What licenses or approvals does a tokenized real estate project need?

Exact licenses depend on the country, but the logic is similar. If the token is a security, the issuer normally needs:

• a legal opinion on how the token is classified
• registration with the securities regulator or use of an exemption (for example Reg D or Reg S in the US, a prospectus or exemption in the EU)
• licensed partners to place or trade the tokens, such as broker-dealers, MiFID firms, CASPs, or MAS/SFC-licensed platforms
• clear offering documents and ongoing reporting

Many hubs, like Dubai, Singapore or EU states, now publish rulebooks or sandboxes for tokenized assets.