India’s International Financial Services Centre (IFSC) in GIFT City, Gujarat, is set to tokenize real-world assets using blockchain technology.
The first project will involve tokenizing office spaces in a real estate development. The IFSC Authority plans to expand this to include precious metals and luxury products, to attract more foreign investment in GIFT City.
The current value of the asset tokenization market is nearly $300 billion and is expected to reach $10 trillion by 2030. The first real estate project tokenization worth $7 million is set to launch in January under new regulations.
“Under this project, office spaces in the commercial building (a real estate asset) can be traded through digital tokens.”
Times of India
By: GOPAL SOLANKY
The first asset to be used for tokenization under the newly proposed regulation will be a real estate project with tokenized office spaces.
India is enabling regulated asset tokenization of real-world assets in the International Financial Services Center (IFSC) GIFT City of Gujarat.
According to an article from the Times of India, the IFSC Authority has confirmed that GIFT City will be allowing digital asset tokenization using blockchain technology, starting with real estate properties. The authority also plans to add other asset classes, including precious metals and luxurious products.
“This will enable more foreign investors to fund development and other projects here (GIFT City),” said a senior representative from the IFSC Authority.
The move follows the IFSC Authority’s announcement made earlier this year at the G20 meeting when it said it would be working on a regulatory framework for digital asset tokenization.
Terazo – a category-III alternative investment fund by Collated Ventures – will be the first operational entity to offer asset tokenization under the new regulatory sandbox framework. The firm will launch its services as early as January 24 under the new regime.
The first assets to be used for tokenization under the newly proposed regulation will be a $7 million real-estate project with tokenized office spaces, said a source familiar with the matter.
The RWA (real-world asset tokenization) space is surging rapidly, with several countries launching tailored regulatory frameworks for asset tokenization. A recent report from Roland Berger cites that the asset tokenization industry will reach a market of $10 trillion by 2030, which is currently valued at nearly $300 billion.
See source article HERE
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