The security tokens, or STOs, are a US$160 trillion market. STOs are decentralized digital assets that refer to a transferable security value – securities, stocks, etc. This should also be the next big step in the market for tokens and cryptocurrencies, as assessed by representatives of this ecosystem that were present at the 2019 Blockmaster Forum in São Paulo (SP).
Several countries already have advanced their regulation over the STOs, including USA, Canada, Lichtenstein, France, Estonia, Hong Kong and others. In the view of Alex Nascimento, UCLA, in the United States, the issuance of the Blockstack token was emblematic, being the first one fully adherent to the regulation of the SEC.
Brazil is not out of this. Last week, the proposal for the creation of a regulatory sandbox was put into public consultation with the CVM. Companies and representatives of this market will have up to 27/9 to send their ideas and proposals for improvement regarding the regulation.
“The regulatory sandboxes have been internationally consolidated as an effective tool in fostering innovation in the financial and capital markets through the temporary modulation of regulatory burden, and as guidance to entrepreneurs about legal norms and regulatory standards applicable to their activities”, says Antonio Berwanger, Superintendent of Market Development (SDM/CVM).
Security tokens are the result of traditional market evolution
The STOs have great potential because they are seen as the evolution of the capital market and not effectively from the crypto market. “Few people from the crypto market invest in STOs”, says Bernardo Quintão of Liquia Digital Assets.
Alex Nascimento reinforces this view, stating that the phase of the ICOs has already passed. Now, only security tokens or utility tokens are issued.
The market identifies several opportunities to tokenize physical assets. Among them, art, copyrights, etc., which today are almost impossible to be accessed by the small investor. “The STOs will unlock when the part relating to the negotiation of these assets is unlocked”, analyzes Fernando Carvalho of QR Capital.
To Alex Nascimento, the first assets to be tokenized will be capital venture funds and crowd equity funds, but the possibilities are almost endless. “You will have tokenization even from football club players, etc.”, he says.