[ad_1]
The Securities and Exchange Commission of Thailand (SEC) has obtained the permission to provide services based on the asset-backed tokens of the Ethereum blockchain.
Fraction, a wholly-owned subsidiary of Fraction Group, a Hong Kong-based financial technology company, has obtained permission to list and trade tokens to obtain partial ownership of physical or digital assets. Announce September 16.
The license was granted through the official portal of the Initial Coin Offering (ICO) of the Securities and Exchange Commission of Thailand Founded in 2018The license lays the foundation for Fraction’s upcoming asset digitization and fragmentation service, which is called Initial Fragmentation Offering (ICO).
The company expects to list the first batch of IFO subscriptions in the first quarter of 2022, with a focus on real estate tokens in cooperation with local real estate companies. According to the announcement, Fraction is exploring an IFO with a total value of more than US$460 million.
“Now you can legally own part of this villa-maybe 1% of it-without having to spend $5 million to buy the entire villa,” Fraction co-founder and CEO Eka Nirapathpongporn SaidHe added that the minimum amount to participate in IFO is approximately US$150.
Shaun Sales, Fraction co-founder and chief technology officer, said: “Although many people have been talking or trying to do this, our platform is complete, up and running, and ready to list public assets.”
related: India launches blockchain-based partial property ownership platform
Due to the emerging status of the technology and the regulatory uncertainty over such products, the tokenized property industry is still relatively niche. According to estimates by the British accounting network Moore Global, The tokenized real estate market may reach $1.4 trillion In the next five years, if only 0.5% of the global real estate market is tokenized.
[ad_2]
Source link
