{"id":341683,"date":"2021-09-20T14:07:44","date_gmt":"2021-09-20T11:07:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/thai-sec-issues-license-to-ethereum-based-real-estate-project\/"},"modified":"2021-09-20T14:07:44","modified_gmt":"2021-09-20T11:07:44","slug":"thai-sec-issues-license-to-ethereum-based-real-estate-project","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/thai-sec-issues-license-to-ethereum-based-real-estate-project\/","title":{"rendered":"# Thai SEC issues license to Ethereum-based real estate project"},"content":{"rendered":"

“# Thai SEC issues license to Ethereum-based real estate project <\/strong>”
\n<\/p>\n

The Securities Exchange and Commission of Thailand (SEC) has a license to an asset-backed token offering service based on the Ethereum blockchain.<\/p>\n

Fraction, a wholly-owned subsidiary of the Hong Kong-based fintech firm Fraction Group, has received a license allowing it to list and trade tokens for fractional ownership of physical or digital assets, the firm announced<\/a> Sept. 16.<\/p>\n

The license was granted through the Thai SEC\u2019s official portal for\u00a0 initial coin offering (ICO) established back in 2018. The license lays out the foundation for Fraction\u2019s upcoming service for asset digitization and fractionalization, referred to as an initial fraction offering (ICO).<\/p>\n

The firm expects to list the first IFOs for subscript<\/a>ions in Q1 2022, focusing on tokens for properties in collaboration with local real estate firms. According to the announcement, Fraction is exploring an IFO with an aggregate value of more than $460 million.<\/p>\n

\u201cNow you can legally own a part of this villa \u2014 maybe 1% of it \u2014 rather than having to fork out $5 million to buy the whole thing,\u201d Fraction co-founder and CEO Eka Nirapathpongporn\u00a0said<\/a>. The minimum amount to participate in an IFO would be around $150, he added.<\/p>\n

Fraction co-founder and chief technology<\/a> officer Shaun Sales said, \u201cWhile many have been talking about it or trying to do it, our platform is completed, already up and running, and ready to list public assets.\u201d<\/p>\n

Related: <\/em><\/strong>Blockchain-based platform for fractional property ownership launches in India<\/em><\/strong><\/p>\n

The industry of tokenized property has remained relatively niche due to the technology\u2019s nascent status and regulatory uncertainty about such offerings. According to estimations by British accountancy network Moore Global, the tokenized real estate market could hit $1.4 trillion in the next five years if just 0.5% of the total global property market were to be tokenized.<\/p>\n