Friday, July 10, 2020

Belarus to Allow Tokenized Shares in Apple, Gold, to be Bought With Cryptocurrency

Belarus, an Eastern Europe country has reportedly launched a website on January 15 for the purchase of tokenized shares using cryptocurrencies. This has been tagged the first trading exchange in the world where digital assets can be used to buy real assets. Consequently, tokens which represent precious metals, foreign exchange, and other traditional financial assets can be bought.

Two Companies are Behind the Tokenized Securities Exchange

As per reports, VP Capital and Larnabel Ventures are the investment companies behind the new project. This is is a project that makes it possible for an investor to buy tokens using digital assets. The tokens are then used to track the shares of the traditional financial instrument in the country and internationally.

Consequently, shares in Apple.Inc, oil, gold, and several other assets can be purchased by citizens at home, abroad, and anyone around the globe. They can either take advantage of the website or an application to make their purchases instead of relying on fiat currency as is usually the case. Moreover, these trades are exempted from tax till 2023.

2,000 Applications Received After Website’s Launch

Reports also reveal that two hours after the platform’s launch received 2,000 applications were received. However, Viktor Prokopenya, VP Capital’s owner said before an investor is approved, there are certain criteria they must meet. One of such is to be verified to prevent money laundering.

The VP also added that:

This is the first platform in the world where cryptoinvestors will be able to diversify their investments into real assets

10,000 Tokenzined Securities Will be Offered on Platform

Inline with the words of Prokopenya, 150 different tokenized securities have been provided, and subsequently, this will be increased to 10,000. The VP also noted that the standards that have been set in Belarus are correct and are comparable to practices accepted internationally.

The European country has been said to create an environment for cryptocurrencies to thrive and in December 2017, a law regarding the use of virtual currency was passed. This is to ensure that companies in the area can attract foreign investors and now, this aim is achievable given the recent development that has occurred.

Further reports reveal that Sergey Popkov, Belarus’s Minister of Communications had pointed out in May 2018 that modern technologies are the country’s priority. He attributed this to the fact that they can bring about innovation in the economy, social services, as well as public administration.

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