> For the complete documentation index, see [llms.txt](https://tunakings-organization.gitbook.io/tuna-rwa-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://tunakings-organization.gitbook.io/tuna-rwa-docs/core-architecture/spv-structure.md).

# SPV Structure

Before any code is written, the project must secure a rock-solid legal wrapper. A special-purpose vehicle (SPV) ring-fences the Australian SBT quota, channels all cash flows, and shields token-holders from direct licensing risk. The SPV is also the only entity legally authorised to mint or burn TUNA, ensuring that every token remains fully collateralised by a verifiable slice of quota.

| Component                      | Purpose                                                           | Key Features                                                                                                                                                                                                                                                                                     |
| ------------------------------ | ----------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| **Jurisdiction & Legal Basis** | Holds the Southern Bluefin Tuna ITQ and receives all cash flows.  | • Incorporated as an Australian unit trust/SPV under the *Fisheries Management Act 1991*, which treats Statutory Fishing Rights (SFR) as fully transferable, mortgage-able private property—functionally similar to land titles.                                                                 |
| **Token Bridge**               | Issues **TUNA** as a digital certificate of beneficial ownership. | <p>• One-time mint based on the AFMA SFR → kilogram conversion factor.<br>• Elastic-supply clause: if Australia’s TAC share is reduced, the SPV can proportionally recall and burn TUNA to keep every token 100 % asset-backed.</p>                                                              |
| **Regulatory Perimeter**       | Shields token holders from direct fisheries licensing risk.       | <p>• KYC/AML registry meets FATF Travel-Rule standards; address whitelisting and geo-blocking built into mint/redeem functions.<br>• AFSL licence application kept “ever-green” so the structure can pivot from utility to financial-product classification if regulators tighten RWA rules.</p> |