The Securities Exchange and Commission of Thailand reportedly issued a license supporting an asset-backed token offering service, which operates across the Ethereum blockchain.
Specifically, Fraction – a subsidiary under the scope of the Hong Kong-headquartered fintech entity Fraction Group – has successfully secured a license, offering the legal acceptance supporting the listing and trading of tokens for fractional ownership of physical or digital assets.
The license was reportedly issued through the Thai SEC’s official portal for initial coin offering, formed three years ago. The license established the foundation for Fraction’s upcoming offering focusing on asset digitization and fractionalization, known as an initial fraction offering (IFO).
The company reportedly has plans of carrying out the listing of the first IFOs for subscriptions in the first quarter of next year, primarily revolving around tokens for properties, via alliances formed with local real estate companies.
Per the announcement, Fraction is reportedly deep-diving into an IFO with an aggregate value of over $460 million.
“Now you can legally own a part of this villa — maybe 1% of it — rather than having to fork out $5 million to buy the whole thing,” Fraction co-founder and current Head, Ekapak Nirapathpongporn, reportedly remarked.
The lowest possible sum for participation in an IFO would fall somewhere near $150, Nirapathpongporn further remarked.
“While 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” Fraction co-founder and chief technology officer Shaun Sales additionally claimed.