Smartlands, a U.K based tokenized securities investment startup announced this month that it has teamed up with IIP Securities, a U.S based broker-dealer.
According to a press release by the company, the primary purpose of the new partnership is to enable Smartlands to use a Financial Industry Regulatory Authority (FINRA) issued broker-dealer license held by IIP Securities to serve the U.S market.
While acquiring such a license is compulsory for any company looking to offer services such as Smartlands, the process of getting regulatory is literally time-consuming, something that the startup has now boycott by partnering with an already licensed company.
Commenting on the development, Smartlands CEO Ilia Obraztsov reportedly said:
“Allowing US citizens to purchase securities issued on Smartlands compliantly has always been an essential part of our roadmap for global development, and we’re happy that this stage of our plan is now complete.”
As per the release, the immediate benefit that Smartland looks to explore with the new license involves conducting STOs that are compliant within the framework of the U.S Reg S, Reg D, Rule 144A, and Reg A provisions.
Obraztsov also disclosed what the plans are for Smartlands moving forward, confirming that they’re in talks with IIP Securities regarding a potential acquisition of a major stake in their U.S based partner.
There is also the chance that Smartlands sets up a New York-based subsidiary in a bid to fortify its “position on the US market,” the release noted.
In another news report about STOs, Stmarket.co confirmed yesterday that NBA Star, Spencer Dinwiddle will go ahead with plans to tokenize his contract with the Brooklyn Nets despite league officials being reluctant to approve the move.