Begin a conversation →
A strategic governance studio · Est. 2017

The operating system
of institutions
is changing.

— A note from the firm

AZLYC is a strategic governance and systems transformation studio. We work where the question facing a board, a founder or an institution is not yet sorted by discipline — and where the answer will have institutional consequences.

Explore domains → Begin a conversation
— Three fields of practice
  1. i.Governance & Institutional Architecture
  2. ii.Digital, Tokenized & AI Infrastructures
  3. iii.Transformation, Culture & Sustainability
— On the record
  1. CNMVFirst debt-tokenization pilot to complete the Spanish regulatory sandbox, 2021–22
  2. GBABMM-authorized Business Associate · Regional Director for Europe
  3. DARACo-Chair, UK & European Digital Asset Task Force
  4. MandatesSpain · Italy · Georgia · Central America
Better-governed institutions make the world more navigable. Tokenization · RWA AI Governance · EU AI Act MiCA & CASP CSRD / ESRS CNMV & FCA Sandboxes Boards & Institutions Better-governed institutions make the world more navigable. Tokenization · RWA AI Governance · EU AI Act MiCA & CASP CSRD / ESRS CNMV & FCA Sandboxes Boards & Institutions
01 · Approach

When existing categories no longer hold.

Digital assets are redrawing how value is owned and governed. Artificial intelligence is being adopted faster than the rules can be written. Sustainability has become a strategic constraint rather than a reporting exercise. Regulation arrives in waves — MiCA, the EU AI Act, CSRD, DLT — and each one redraws what compliance means before the previous one is absorbed.

Underneath all of this, an older question survives: what is an institution for, and what does it take to build one that endures. AZLYC was built around that question. The work sits earlier than legal advice or technical consulting — in how a board, a founder or an institution holds its structure, its technology and its culture together, with integrity, in a way that outlasts the leadership that began it.

i.

The question

Not yet sorted by discipline. A tokenization decision is also a governance decision; an AI deployment is also a question of board accountability.

ii.

The work

Architecture before implementation: decision rights, regulatory posture, custody, culture — designed as one system and handed over ready to operate.

iii.

The conviction

Better-governed institutions make the world more navigable. That is the conviction the studio operates from.

02 · Domains

Three fields of practice.

Configured per engagement, organized as a system.
i.

Governance & Institutional Architecture

Designing how decisions are made before they are made. Board architecture, decision rights and accountability frameworks for organizations whose structure no longer matches their environment — including senior counsel in multilateral and cross-jurisdictional situations that do not match the playbook.

Board architecture Decision rights Accountability frameworks Strategic advisory Complex environments
Typical mandateRedesign of decision rights and board oversight for an institution entering a regulated market.
ii.

Digital, Tokenized & AI Infrastructures

Coordination layers for assets and technologies whose rules are still being written. Tokenization and digital-asset structuring under MiCA, CNMV and FCA frameworks; AI governance and EU AI Act readiness for institutions adopting AI inside regulated environments; Blockchain Maturity Model assessments.

Tokenization · RWA MiCA & CASP DAO governance AI governance EU AI Act BMM assessment
Typical mandateIssuer architecture, custody design and regulator interface for a tokenized debt issuance — or an AI governance framework for a regulated institution.
iii.

Transformation, Culture & Sustainability

Change that survives the leadership that initiated it. Cultural transition, leadership alignment, values-based operating systems and sustainability embedded as institutional infrastructure — in governance, decision rights and operating models rather than in the reporting cycle.

Cultural transition Leadership alignment Values architecture CSRD / ESRS ESG governance
Typical mandateSustainability strategy and ESG governance for a group moving from voluntary to mandatory reporting.
Delivered as Strategic advisory · Embedded mandates · BMM assessments · Closed sessions for boards and policy bodies
— Tokenization & Blockchain Maturity

Real-world assets, institutional infrastructure.

Tokenization of real-world assets — debt, equity, real estate, funds — as institutional infrastructure rather than experiment. We work upstream of the smart contract: issuer architecture, custody design, investor protection, regulator interface and the cross-jurisdictional posture that allows the structure to survive the next regulatory cycle.

AZLYC structured the first debt-tokenization pilot to complete the Spanish CNMV regulatory sandbox (2021–22). Active mandates in Europe and the Caucasus under MiCA, the FCA Digital Securities Sandbox and National Bank of Georgia frameworks.

AZLYC also operates Blockchain Maturity Model (BMM) assessments as a BMM-authorized Business Associate of the Government Blockchain Association (GBA). Lead assessor: certified BMM Assessor and Regional Director for Europe, GBA; Co-Chair of the UK & European Digital Asset Task Force of the Digital Asset Regulatory Authority (DARA).

RWA tokenization MiCA & CASP CNMV Sandbox FCA DSS National Bank of Georgia BMM Assessor (GBA) DARA Task Force Custody design Issuer architecture
— Blockchain Maturity Model

A bounded first engagement.

A structured assessment of a digital-asset or AI initiative against the GBA's Blockchain Maturity Model — governance, security, compliance, operations. Defined scope, written report, a clear next step. Often the first engagement; sometimes the only one needed.

  1. 01Scoping call and document request
  2. 02Assessment against the BMM standard
  3. 03Written report and recommended path
Request an assessment →
2017
Established
4
Jurisdictions · ES · IT · GE · CA
CNMV
First debt-tokenization sandbox
GBA
BMM Assessor · Regional Director, Europe
03 · Practice

Selected engagements.

Three representative engagements — anonymized, paraphrased, condensed. References available on request, under NDA. AZLYC does not publish client lists, logos or case studies.

01
2025–26
— Georgia · Digital assets · Embedded

Institutional digital-asset platform

Digital-asset structuring and licensing for an institutional platform under the National Bank of Georgia framework — governance, custody architecture, regulatory interface and cross-border operating posture.

Digital assets National Bank of Georgia Cross-border
Enquire →
02
2022–23
— Italy · ESG strategy · Strategic advisory

CSRD transition for a pharmaceutical group

Sustainability strategy and ESG governance architecture for an Italian pharmaceutical group navigating the transition from voluntary reporting to mandatory CSRD-aligned obligations.

CSRD ESG governance Pharma
Enquire →
03
2019–22
— Central America · Cultural transformation

Ethos & governance redesign for a private university

Ethos and governance redesign for a private university in Central America — leadership alignment, values architecture and the cultural work that turned a regulatory transition into durable institutional change.

Cultural transformation Higher education Values architecture
Enquire →
— Contact

Begin a conversation.

Selective and discreet. A senior advisor will reply within two working days.

Direct
bmm@azlyc.com
Hours
Mon — Fri, by appointment
Entity
AZLYC BV · Netherlands · Est. 2017
Network
aznar.legal · legal & compliance practice
enriqueaznar.com · founder
What happens next
  1. 01A reply within two working days.
  2. 02A 30-minute call to hear the problem as it stands.
  3. 03A short written note: whether this is work for the studio, how it would be structured — and if not, who you should call instead.
Name
Email
Message
— Not ready to write?

Start with a Blockchain Maturity Model (BMM) assessment: a structured, bounded first engagement that tells you where your digital-asset or AI initiative stands against an institutional standard — before any broader mandate.

Request a BMM assessment →