Tokenización inmobiliaria en México

En México, el 7 de junio del mes que está por terminar, el Diario Oficial de la Federación incluyó un decreto para normalizar transacciones vía metaverso, tokens y blockchain.

Su formalización en México hace que las transacciones digitales en el real estate avancen. Lo anterior es gracias al cambio formal al Código de Procedimientos Civiles y Familiares, donde se contempla en distintos procedimientos, la inclusión de términos digitales, entre ellos la realidad aumentada, la realidad virtual, el metaverso, la realidad híbrida y el uso de tokens y blockchain.El contenido del artículo 2, inciso XXVI especifica del metaverso ser “el espacio virtual que posibilita la convivencia social en mundos digitales a través de experiencias gráficas inmersivas en tercera dimensión, que suele utilizar tecnologías de realidad virtual, realidad aumentada, realidad mixta o híbrida, tokens y cadena de bloques (blockchain)”.

En el Ebook Tendencias Proptech 2022, se establece que este instrumento abre nuevas oportunidades seguras y flexibles respaldadas en los bienes inmuebles, mediante la tokenización, un inmueble hace factible crear fracciones de activos digitales que se negocian y comercializan a través de la trazabilidad que garantiza el uso del blockchain.

Por este conducto, se generan tickets de inversión por 10 mil dólares o menos, cifra inviable en el pasado reciente. Así, la tecnología hace factible el ingreso de nuevos jugadores, a través de reglas y mecanismos transparentes que eviten el mal manejo de los recursos. Es, como en algún momento compartimos, la posibilidad de democratizar y expandir las posibilidades de inversión que antes sólo era factible para grandes inversionistas.

No debe ignorarse que en América Latina, la transformación de activos tangibles en tokens abre la puerta al financiamiento de pequeñas y medianas empresas, así como a proyectos de infraestructura.

Se estima que la tokenización dejaría un negocio de hasta 4 mil 400 millones de dólares en los próximos años, de acuerdo con un informe de la firma Capco.

Desde el inicio de su inclusión al mercado, se ha mencionado a la regulación como uno de los mayores desafíos para su operación, por ende, la inclusión en el decreto del Diario Oficial es un avance.

En México, ha sido la Comisión Nacional Bancaria y de Valores (CNBV) la que ha emitido regulaciones para la emisión y negociación de títulos de deuda y acciones en forma de tokens, lo cual abrió la puerta a la creación de soluciones financieras que permiten fraccionar activos en tokens, y su compra-venta entre inversionistas. Igual sucede con el crowdfunding o financiamiento colectivo, una alternativa online que sin la participación de intermediarios financieros como la banca, permite soportar financieramente a pequeños inversionistas vía una plataforma la compra de activos residenciales, oficinas, logísticos, terrenos y de otro tipo. Su operación genera dividendos específicos en el tiempo.

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Tokenización de Inmuebles, ¿Qué una NFts?

Traceability, security, democratization and less time in operations are some of the promises that real estate tokenization enthusiasts—that is, the sale of Real Estate NFTs—make when defending this digital system; This is already a reality in many countries and Mexico already has real estate projects with this modality.

One of the many challenges of this model is the lack of knowledge that the general public has about it. Of course, the most common question is: What is an NFT?

The concept is an acronym for Non-Fungible Token, which is a unique unit of data stored on a digital ledger (blockchain).

The above may say a lot or nothing, but landed in the world of real estate, an NFT or token would function as a digital certificate that represents the rights over a physical real estate property and the usufruct derived from its exploitation, according to Kenji López, co-founder of Urvita.

According to the specialist, in the future, this certificate would allow value operations on Web3, a technology that is seen as the next step in digital evolution, since, among other things, it would have ownership and transaction models between the physical universe. and virtual, in a secure, traceable and immutable way.

Democratize the sector

But what benefits would real estate tokenization bring? López mentioned that the real estate industry, especially the housing industry, traditionally relies on mortgage financing, which limits buyers who do not have a credit history or a formal job.

In this case, NFTs would democratize the market by dividing properties so that each person can acquire a portion of it in an affordable way, with minimum prices of 500 to 3,000 pesos, in order to receive income from the rentals and, little by little , form an estate.

“Currently, the housing market is more of a credit market. We see in tokenization a form of solution to the limited access that exists in the purchase of real estate, because, with little money, you can build a real estate asset free of debt,” commented the expert.

Although the model may sound similar to that proposed by Real Estate Fibers or collective funding platforms (also known as crowdfunding), Román D. González, Notario 38 in Tabasco, highlighted that these focus on investment to obtain profitability.

“On the other hand, tokenization is framed in the right derived from property, reflected in the lease or in own use,” he declared during his participation in the Second Great Legaltech Forum in Mexico.

On the other hand, the technology offered by tokens, he said, opens an opportunity to reduce the friction, procedures and costs associated with traditional real estate sales.

Where do cryptocurrencies come in?

A key point in real estate tokenization is payment, which is made through cryptocurrencies.

For Diego Linares, technology director of the developer Akún, the issuance of NFTs is a strategy to attract investors from the crypto world, since it is estimated that 13% of Mexicans invest in this type of digital currencies.

Recently, the company announced a project of 234 apartments, located in Mérida, Yucatán; available to purchase with bitcoin and stablecoins such as Tether or DAI.

“We want to diversify the possibilities of our national and international investors. This way we anticipate what is coming, because this is already a fact, it is not something we are inventing, there are even crypto ATMs in Monterrey,” Linares said in interview for Econohábitat.

The firm’s objective is for at least 25% of the residential units that are under development in Mérida to be marketed through cryptocurrencies. A second stage of the project will be to launch NFTs of them.


Regulation in diapers

As in most cases, technology is many steps ahead of regulation. In the case of real estate tokenization, experts mentioned that Mexico’s regulatory framework has been “a straitjacket” to reach the market ideal.

“First we have to understand the nature of these technologies and what they want to respond to. We want to get to the transmission of the right represented by a token, we have to move to loosen that shirt and do it. It will depend on the visionaries in companies and in government to push regulation, because if we wait for the laws to change on their own, we could get stuck for a long time,” highlighted the notary public.

González insisted that it is essential to take care of certain variables, such as tax and legal issues, to provide legal certainty to buyers of real estate NFTs.

In this sense, Linares confirmed that Akún has collaborated with advisors from Spain, one of the most advanced countries in real estate tokenization, to form a legal-fiscal strategy that makes the issuance of tokens a reality without falling into any fault.

Regarding the detractors of this system, González assured that it is a matter of time and of strengthening the arguments in favor to demonstrate that it is the answer to the problems of the real estate sector.

“There is a lot of opposition to all this, but I don’t see it as a war, I think that, instead of wanting to defeat them, we must strengthen ourselves to show that what we do is real, possible and that it will solve many pains that our industry suffers today , all citizens,” highlighted the notary.

Fountain:

https://www.eleconomista.com.mx/econohabitat/El-ABC-de-la-tokenizacion-de-inmuebles-un-sistema-que-quiere-poner-fin-a-los-problemas-de-la- industry-20230703-0028.html