Thailand-based brokerage firm Seamico Securities Digital, backed by international asset management firm Elevated Returns, recently made an official announcement that it is ready to launch real estate tokens after it was granted an initial coin offering (ICO) portal license, according to a report by the Block Crypto.
President of Elevated Returns, Stephane De Baets, made the announcement via his Twitter profile, stating that Seamico Securities Digital was granted a Thai ICO portal license. He added that, with legal approval, the firm is planning to start issuing tokens this summer through the Tezos platform.
Previously, Elevated Returns made a joint announcement with its compliance partner Securitize that the pair is set to tokenize US$1 billion worth of real estate using Tezos.
Earlier this year, ER disclosed that it invested in a 21% stake in Seamico, a deal worth more than 467 million baht, in preparation to tokenize the real estate market in Thailand. The acquisition was aimed at dealing with the regulatory framework with regards to tokenizing real estate in the Southeast Asian country, as well as other nations in the region.
De Baets said, “Thailand has a good environment to conduct digital businesses, as the country has a high mobile banking penetration at 74% and the second-highest penetration in terms of the number of crypto-wallet holders at 9.9% of Thailand’s internet users.”
He added that contrary to cash, the property market is likely to increase in asset value in the long term. Moreover, tokenization can boost the liquidity of real estate, thanks to blockchain technology that can “fractionalise and democratise” the concept of investment.
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