Know-your-customer is the identity layer regulated finance requires: who holds what, verified before they hold it. On public chains identity cannot be enforced at the address level, so the gate moves to the edges, issuers allowlist transfers, platforms gate on-ramps, checkouts ask buyers to confirm eligibility.
For tokenized assets the pattern is layered: the issuer's on-chain rules do the hard enforcement (transfers to blocked addresses revert), while the venue carries the disclosure duty, stating plainly who may hold and what rights do not attach.
U.CASH checkouts present eligibility confirmations for tokenized assets and pre-flight the issuer's transfer gate; the asset pages carry the disclosures so the terms precede the transaction.
Every term behind the rails, the assets, and the settlement.