Questions the transfer should answer by itself

Is this holder allowed to own the instrument. Which jurisdiction, investor category and offering restriction applies. Is the wallet controlled by the entity it claims. May the position be transferred, pledged or used as collateral. Who holds the legal asset. How do dividends, votes, splits and redemptions happen. What happens when a wallet is compromised, a holder is sanctioned, or a regulatory status changes.

If a human has to answer those in a side system after the transfer, the market is still an email market with a token attached. The infrastructure worth building is the permissioning, the identity binding and the corporate-action path, continuous rather than annual.