The Securities Exchange and Commission of Thailand has a license to an asset-backed token offering service based on the Ethereum blockchain.
Fraction, a wholly owned subsidiary of the Hong Kong-based fintech firm Fraction Group, has received a license allowing it to list and trade tokens for fractional ownership of physical or digital assets, the firm announced Thursday.
The license was granted through the Thai SEC’s official portal for initial coin offering established back in 2018. The license lays out the foundation for Fraction’s upcoming service for asset digitization and fractionalization, referred to as an initial fraction offering (IFO).
The firm expects to list the first IFOs for subscriptions in Q1 2022, focusing on tokens for properties in collaboration with local real estate firms. According to the announcement, Fraction is exploring an IFO with an aggregate value of more than $460 million.