=Paper=
{{Paper
|id=Vol-3665/short3
|storemode=property
|title=Unlocking the Economic Potential of Real Estate Tokenization in Ukraine
|pdfUrl=https://ceur-ws.org/Vol-3665/short3.pdf
|volume=Vol-3665
|authors=Serghiy Obushnyi,Denys Virovets,Maksym Zhytar,Yuliia Zhdanova
|dblpUrl=https://dblp.org/rec/conf/decat/ObushnyiVZZ24
}}
==Unlocking the Economic Potential of Real Estate Tokenization in Ukraine==
https://ceur-ws.org/Vol-3665/short3.pdf
Unlocking the Economic Potential of Real Estate
Tokenization in Ukraine
Serghiy Obushnyi1, Denys Virovets1, Maksym Zhytar1, and Yuliia Zhdanova1
1 Borys Grinchenko Kyiv Metropolitan University, 18/2 Bulvarno-Kudriavska str., Kyiv, 04053, Ukraine
Abstract
The article emphasizes the importance of the adaptive use of theoretical results in
computer modeling of economic growth. Computer models prove to be a powerful tool
for analyzing and forecasting economic processes, but they have their advantages and
limitations. Positive aspects include the inclusion of various factors in the model, the
decomposition of the economic system, the consideration of international trade, and the
possibility of modification. The limitations include unrealistic assumptions, the absence
of some aspects (such as the shadow economy), and the failure to take into account
economic cycles. It is concluded that for practical application it is important to get rid of
unrealistic assumptions and develop system models based on mathematical validity.
Keywords 1
Theoretical models of economic growth, their adaptive application, computer modeling
of nonlinear evolution of events, digital economy, IT in the economy.
1. Introduction policymakers, and investors with information
on the possibilities of real estate tokenization
In the era of technological progress, the in the Ukrainian context. The obtained results
convergence of blockchain technology and real will contribute to a broader discussion of
estate markets has given rise to a financial innovations, offering policymakers,
revolutionary financial instrument—real investors, and stakeholders a detailed
estate tokenization. The Ukrainian real estate understanding of the potential and challenges
and land sector is undergoing dynamic associated with the application of real estate
changes and embracing digital innovations, tokenization in Ukraine.
making it pertinent to explore the
opportunities and challenges presented by the 2. Concept and Significance of
tokenization of real estate assets. Real Estate Tokenization
Tokenization, characterized as the process of
transforming real assets into digital tokens on New digital technologies are reshaping
the blockchain, has the potential to reshape markets and offering novel economic
traditional paradigms of real estate instruments for financial and investment
investments. The implementation of interactions. Despite these advancements,
tokenization mechanisms based on blockchain financial markets predominantly continue to
offers a pathway to democratize access to real rely on analog and archaic methods for asset
estate investments, enhance liquidity, and issuance, management, and trading. The
introduce a new dimension to the country’s financial system is undergoing technological
economic landscape [1, 2]. Investigating the changes, including the emergence of
potential impact on investment models, programmable money and tokenized assets,
market dynamics, and economic growth, this combined with modern digital technologies
research aims to provide stakeholders,
DECaT’2024: Digital Economy Concepts and Technologies, April 4, 2024, Kyiv, Ukraine
EMAIL: s.obushnyi@kubg.edu.ua (S. Obushnyi); seito@ukr.net (D. Virovets); m.zhytar@kubg.edu.ua (M. Zhytar);
y.zhdanova@kubg.edu.ua (Y. Zhdanova)
ORCID: 0000-0001-6936-955X (S. Obushnyi); 0000-0003-4934-8377 (D. Virovets); 0000-0003-3614-0788 (M. Zhytar); 0000-0002-9272-
4972 (Y. Zhdanova)
©️ 2024 Copyright for this paper by its authors.
Use permitted under Creative Commons License Attribution 4.0 International (CC BY 4.0).
CEUR Workshop Proceedings (CEUR-WS.org)
CEUR
ceur-ws.org
Workshop ISSN 1613-0073
Proceedings
79
such as artificial intelligence, Decentralized blockchain network, providing access to
Finance (DeFi), decentralized identifiers, virtual asset markets and their utilization
Decentralized Autonomous Organizations within decentralized economic spaces. This
(DAOs), decentralized gaming, metaverses, process opens new possibilities for financial
and more [3, 4]. innovation, offering increased liquidity,
One contemporary category within accessibility, and efficiency in the management
decentralized finance is the concept of of real estate assets. As we delve into the
tokenizing real-world assets, which combines concept and significance of real estate
features and functions of cryptocurrencies tokenization, it becomes evident that this
with rights to real-world assets. In a broad transformative approach has the potential to
sense, tokenization refers to the process of revolutionize traditional investment
converting rights to any assets into digital paradigms and contribute to the evolution of
tokens on the blockchain. It involves decentralized economies. The overall structure
transferring information about the properties of tokenization is illustrated in Fig. 1.
of real-world assets onto digital tokens in a
Real estate
Special purpose
Private placement
vehicle (LLC/DST)
memorandum
Smart contract Security token
Investors Cryptoassets Market
Figure 1: General Anatomy of Real Estate Token Offering (compiled based on the source [5])
The foundation of asset tokenization is a result, issuer costs decrease, and the
blockchain technology, which ensures identity potential investor pool expands. Tokens
protection during the automation of represent ownership rights and future
interactions. Leveraging the secure and incomes of companies owning real estate.
immutable characteristics of blockchain These tokens are subsequently used on
technology, tokenization facilitates partial respective financial markets tailored for
digital ownership of assets through secure trading crypto-assets. In addition to ownership
transaction records and swift settlement representation, tokens streamline accounting,
processes. By digitally representing property optimize trading, and facilitate dividend
rights and associated benefits through the use payments by the programmed token strategy.
of smart contracts and blockchain technology, Tokens representing rights to real estate,
liquidity can be enhanced, capital created during the issuance process, can be
requirements reduced, managerial processes described as fractions of assets that represent
automated, and transparency improved [6]. As the properties of rights and obligations
80
concerning the underlying asset, offered to asset and investors. The table below presents
investors through crypto asset markets. The the most popular token standards for RWA
characteristics of such tokens are defined in tokenizations.
smart contracts located on the blockchain,
Table 1
automatically executed upon meeting specific
The most popular token standards for RWA
conditions. Real estate and land markets,
tokenization
which continue to use manual and labor- Token Standards in Features and
intensive methods for administering and type the Ethereum characteristics
trading the underlying asset, deal with real- network
world assets represented by land, real estate Fungible ERC20, Interchangeable tokens for
Token (FT) ERC1155, their use in cryptocurrency
objects, and associated rights endowed with ERC1400, markets, depending on the
specific features. Real-World Assets (RWA) are ERC6551, standard, provide
ERC3643, opportunities for adaptation to
considered tangible and intangible assets in ERC4626, the tools and properties of the
the physical world (e.g., real estate, bonds, ERC7540 underlying asset.
commodities, future benefits, services, etc.). Non-Fungible ERC721, Non-fungible tokens, for NFT
Token (NFT) ERC5505 markets, contain information
RWA tokenization provides access to virtual about the underlying asset
asset markets characterized by increased and cannot be distributed
liquidity and easy access for investors. among investors, but carry
information about common
Additionally, the digital nature of property ownership.
rights tokens allows their use in new, Governance ERC20, Interchangeable tokens for
Token (GT) ERC2767 use in DAOs and governance
structurally, and formally different models of and decision-making models.
partnership and cooperation offered by the Soul-Bound ERC5516 A non-alienable token with
Web3 economy. Tokenized RWA markets Token (SBT) shared ownership accounting
and management access
today are represented by centralized (CEX) capabilities.
and decentralized (DEX) exchanges, TFT
marketplaces, DeFi platforms, and DAOs, as Asset tokenization strategies and their
well as investment opportunities in implementation in markets can encompass
metaverses. various forms of token issuance, depending on
Models for representing assets in the token’s characteristics, its owner, and the
tokenization depend on the infrastructure and token’s utilization within the ecosystem.
necessary tools. For example, the Ethereum Issuance forms may take the shape of Initial
network offers several token standards for Coin Offerings (ICO), Security Token Offerings
representing various types of assets. The use of (STO), Initial Exchange Offerings (IEO), Initial
a standard facilitates the tokenization of assets Decentralized Exchange Offerings (IDO),
and ensures interaction with network Digital Tokenized Asset Offerings (TAO), and
products and tools, providing greater access other token issuance forms. Tokenized assets
for investors. Token standards offer a set of serve as supplements to traditional assets by
functions and attributes for their expressing digitized asset characteristics in
representation in markets and the tokens, providing additional opportunities on
implementation of functionality. For instance, liquid markets for virtual assets. Consequently,
some tokens may confer voting rights in small companies gain access to capital
strategic decision-making, providing them markets. The token issuer, aligned with the
with additional features. When choosing a issuance purpose, independently determines
token standard, it is recommended to assess the number of units and the issuance mode
the overall project strategy and key according to the emission plan. If necessary, a
characteristics of the asset. Standards propose set of token functions can be programmed by a
the following main classes of crypto assets, smart contract, including conducting
both interchangeable and non- additional issuance, locking its transferability,
interchangeable, which can be either alienable transaction sequencing, and more. Each token
or inalienable. Thus, the tokenization of assets represents a legal ownership right to the
allows the modeling of complex systems of underlying asset and can be distributed among
financial interaction using various types and investors through subscription or on markets in
classes of crypto assets [7], creating additional fractional shares, allowing partial ownership of
opportunities for owners of the underlying
81
the underlying asset [8]. A general idea of the Real estate has traditionally been one of the
stages of tokenization of real estate assets is most illiquid yet least risky asset classes,
presented in the table below. requiring substantial capital commitments and
extensive, costly operations. As a more liquid
Table 2
way to access the real estate sector, Real Estate
Stages of tokenization of real estate assets
Investment Trusts (REITs) have, in the long
(compiled based on the source [9])
Stages Procedures
term, outperformed other major asset classes.
1 Asset SelectionSelecting a suitable asset for tokenization. In 2023, real estate trust investments in the
and Legal Structuring the asset into a token-friendly United States increased by $58.27 billion.
Structuring format, ensuring compliance with relevant According to S&P Global Market Intelligence,
regulations, and establishing the legal
framework that dictates the rights and the total amount rose by 13.5% compared to
responsibilities of token holders. $51.36 billion in 2022 [11].
2 Due Diligence Due diligence to confirm its legitimacy,
and Valuation value, and title. To ascertain the asset’s
As of May 2023, the market value of
current market value, which will underpin tokenized assets on permissionless
the pricing of the tokens. blockchains is $2.15 billion. Citibank analysts
3 Token Creation Token design to be compliant with existing
and Issuance standards on the blockchain network, predict that by 2030, tokenized digital
ensuring compatibility with a wide range of securities will reach a value of $4 to $5 trillion,
wallets and exchanges. with approximately $1.5 trillion expected in
4 Distribution Distribution to investors through private
and Trading sales, auctions, or public offerings, the real estate sector [12]. Blockchain allows
depending on the regulatory framework. experimentation with non-monetary forms of
Listing on secondary markets allows for
trading and providing liquidity to token
tokenization, such as using Non-Fungible
holders. Tokens (NFTs) and forms of Decentralized
5 Regulatory and Management of ongoing regulatory and Autonomous Organizations (DAOs) in projects
Compliance compliance requirements, including
Management reporting, maintaining investor relations, involving communities and anticipating
and ensuring that tokens comply with the financial or production partnerships. For
laws of the jurisdictions where they are instance, LinksDAO has a mechanism that
traded.
6 Asset Any necessary maintenance, including rent allows any of the 66 million people worldwide
Management collection, authenticity verification, and interested in golf to invest in fractional
and Servicing dividend payment. Tracking and reporting
to token holders, providing transparency
ownership of a golf course by purchasing NFTs
and trust in the investment. on marketplaces [13]. Additionally, the
7 Maturity Receiving of the principals and any decentralized economy enables the integration
additional returns. Token burning.
of real estate finances with other digital
technologies, including Augmented Reality
3. World Trends of Real Estate (AR) and Virtual Reality (VR), Metaverse, and
Tokenization and Opportunities GameFi. These technologies transform the
visualization process of real estate through
for Ukraine virtual tours and help project and identify the
preferences of future investors.
In the era of technological progress, the fusion The expectation is that tokenized real estate
of blockchain technology and real estate assets will evolve not only in capitalization but
markets has given rise to a revolutionary also in their structure. This will be facilitated
financial instrument—real estate tokenization. by the emergence of more sophisticated token
The Ukrainian real estate and land sector is standards that enable interaction with
undergoing dynamic changes, embracing informational and market instruments. The
digital innovations. Exploring the potential integration into a decentralized economic field
impact on investment models, market of various blockchain networks will contribute
dynamics, and economic growth, this research to the development of multi-network DeFi
aims to provide stakeholders, policymakers, markets, devoid of unnecessary bureaucratic
and investors with insights into the procedures. The integration of Internet of
opportunities and challenges of real estate Things (IoT) technology with real-time
tokenization in the Ukrainian context. The information collection about underlying assets
capitalization of global real estate markets in will enhance investor trust in tokenized assets.
investments through traditional investment Projects implemented today in the
funds has reached nearly $2 trillion today [10]. tokenization of real estate provide insights into
82
the structure and scale of investments solution for the tokenization of art pieces. One of
attracted through tokenization, as some of the main obstacles preventing the widespread
them are presented in the table below. adoption of asset tokenization technology in
Trend analysis provides grounds to Ukraine is attributed to the lack of legal clarity
consider the use of decentralized autonomous regarding the status and regulation of tokenized
organizations (DAOs) instead of the Special assets and related operations. It is believed that
Purpose Vehicle (SPV) mechanism for further by issuing tokenized securities, the investment
decentralization of tokenized assets. DAOs process in Ukraine [17], could be significantly
may also encompass additional functions, such streamlined for foreign investors, which is
as voting and rewarding loyalty and activity for crucial for the post-war economic recovery of
token owners. Additionally, each token can be Ukraine.
structured to represent ownership rights in a The Law of Ukraine dated September 8,
specific company that owns multiple assets, 2021, “On Virtual Assets,” allows for the
allowing for the structuring of investment creation and utilization of tokenized assets in
private portfolios [14]. Ukraine, defining the legal status of virtual
assets, providing legal protection to investors,
Table 3
granting access to cryptocurrency markets,
Examples of real estate asset tokenization
and permitting banks to engage with
projects
cryptocurrencies. However, as of the article’s
writing, the law has not come into effect and
capital, $ 10–6
tokenization
Form of issue
Jurisdiction
Platform
may be subject to revision. Critics of the law
Year of
Raised
Object
point out several unresolved issues, including
the need for a definition of the term “token,”
the classification of tokens based on the
Regis Aspen 2018 18.0 SolidBlock USA TAO,
Resort, ERC20
underlying asset, the establishment of types of
Colorado collateralized tokens, regulation of the
Fenton St, 2022 1.2 RealT USA TAO, tokenization process and circulation, setting
Detroit ERC20
Siam Theme 2019 50.0 VEWC USA STO, emission requirements for tokens, defining the
Park, Thailand ERC20 legal status of smart contracts, and issues related
Lueneburg 2020 1.5 TBA Germany STO to interaction with other jurisdictions [18].
Old Town, Furthermore, it is suggested to incorporate
Germany
European regulatory models for the circulation
Hello World, 2019 3.2 Blockimmo Zug STO,
Switzerland ERC20 of tokenized assets and to use a consistent
conceptual and categorical framework in the
Considering the positive trends laying the law to avoid conflicts [19]. As of the beginning
groundwork for the tokenization of real estate of 2024, the Consultative Council on the
assets in Ukraine, including a high level of Regulation of Virtual Assets is working on a
crypto literacy among the population, the new version of the draft law, taking into
presence of investment skills in crypto assets, account the pan-European requirements for
legislative initiatives, and a series of cryptocurrencies under MiCA (Markets in
digitalization strategies by the Ministry of Crypto-assets). Nevertheless, a positive aspect
Digital Transformation of Ukraine, the Ministry of the mentioned law is that it contemplates
of Finance of Ukraine, and the National Bank, the circulation of secured virtual assets, which
several associations, such as the public union grant the owner the right to acquire real estate
“Virtual Assets of Ukraine” [15], are actively through the execution of a public offer to a
operating in Ukraine. With their support, specific contract or a notarized receipt. Thus,
national projects on tokenization have already investors have the opportunity to demand a
been implemented, such as the 4Bill payment specific asset by a public offer. It is anticipated
service for online payment tokenization and a that such procedures can be carried out using
project for the tokenization of fruit trees. national tokenization platforms, taking into
Ukrainian startups, including the Sologenic account the peculiarities of the legislation [20].
[16] project, are also involved in these
initiatives. The “Art Token” project offers a
83
4. Benefits and Risks of Real Despite the advantages, the tokenization of
real-world assets is accompanied by several
Estate Tokenization serious risks and challenges. Regulatory
obstacles are a major concern, characterized
The advantages of tokenization manifest in the by their variability and significant differences
characteristics of tokens created using smart between jurisdictions. Compliance with
contracts that execute automatically upon securities laws and requirements for virtual
meeting specified conditions. Within the token asset operations must be ensured. The storage
ownership infrastructure, tokens provide of tokenized assets poses another significant
security, traceability, efficiency, and swift challenge. To prevent theft and fraud,
execution of various procedures [21]. The appropriate measures must be taken, and
absence of the need for human intervention reliable asset storage solutions selected. Smart
helps avoid operational errors and reduce contracts and blockchain networks can be
transaction costs. Through tokenization, assets hacked or have software failures and
acquire new investment qualities, such as vulnerabilities. Additionally, they must have
ownership fragmentation, the ability to trade legal force in relevant jurisdictions and
on secondary markets, and enhanced liquidity. consider dispute resolution processes.
The absence of barriers and minimal entry Markets for tokenized asset infrastructure
thresholds for investors allows a larger must provide liquidity and price stability with
number of participants to engage in trading. high trading volumes. Determining the
The digitally structured form of tokens enables adequate value of the underlying asset and
the selection of specific ownership dividing it into trading tokens can be subjective
characteristics when forming investment and inaccurate. Confidentiality and data
portfolios. Providing greater transparency and security issues must be addressed in the
efficiency, tokenization can be an attractive tokenization process.
alternative to existing mechanisms. The As of today, there are over thirty platforms
integration of real estate tokens into DeFi offering solutions for asset tokenization, with
increases the variety of collateral in the more than twenty specializing in real estate
decentralized economic space, preserving asset tokenization. The main platforms,
digital rights to rental or lease income for identified based on ratings, are presented in
token owners. The security and fractional the table below with their characteristics.
nature of real estate tokens make their These platforms differ in the solutions and
inclusion in investment portfolios of tools they offer for investors and clients, levels
investment, pension, and insurance funds of access to DeFi markets, blockchain
working with crypto assets appealing. platforms, standards for smart contracts of
tokens, etc.
Table 4
Tokenization platforms with descriptions.
Company Platform Characteristics
developer
Polymath Polymath Token Allows ERC1400-tokes on the Polymesh or the Ethereum blockchain. all operations are paid
Creation Studio in POLYX, a native token of the ecosystem. Includes services such as reserving the security
token ticker, configuring a security token, Automated distribution of security tokens via
simple Security Token Offering, and Automated distribution of security tokens via USD-
tiered Security Token Offering.
TokenD TokenD Allows to issue, exchange, and transfer real estate assets in the form of tokens with the top
level of privacy, security guaranteed by the blockchain immutability, and audibility while
strictly following regulations valid in your jurisdiction. Includes services such as web- and
mobile wallets, an admin panel, and integrations with external systems. Allows you to
configure your identification solution or to integrate third-party services.
AllianceBlock SolidBlock The vital link between DeFi and traditional investment by facilitating the tokenization of
typically non-bankable assets. Creates custom tokenization solutions for each business
based on its needs and vision.
DIBS Capital Token Suite Makes it easy to enable the trading of real-world assets in a Web3 environment. Allows to
Platform issue, manage, and allocate tokens for trading. Enables all transactions via Web3, including
token creation, sale, distribution, and so on.
84
LenderKit White-label Offers an investment infrastructure with third-party connectivity to enable real estate asset
investment tokenization. Allows to build a tokenized real estate investment platform within the
software shortest time, while being confident that the solution will comply with all the regulations
valid in the jurisdiction where the platform will operate.
RealT Allows investors to invest in fractional ownership of single-family rental properties in the
United States, offers investors access to a variety of single-family rental properties,
including properties in both urban and rural areas, offers several features that make it easy
for investors to manage their investments, such as a user-friendly platform and a team of
experienced real estate professionals.
Blockimmo A regulated real estate tokenization platform with a low investment minimum offers
investors access to a diversified portfolio of real estate assets, helps to reduce risk and
maximize returns, and provides investors with transparency into the investment process.
The selection of a platform should take into bid and ask), resilience (time to return to
account the characteristics of markets for equilibrium price after fluctuations), width
trading tokenized assets, as well as the (number of rising/falling transactions), depth
qualitative characteristics of the blockchain (how much a transaction increases price
network and the tokenization platform, along movement), and immediacy (time to execute a
with the capabilities and limitations of the transaction). There are several well-
proposed jurisdiction. Below is a model for documented side effects and connections with
determining the efficiency of a real estate asset liquidity, including asset pricing, transparency,
tokenization platform and the proposed and market efficiency. Considering the
criteria for such a model. structure of real estate tokens, measures can
be taken to increase liquidity, such as
fractionalization and the creation of pools for
retail investors, as well as trading on the
where Y is the efficiency of the platform secondary market. Investors in real estate
(dependent variable), β0 is the constant, βi are tokens also have the opportunity to adjust risk
the regression parameters for each feature, Xi [24]. Since real estate through tokenization can
are the individual features (indicators of now be fractionated and traded on global
platform efficiency), and Ε is the model error. exchanges, it can directly impact the overall
It is important to determine which signs (Xi) liquidity of real estate.
can be considered to be key to determining the
effectiveness of the platform. Example: 5. Conclusions
• X1—Cost of transactions.
• X2—Security. The presented process of real estate asset
• X3—Speed of transactions. tokenization in the article holds potential for
• X4—Scalability. the Ukrainian economy by improving and
• X5—Selection of standards. simplifying procedures for accessing
• X6—Availability of tools. investments. Analyzing the legal foundations
• X7—Platform functionality. of asset tokenization allows conclusions to be
• X8—Effectiveness of jurisdiction. drawn regarding the prospects of utilizing this
• Xn—others criteria. innovative technology, particularly for small
Research into tokenization challenges to projects in agriculture and construction,
achieve maximum impact suggests considering seeking cost-effective means of funding. Access
the following advantages provided by to virtual asset markets should be facilitated
tokenization platforms: enhanced liquidity of through both national and foreign tokenization
assets, faster and cheaper transactions, platforms, taking into account national
operational transparency, and accessibility for legislation and established regulatory
small investors [22]. The most common provisions. The proposed recommendations
indicators of tokenized asset markets are the can be considered in the selection of
total trading volume and token trading volume tokenization methods and the structuring of
relative to the overall volume. The Basel the corresponding investment model.
Banking Committee [23] proposes parameters
that affect the liquidity of a specific asset.
These include tightness (spread between the
85
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