BaFin Does Not Deem the $BRICK-Token as a Security
Security, legality, and transparency are three core values of RealEstate.Exchange which is why we are happy to announce that our $BRICK-token has been vetted by the German Federal Financial Supervisory Authority (BaFin).
For RealEstate.Exchange to work, it has to be trustworthy for real estate developers as well as investors. Therefore our tokenomics are publicly available, and our whitepaper very detailed lies out how (and to who) the tokens are distributed, generated, and governed.
While many crypto-projects cross their fingers and hope they are in line with regulations. We are playing it “better safe than sorry”, in order for our real estate clients to be in line with regulations while they are putting the real estate assets on RealEstate.Exchange to be tokenized and fractionalized on a blockchain.
Our Legal Counsel is an expert in International and EU law regarding DeFi and digital assets
Putting real estate on blockchain is difficult, and behind the UI, blogposts, etc. is a dedicated team of programmers, economists, investors, real estate experts, marketers, managers, business developers, and legal counsel.
Today our Legal Counsel, Volodymyr Havrylyuk-Yensen, announced that we’ve completed the review of our planned ICO, by the German Financial Regulator BaFin, and in terms of regulation we are on track and our native token $BRICK is categorized as we both hoped and expected: as a utility token.
“This is a major milestone for the BRICK ICO and RealEstate.Exchange that brings much welcomed regulatory clarity on the classification of BRCIK tokens and further reinforces our vision of a compliant, disintermediated and democratised real estate investment enabled by DeFi and blockchain technology,” — Volodymyr Havrylyuk-Yensen, Legal Counsel.
German Federal Financial Supervisory Authority (BaFin) stated:
“The BRICK Token is not be classified as a security within the meaning of the EU Prospectus Regulation (ProspektVO) and the German Securities Prospectus Act (Wertpapierprospektgesetz — WpPG) and is also not a capital investment within the meaning of the German Capital Investment Act (Vermögensanlagengesetz — VermAnlG).”
Claus Skaaning, CEO: “Immense importance”
With the clarification from the authorities it means we will be promoting a private sale very soon. Our CEO, Claus Skaaning states that the next major steps for RE.X will be the private sale and the launch of our MVP, hopefully in Q3.
“It has immense importance for RE.X that BRICK is now classified as a utility token by BaFin. It means we can move forward with our plans to fundraise and even more important, it means we can use BRICK to facilitate network effects, payments and yield generation within the RE.X ecosystem in a fully compliant manner,” — Claus Skaaning, CEO.
Get the latest news from RE.X on Twitter, Newsletter and Telegram Group, or simply pick your favorite platform on our LinkTree.
