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Liechtenstein's Financial Market Authority (FMA) has approved AARGOS Global Real Estate Fund as an alternative investment fund (AIF), the company announced on its website.
The fund was created in collaboration with Liechtenstein-based financial services Ahead Wealth Solutions, blockchain technology provider Token Factory and independent family-run Bank Frick. It is the first regulated real-estate tokenized AIF fund in the country, with each token equivalent to one share in the fund.
“Our tokenization solution is based on standard protocols like ERC20 and an open Blockchain (Ethereum). This allows our customers to maximize the potential of Blockchain technology without having to commit to a central technology partner or proprietary (closed) solution,” said Bastiaan Don, Managing Director of Token Factory, in a press release shared on Medium.
The security tokens have been designed in such a way that only compliant transactions can be processed. In addition, only those investors who have identified themselves via AML/KYC will be able to invest, hold or trade in the corresponding security token.
According to Raphael Haldner, Head Fund and Capital Markets of Bank Frick, they worked with Token Factory’s team because they were impressed with the company’s track record and far-sighted tokenization solution.
“As the preferred point of contact for Blockchain Banking, we were again able to demonstrate the possibilities of Blockchain technology with the tokenization of a regulated investment fund. The issuance of digital, Blockchain-based fund shares leads to greater efficiency and a higher degree of automation in the transmission process,” Haldner said.
In October, crypto exchange Bittrex announced the shutdown of Bittrex International in Malta and the launch of a new exchange Bittrex Global headquartered in Liechtenstein. CEO Kiran Raj said at the time that Liechtenstein's ratification of Blockchain Act provides a comprehensive regulatory framework for the industry, making it much easier to "innovate quickly and efficiently, in a safe way for our customers."
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