One of the most promising projects on Stellar (XLM) network, Smartlands has a new legal partner
One of the most promising platforms being built on Stellar network, Smartlands, announced today that they partnered with an international law firm CMS.
Smartlands wants to take the concept of Asset Backed Securities or ABS (examples are mortgages or car loans that can be made securities and sold on the market) to blockchain by taking assets into escrow and putting up a legal framework to help business owners do an ICO on the platform. The Asset Based Token that is issued is backed by the real-world asset that they want to invest in, for example a machine that sorts walnuts.
This ABT is therefore very stable in value and by bundling them together it is possible to easily diversify into a lot of agriculture projects. Smartlands team was happy about the cooperation:
“For the Smartlands Platform to reach its projected goals and successfully trade tokenized assets on the Stellar network requires a comprehensive legal expertise that leaves absolutely no room for interpretation,” says Smartlands Platform CEO Arnoldas Nauseda, adding “We’ve been working tirelessly on establishing a legal framework for our future tokenization projects and CMS is going to be immensely helpful in expediting that goal. In this day and age when trading security tokens is still a grey area in many crucial respects, this type of ironclad advice must come only from a reputable source with years of experience and a sound business outlook on the future of security tokens. CMS is undoubtedly that source.”
The total supply of tokens will be only 5 million so this project is one that you should note down.
CMS is a global law firm that is equipped to help clients confront challenges and seize opportunities with confidence. They put the interests of clients at the heart of everything they do across our 70+ offices in 40+ countries in the UK, Europe, the Middle East, Africa, Asia, and the Americas.
Smartlands Platform strictly adheres to the legal framework established by SEC (Securities and Exchange Commission), FINRA (Financial Industry Regulatory Authority), ECB (European Central Bank) and FCA (Financial Conduct Authority) in compliance with KYC, AML requirements.
Smartlands is also running one validator on the Stellar network, which helps secure the network and approve transactions.
