ABSTRACT

The article addresses the legal design challenges of real estate crowdfunding, proposing potential solutions that combine blockchain technology, tokenisation, finance, and law. We propose a blockchain tokenised security design, based on a sertificate similar to Sukuk, an Islamic finance asset, that draws inspiration from Equipment Trust Certificates and is managed by a Special Purpose Vehicle (SPV), that may issue blockchain tokenised certificates. These certificates grant rights related to an investment property. Each series of certificates represents specific property and will be a liability of the SPV that owns the property. In general, the tokens used resemble but remain categorically distinct from asset-backed securities. Their performance still depends on the underlying asset’s performance. Most important, token owners do not become partners in the SPV but are granted fractional ownership and rights on the underlying property. The proposed token mechanism could prevent delays in the transaction process related to transferring ownership of a property. It could split at some point to allow for the creation of ownership and income rights. The proposed security design potentially protects investors’ legal rights better without standard application of investors becoming partners in the SPV while shortening the transaction times, and increasing transparency and asset liquidity.

摘要

本文解决了房地产众筹的法律设计挑战，提出了结合区块链技术、代币化、金融和法律的潜在解决方案。我们提出了一种区块链标记化安全设计，该设计基于类似于回教金融资产 Sukuk 的证书，它从设备信托证书中汲取灵感，并由可以发行区块链标记化证书的特殊目的机构 (SPV) 管理。这些证书授予与投资物业相关的权利。每个系列的证书代表特定的财产，并将成为拥有该财产的 SPV 的责任。总的来说，所使用的代币与资产支持证券相似，但仍然截然不同。它们的表现仍然取决于标的资产的表现。最重要的，代币所有者不会成为 SPV 的合伙人，但会被授予基础财产的部分所有权和权利。拟议的令牌机制可以防止与转移财产所有权相关的交易过程中的延迟。它可能会在某个时候分裂，以允许创建所有权和收入权。拟议的证券设计可能在投资者成为 SPV 合伙人的标准应用情况下更好地保护投资者的合法权益，同时缩短交易时间，提高透明度和资产流动性。它可能会在某个时候分裂，以允许创建所有权和收入权。拟议的证券设计可能在投资者成为 SPV 合伙人的标准应用情况下更好地保护投资者的合法权益，同时缩短交易时间，提高透明度和资产流动性。它可能会在某个时候分裂，以允许创建所有权和收入权。拟议的证券设计可能在投资者成为 SPV 合伙人的标准应用情况下更好地保护投资者的合法权益，同时缩短交易时间，提高透明度和资产流动性。