Core Insights - Securitize has received full regulatory authorization from Spain's CNMV to operate the EU's first blockchain-based Trading and Settlement System, utilizing Avalanche as the underlying infrastructure [1][3] - This positions Securitize as the only company globally licensed to run a regulated digital securities infrastructure across both the U.S. and the EU, facilitating a direct connection between the two largest capital markets [1][6] Regulatory Milestone - The approval follows four years of regulatory collaboration with CNMV, ESMA, Bank of Spain, and the European Central Bank [2] - Securitize's first issuance under the EU TSS framework on Avalanche is anticipated in early 2026 [2] Digital Market Framework - The approved framework integrates the functions of a Multilateral Trading Facility and a Central Securities Depository into a single digital platform, allowing seamless trading and settlement of tokenized stocks and bonds across all 27 EU member states [4] - Securitize Europe Brokerage and Markets, SV SA, obtained its Investment Firm license in December 2024, which covers order execution, custody, transfer-agent services, and market infrastructure operation [4] Licensing and Market Reach - The Investment Firm license has been passported across major EU jurisdictions, including Germany, France, Italy, Luxembourg, and the Netherlands [5] - The authorization grants Securitize ERIR status in Spain, enabling end-to-end management and servicing of tokenized assets throughout their lifecycle [5] Strategic Positioning - Securitize's CEO emphasized that tokenizing assets will eliminate historical barriers that fragmented global capital markets [5] - The unique licensing allows Securitize to connect issuers and investors across the U.S. and EU financial markets [6] Infrastructure Selection - Avalanche was chosen for its institutional-grade performance, offering sub-second finality and the ability to deploy purpose-built blockchains tailored to regulatory requirements [6] - This architecture provides predictable settlement times and compliance frameworks essential for regulated trading venues, addressing concerns about blockchain performance in traditional finance [7]

Core Insights - The launch of "renga," a blockchain-based security token platform by Digital Securities Inc., aims to provide fractional ownership in large real estate assets, allowing individual investors to trade directly with each other in Japan's regulated securities market [1][4]. Group 1: Investment Opportunities - The first renga-branded fund, "Residence (Kita-Shinagawa)," offers an annual yield target of 5.5% over five years, with subscriptions open from September 30 to December 8 [2]. - Investors can start purchasing units from $3,362 (500,000 yen), with the minimum trading unit set at $672 (100,000 yen) [2]. Group 2: Market Structure and Benefits - The blockchain structure allows for fractional ownership of high-value assets, reducing entry barriers for retail investors who previously lacked access to such investments [3]. - The platform eliminates intermediary fees from brokers or trust banks, enhancing cost efficiency for investors [4]. Group 3: Future Expansion and Market Vision - The renga platform plans to expand beyond real estate to include financial products like energy infrastructure, aircraft, ships, and corporate bonds [5]. - The CEO of Digital Securities Inc. emphasized the goal of providing stable investment products that align with the conservative preferences of Japanese households, akin to a Netflix-like system for financial products [5]. Group 4: Regulatory and Taxation Considerations - Currently, digital security income in Japan is classified as miscellaneous taxable income, with potential for future regulatory changes [6].