blockimmo To Tokenize Real Estate
The Swiss Financial Market Supervisory Authority (FINMA) has granted permission to the Blockimmo blockchain startup for offering tokens in the form of shares and endorsed its model of business development in real estate tokenization, CCN reports.
The company received the same permission in Liechtenstein. These two countries were not chosen by chance since it is here in Europe where the most appropriate regulatory standards exist. In the future, it is planned to extend services to other EU countries.
Blockimmo applies a scheme that includes token offering, which are shares and are part of real estate objects. When selling such objects, investors participating in the auction receive their tokens confirming the property ownership. In turn, these tokens are associated with monetary assets in the company's accounts in Liechtenstein.
Currently, the Blockimmo platform works in a testing mode offering only two real estate objects, but services and offers will be expanded in the first months of 2019.
Tokenized real estate already has its own E-GRID number on blockchain and is entered in the registry, the company's founder Bastiaan Don stated.
The law company MME, which provides consulting services, takes part in the project implementation. Besides, support is also provided by Bank Frick.
As previously reported, X8 AG, a fintech company from Switzerland, developed a stablecoin, which corresponds to the Sharia norms in the economy of Islamic countries.