This enables DigiShares owned real estate exchange RE.X to facilitate network effects, payments, and yield generation of real estate investments in a fully compliant manner within their ecosystem.
Today the Legal Counsel of RE.X, Volodymyr Havrylyuk-Yensen, announced that RealEstate.Exchange completed the review of their planned token sale, by the German Federal Financial Supervisory Authority (BaFin), and in terms of regulation RE.X is on track with their native token $BRICK now classified as a utility token.
“This is a major milestone for the BRICK and RealEstate.Exchange ecosystem that brings much welcomed regulatory clarity on the classification of BRICK tokens and further reinforces our vision of a compliant, disintermediated and democratized real estate investment system enabled by DeFi and blockchain technology,” — Volodymyr Havrylyuk-Yensen, Legal Counsel.
German Federal Financial Supervisory Authority (BaFin) stated:
“The BRICK Token is not be classified as a security within the meaning of the EU Prospectus Regulation (ProspektVO) and the German Securities Prospectus Act (Wertpapierprospektgesetz — WpPG) and is also not a capital investment within the meaning of the German Capital Investment Act (Vermögensanlagengesetz — VermAnlG).”
Claus Skaaning, CEO, DigiShares and RE.X: Immense importance
“It has immense importance for RE.X that BRICK is now classified as a utility token by BaFin. It means we can move forward with our plans to fundraise and even more importantly, it means we can use BRICK to facilitate network effects, payments and yield generation within the RE.X ecosystem in a fully compliant manner.”
RE.X is a fully regulated and licensed real estate exchange, based on DeFi technology, developed in close collaboration with the Balancer team. RE.X will make use of new innovations from Balancer to enable highly liquid and inexpensive retail trading of real estate assets using AMM (Automated Market Maker) and liquidity pool technology.
DigiShares is a leading provider of solutions for real estate tokenization. With offices in Denmark, the US and Germany, DigiShares is a global provider of white-label tokenization software for investment management, corporate management, and trading of tokenized securities.