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 References Investment Around the World. URL: https://www.reit.com/sites/default/files [1] S. Obushnyi, et al., Autonomy of /2023-04/2023_Global_REIT_Brochure. 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