replaces custom per-client tax logic.

Tier 2

Asset Managers & Family Offices

CFOs and compliance officers running tokenized bond or private equity pilots. Replaces annual manual Excel reconciliation and tax advisor engagement.

Tier 3

Custodian Banks

SocGen FORGE, BBVA, Intesa. Sub-custodian WHT reporting for tokenized asset desks. Compliant tax records before the auditors arrive.


Why Now

Three forces converging in 2025–2026.

⚖️

MiCA in force

The EU's Markets in Crypto-Assets regulation created a regulated category for tokenized securities in 2024–2025. The regulated category exists. The tax infrastructure does not.

📅

The tax layer is unbuilt

Exchanges and custodians holding tokenized assets have no compliant tax-reporting infrastructure. The gap is a direct audit risk today — and the category is unclaimed. The window to build is now.

🏦

Institutional scale arriving

BlackRock BUIDL, Franklin Templeton, and Société Générale FORGE are live. The market is no longer a pilot — it's growing toward the scale of traditional listed securities.


Roadmap

Two phases. EU-wide coverage.

Q3 2026

Phase 1 — Core EU Markets

Yield, transfer, and redemption tax calculation for key EU jurisdictions. Country-specific filing format generators. REST API v1 with immutable audit log.

Q1 2027

Phase 2 — Full EU Coverage

Remaining EU member states. Cross-border treaty matrix. Corporate tax status across all jurisdictions. Consolidated reporting for multi-country portfolios.


For tokenization platforms and asset managers

Integrate in an afternoon.

Submit token events. Get back tax results and compliant filings. No blockchain interaction required.

How It Works

Three steps. Under 500ms.

STEP 1

Submit event

POST a token event payload (yield, transfer, or redemption) to the GSD API with your investor's jurisdiction and tax ID.

STEP 2

GSD calculates

Correct WHT rate applied, treaty overrides checked, capital gains computed per lot — stateless, deterministic, versioned tax rules.

STEP 3

Result + audit record

JSON response with gross amount, WHT rate, net amount, and treaty reference. Immutable audit record written atomically before the response returns.


API Overview

Nine endpoints. JSON in, compliant file out.

Method Path Description
GET/healthHealth check — no auth required
POST/v1/events/yieldWHT calculation for a yield payment event
POST/v1/events/transferCapital gains calculation for a secondary transfer
POST/v1/events/redemptionPer-lot tax calculation for a token redemption
POST/v1/events/batchBulk submit multiple events in a single call
POST/v1/reports/{jurisdiction}Generate the native WHT filing for a given EU jurisdiction and fiscal year
GET/v1/audit/{event_id}Retrieve full audit record for a single event
GET/v1/auditPaginated audit history (cursor-based, 100 records/page)
Example: yield payment → tax result
{
  "event_type": "yield_payment",
  "token_id": "token-abc-123",
  "gross_amount": 1000.00,
  "investor": {
    "jurisdiction": "DE",
    "tax_status": "individual"
  }
}

Response

{
  "wht_rate": 0.26,
  "wht_amount": 260.00,
  "net_amount": 740.00,
  "treaty_applied": false,
  "tax_rules_version": "DE-2025-v1.2"
}

Full OpenAPI 3.0 spec at /v1/openapi.json · Interactive docs at /v1/docs


Compliance Outputs

Jurisdiction-native filings. Zero manual entry.

Every report is generated from your submitted tax events, validated against the official regulatory specification for that country, and returned as a base64 attachment — ready to submit.

Per-country formats

Native Filing Formats

Each EU member state has its own WHT return format — fixed-width flat files, XSD-validated XML, structured CSV. GSD generates the correct format per jurisdiction, validated before return.

Cross-border

Treaty Rate Overrides

Bilateral tax-treaty reduced rates applied automatically by investor jurisdiction. Every override is logged with the source treaty and the effective rate used.

All jurisdictions

Immutable Audit Log

Every event logged with full input/output snapshot and tax rules version. Write-once, retained 10 years. Accessible via API — reconstructible for any regulatory inspection.

Jan WHT Annual Returns ES, FR, DE — Q1 filing window
Feb – Mar Withholding Certificates IT, NL, BE — investor-level certificates
Oct – Nov Aggregate WHT Returns IT, PT — annual aggregate filing

Design Partner Program

Be the first platform
to go live with GSD.

We're selecting 3–5 asset managers and tokenization platforms for private API access ahead of the Q3 2026 MVP launch. In exchange: early access, direct input on the roadmap, and a validated compliance record ahead of regulatory scrutiny.

Join the design partner program Read the API docs

Questions? hello@gsd.io