The Asset Tokenization Report, released in December 2022 with Deloitte, explores the growing interest in tokenization, especially in the real estate sector. Tokenization allows real assets, such as real estate, to be divided into digital parts called tokens, making it easier for investors to access small amounts and obtain rights to the asset's performance. This process leverages blockchain technology and smart contracts, making investment in traditional markets, known for their lack of liquidity and high barriers to entry, more accessible and transparent.
Tokens in the real estate sector, classified as “security tokens,” represent a fraction of the ownership or economic right over the asset. Through specialized platforms, investors can acquire these tokens that offer returns derived from the rental or future sale of the property. Although still in the early stages, the value of tokenized assets is projected to reach $16 trillion by 2030, according to the World Economic Forum, driven by the democratization of investment.
Despite its advantages, tokenization faces regulatory challenges. In Spain, the National Securities Market Commission (CNMV) regulates security tokens, requiring them to be validated by an Investment Services Company (ESI). However, the secondary market remains unregulated, limiting liquidity and ease of transactions between individuals.
In summary, the report highlights tokenization as a transformative tool that is democratizing access to the real estate market. However, to consolidate its mass adoption, it will be necessary to overcome regulatory barriers and offer a clear framework that protects investors, guaranteeing transparency and stability in this new market.
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