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.
- ERX is one of six crypto exchanges to receive the license from the Thai SEC since it began regulating the space in 2018.
- While other licenced crypto exchanges in the country primarily trade cryptocurrencies, ERX only offers tokenized digital assets for exchange.
- The ERX platform was built using New York-based crypto exchange technology provider AlphaPoint’s white label software.
- 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, Colo.
- 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.