Outlook for Security Token Business in Europe

STO

TokenSoft operates a security token business in Europe through “TokenSoft International AG” established in Switzerland.

 

In the European market, STO is implemented mainly in Germany, the United Kingdom, and Switzerland, and it has various characteristics according to the laws and regulations of each country.

 

In this issue, we will explain our approach to security tokens in Europe and consider the outlook for the security token business.

 

Current status of the European security token market

 

In Switzerland, blockimmo has developed a blockchain-based real estate trading platform that has successfully sold around $ 2,890,000 in real estate (apartments, restaurants) in March 2019.

 

blockimmo, in collaboration with “STX.SWISS”, issued 20% of the stock as a security token and implemented STO.

 

The STO is licensed and approved by the Swiss Financial Market Authority (FINMA) and the Liechtenstein Financial Market Authority (FMA).

 

In addition, “OverFuture SA” has announced the implementation of “Digital IPO” that performs IPO on the blockchain.

 

It is said that the management and sharing of shareholder information on the blockchain will improve the efficiency of the IPO process.

 

・ Lead managing underwriter
・ Shareholder register administrator
・ Securities custody transfer organization

 

In the case of Japan, the above players are indispensable for IPO, and attention is being paid to what kind of regulation will be used for various operations for IPO on the blockchain.

 

In the United Kingdom, “Worldchess” announced the implementation of “Hybrid IPO,” which turns stocks into security tokens and carries out STO in the round before the IPO.

 

In Europe, efforts are being made to utilize a wide variety of security tokens in each country.

 

In such a market environment, the STO in Germany is also attracting great attention in the European market.

 

German security token market

 

In Germany, many companies are working on audit procedures for STO projects in order to obtain approval from the regulatory authority Bafin.

 

ETO (Equity Token Offering) platform “Neufund” succeeded in ETO reaching 3,387,752 euros.

 

During discussions with Bafin, not only audit of disclosure information of the project but also application requirements such as “minimum investment amount and large investors only” were discussed.

 

After “Neufund” was approved by Bafin,

・ “Bitbond”, which operates a financing platform for P2P SMEs
・ VC fund “StartMark” that offers investment portfolio of promising startup companies

Such companies issue corporate bond security tokens.

 

In addition, the “Fundament Group” also issues security tokens backed by real estate securities, and STO of 250 million euros has been implemented with a portfolio of real estate based in Berlin, Hamburg, etc.

 

In the United States, “RealT” issues a security token with partial ownership of a limited liability company that operates a real estate business in compliance with RegS and D.

 

Through Uniswap, we sell to overseas investors, and you can see that the definition of real estate security token is different depending on the regulatory authority and regulation in each country.

 

In addition, Black Manta is also conducting unique efforts such as issuing certificates of participation in real estate development projects as security tokens.

 

Summary

 

“Due to the regulatory clarity in Switzerland and due to the comfort that the regulators have there with blockchain-based assets, the pace of innovation has been a little bit faster in Switzerland and so that’s why we do see more activity out in Switzerland,”

 

Mason Borda, CEO of TokenSoft Inc., said that the market is expected to grow further as American companies with high technological capabilities enter overseas markets.

 

In regions where regulations are clear, it is easy for a blockchain system developer to customize it, but in many countries, there are issues such as unclear legislation regarding security tokens and crypto assets.

 

There are also cases where strict security token regulations are in place to ensure the stability of existing financial markets even in countries and regions where laws and regulations have been established.

 

In the United States as well, it is considered necessary to continue discussing legal regulations concerning security tokens, such as the submission of a revised draft of the SEC registration exemption regulation “Regulation”.

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