28 Jul '17, 8am

MAS warns against property related blockchain platforms | Property Market | PropertyGuru.com.sg

With two Singapore ‘proptech’ companies – FundPlaces and Reidao – 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 (“Buyer, beware”), saying that such platforms may be used for criminal activity, reported Business Times. FundPlaces launched, three weeks ago, its real estate-backed cryptocurrency – Tiles, with each token entitling the investor to the cashflow of the underlying property investment which it references. While FundPlaces uses the company’s own private blockchain platform, Reidao utilises the public Ethereum blockchain, which uses the gold-backed token called DGX. Under Reidao’s 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. During distribution, t...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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MAS warns against property related blockchain p...

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With two Singapore ‘proptech’ companies – FundPlaces and Reidao – turning to blockchain platforms to create property-backe...

Singapore #proptech companies are using #blockchain platforms to "tokenise" property.

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