{"id":62060,"date":"2017-07-28T10:02:29","date_gmt":"2017-07-28T03:02:29","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/mas-warns-against-property-related-blockchain-platforms\/"},"modified":"2017-07-28T10:10:22","modified_gmt":"2017-07-28T03:10:22","slug":"mas-warns-against-property-related-blockchain-platforms","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mas-warns-against-property-related-blockchain-platforms\/","title":{"rendered":"MAS warns against property related blockchain platforms"},"content":{"rendered":"


\n\u00a0
\nWith two Singapore \u2018proptech\u2019 companies \u2013 FundPlaces and Reidao \u2013 turning to blockchain platforms to create property-backed tokens that can be acquired by investors, the Monetary Authority of Singapore (MAS) issued a caveat emptor (\u201cBuyer, beware\u201d), saying that such platforms may be used for criminal activity, reported Business Times.
\nFundPlaces launched, three weeks ago, its real estate-backed cryptocurrency \u2013 Tiles, with each token entitling the investor to the cashflow of the underlying property investment which it references.
\nWhile FundPlaces uses the company\u2019s own private blockchain platform, Reidao utilises the public Ethereum blockchain, which uses the gold-backed token called DGX.
\nUnder Reidao\u2019s process, the company liquidates the full amount for the property that has been raised in tokens to acquire the said asset in the local fiat currency.
\nDuring distribution, the company converts cash back to gold and to DGX, which would then be paid out to token holders.
\nRecognising the risk that \u2018dirty\u2019 money may be laundered via their platforms, both FundPlaces and Reidao have set up due-diligence and know-your-customer (KYC) processes at the pre-registration phase.
\nFundPlaces, for instance, requires its Singapore investors to open a local bank account. But while it is a little less risky now, FundPlaces co-founder and chief executive Brian Wee expects the risk to become higher once the company start going overseas.
\n\u201cThe anonymity afforded by such new technologies and products, as well as the potentially wider reach at faster speeds, could certainly allow criminals to abuse them to cloak their illicit activities and gains,\u201d noted a MAS spokeswoman.
\n\u201cWhether the offer and exchange of digital tokens on blockchain-enabled platforms constitute an activity to be regulated by the MAS depends on the facts of the case. MAS is closely watching this space.\u201d
\n\u00a0
\nThis article was edited by Denise Djong.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…MAS warns against property related blockchain platforms<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 With two Singapore \u2018proptech\u2019 companies \u2013 FundPlaces and Reidao \u2013 turning to blockchain platforms...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-62060","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-g8Y","jetpack-related-posts":[{"id":108010,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/family-office-of-shop-king-tang-shing-bor-wants-to-use-blockchain-to-tokenise-real-estate-holdings\/","url_meta":{"origin":62060,"position":0},"title":"Family office of \u2018shop king\u2019 Tang Shing-bor wants to use blockchain to \u2018tokenise\u2019 real estate holdings","date":"June 12, 2019","format":false,"excerpt":"\r The Stan Group, the family-owned office that represents the assets of \u201cshop king\u201d Tang Shing-bor, will meet with Hong Kong\u2019s securities watchdog early next year to seek approval to sell tokenised real estate using blockchain technology.If approved, the application would reflect the first time the Securities and Futures Commission\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122331,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-start-up-fraction-sells-thai-beach-villas-and-townhouses-in-us150-tokens-making-real-estate-affordable-in-bite-size-slices\/","url_meta":{"origin":62060,"position":1},"title":"Hong Kong start-up Fraction sells Thai beach villas and townhouses in US$150 tokens, making real estate affordable in bite-size slices","date":"October 2, 2021","format":false,"excerpt":"\r A Hong Kong-Thai start-up is using blockchain to help three Thai developers sell down their stakes in a portfolio of Phuket beach resorts and downtown condominiums, slicing up the US$462 million hard assets and selling them for less than the cost of an iPhone each.The three developers, including Magnolia\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":132596,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/asia-embraces-the-brave-new-world-of-fintech\/","url_meta":{"origin":62060,"position":2},"title":"Asia embraces the brave new world of fintech","date":"March 19, 2019","format":false,"excerpt":"\r Fintech may not be a word we use all that often, but it\u2019s been part of our daily existence for a while now. 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