Thailand’s Securities Exchange Commission (SEC) has issued a Digital Assets Exchange License to ERX, a trading platform launched by asset digitization firm Elevated Returns (ER), the company announced Tuesday.
While other licenced crypto exchanges in the country primarily trade cryptocurrencies, ERX only offers tokenized digital assets for exchange.
Elevated Returns specializes in digitizing traditional assets with a focus on real estate asset tokenization, and is best known for having tokenized the St Regis luxury resort in Aspen, Colorado.
According to a statement, the group has a primary ICO portal license issued by the Thai SEC, as well as an asset management license and a secondary market license.
This means the firm can now issue real estate backed investment tokens, trade them and “manage funds raised from the public to trade the investment tokens on behalf of investors” in Thailand.
Through its Thai ecosystem, built on the Tezos Proof-of-Stake blockchain, the ER group said it intends to launch several real estate investment tokens to bring over $1 billion worth of assets to the blockchain.
Stephane De Baets, ER’s founder and president, said the exchange license was the “last stepping stone” to completing the infrastructure the group had built over the last 18 months.