Credential Preparation for Token Issuance and Transfer
Registrar specifying the requirement of the BOND token
Here Registrar of BOND specifies the credential requirement, i.e. what credentials are needed in order to issue or hold the BOND tokens.Registrar offers credential of token issuer and holder to Issuer
Registrar (of BOND) offers a free credential to Issuer (as an issuer and a holder of BOND).Registrar offers credential of token holder to Investor1
Registrar (of BOND) offers a free credential to Investor1 (as a holder of BOND).Issuer accepts credential offers

Investor1 accepts credential offer
Investor1 accepts the credential offer.