Thai SEC grants license for Ethereum-based real estate project
The Securities and Exchange Commission of Thailand (SEC) has a license for an asset-backed token offering service based on the Ethereum blockchain.
Fraction, a wholly-owned subsidiary of Hong Kong-based fintech company Fraction Group, has received a license that allows the company to list and trade tokens for owning fractions of physical or digital assets, the company announced on September 16.
The license was issued via the SEC Thailand’s official portal for Initial Coin Offerings (ICO), which was founded in 2018.
The company expects to list the first IFOs for registrations in the first quarter of 2022, with a focus on real estate tokens in collaboration with local real estate companies. Fraction is reviewing IFOs valued at over $ 460 million, according to the announcement.
“You can now legally own part of this mansion – maybe 1% of it – instead of having to spend $ 5 million to buy it all,” said Fraction Co-Founder and CEO Eka Nirapathpongporn. He added that the minimum amount to join the IFO will be around $ 150.
“With a lot of people talking about it or trying to implement it, our platform is up, running, and ready to be listed,” said Shaun Sales, Fraction co-founder and chief technology officer. .
Related: Blockchain-based platform for segmented wealth ownership launched in India
The crypto asset industry is still a relatively niche market due to the young state of technology and regulatory uncertainty for such services. According to estimates by the UK accounting network Moore Global, the tokenized real estate market could reach $ 1.4 trillion in the next 5 years if only 0.5% of the total global real estate market is tokenized.
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Author
The Securities and Exchange Commission of Thailand (SEC) has a license for an asset-backed token offering service based on the Ethereum blockchain.
Fraction, a wholly-owned subsidiary of Hong Kong-based fintech company Fraction Group, has received a license that allows the company to list and trade tokens for owning fractions of physical or digital assets, the company announced on September 16.
The license was issued via the SEC Thailand’s official portal for Initial Coin Offerings (ICO), which was founded in 2018.
The company expects to list the first IFOs for registrations in the first quarter of 2022, with a focus on real estate tokens in collaboration with local real estate companies. Fraction is reviewing IFOs valued at over $ 460 million, according to the announcement.
“You can now legally own part of this mansion – maybe 1% of it – instead of having to spend $ 5 million to buy it all,” said Fraction Co-Founder and CEO Eka Nirapathpongporn. He added that the minimum amount to join the IFO will be around $ 150.
“With a lot of people talking about it or trying to implement it, our platform is up, running, and ready to be listed,” said Shaun Sales, Fraction co-founder and chief technology officer. .
Related: Blockchain-based platform for segmented wealth ownership launched in India
The crypto asset industry is still a relatively niche market due to the young state of technology and regulatory uncertainty for such services. According to estimates by the UK accounting network Moore Global, the tokenized real estate market could reach $ 1.4 trillion in the next 5 years if only 0.5% of the total global real estate market is tokenized.
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