© Kagirov Abdul-Khakim Akhmadovich, 2026. All rights reserved.
Watermark · © Kagirov A-Kh. A. · 2026 · ALL RIGHTS RESERVED · Universal
Copyright Convention, Geneva 1952
Financing national projects through tokenization of
collateral real estate Digital investment platform ·
Republic of Armenia Law HO-159-N · CBA Regulations 7/01–7/05
| THE THESIS IN ONE SENTENCE |
| The owner pledges real estate → the platform issues a two-tranche
token → the investor buys it for cash → the cash goes into the Armenian
Sovereign Fund → the Ministry of Finance funds national projects → the
completed assets return capital to the investor → the owner keeps the
asset plus yield plus a bonus. |
| THREE SIDES — ALL WIN |
|
| 🏠 Owner |
The asset stays with the owner + 2.75% annual coupon + free
insurance + 0% property tax + 7–8% completion bonus + the title
“Co-investor of Armenia”. Net ≈ 4.4% per year on top of
alternatives, without losing ownership. |
| 💰 Investor |
Senior tranche: 5.5% coupon + Ministry of Finance of Armenia
guarantee. Junior tranche: up to 13.5% per year through pool NAV growth.
Real collateral — Armenian real estate. 0% tax on
crypto-gains for non-resident individuals. |
| 🇦🇲 The Republic of Armenia |
Up to €1 billion of off-budget financing for national projects
without an increase in external debt. Acceleration of
national programmes by 5–7 years. Financial sovereignty. |
| PILOT NUMBERS |
|
| Size of the first pool |
€100,000,000 |
| Senior tranche (5.5% coupon, 7 years) |
€70,000,000 |
| Junior tranche (target 10.5–13.5%) |
€30,000,000 |
| Owners in the pool (average apartment €200k) |
~500 |
| CASP operator capital (CBA Reg. 7/02) |
AMD 320 million (~US $830k) |
| Platform revenue per cycle |
€7–9 million |
| Cycle length |
7 years |
| FOUR PHASES |
|
| Phase 0 (m. 0–6) |
JV incorporation, IP valuation, documentation pack, political
alignment |
| Phase 1 (m. 6–24) |
€100M pilot under the existing HO-159-N. Hard gate:
Government decree on the budgetary guarantee. |
| Phase 2 (m. 24–60) |
Legislative amendments pack (CBA law + HO-159-N + new Fund law). CBA
as counterparty. Pool-backed AMD issuance. €1bn+ annual turnover. |
| Phase 3 (m. 60+) |
Roll-out to movable property, IP, equity. Regional scale (Georgia,
Kazakhstan, EAEU, EU). |
| SEVEN ADVANTAGES |
| 1. Regulatory clarity: within the existing law of
Armenia (HO-159-N + four CBA regulations). |
| 2. Win-Win-Win: all three sides gain simultaneously
— no party loses. |
| 3. Diaspora channel: a unique product for 7 million
ethnic Armenians worldwide. Modelled after Israel Bonds (US $50B+ over
75 years). |
| 4. Real collateral: real estate + insurance +
Ministry of Finance of Armenia guarantee. |
| 5. Armenian financial sovereignty: funds without
the IMF, without external debt, without conditionality. |
| 6. Two-phase strategy: a fast start and an
ambitious scale-out. |
| 7. DLT transparency: every transaction is publicly
verifiable. |
| AUTHOR AND RIGHTSHOLDER |
| Kagirov Abdul-Khakim Akhmadovich (Aslan Kaa) |
| 🌐 www.aslankaa.com 📧 aslankaa@yandex.ru |
| 📱 +7 (969) 795-55-55 · +7 (925) 203-77-77 |
| 💬 Telegram @aslan_kaa · Instagram @aslan_kaa · VK
id453725994 · Facebook aslan.kaa · X @aslanofff |
© Kagirov Abdul-Khakim Akhmadovich, 2026. Document NK-1PG-001/2026.
All rights reserved. Universal Copyright Convention (Geneva, 1952).
Reproduction is prohibited.