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The acsm is a token that is processed by Adobe Digital Editions (ADE) to download the actual book.
You need to ensure your Kobo has been registered with the same Adobe ID as ADE is registered with.
Do make sure though that you've created a permanent ID in ADE and not taken the option to create an ID just associated with that install of ADE. (Sorry I'm not describing this too well, and currently don't have access to ADE on a PC).
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