Desvendando a chamada tokenização de ativos imobiliários

• Ano de defesa: 2025
• Autor(a) principal: Scherkerkewitz, Salo
• Orientador(a): Finkelstein, Maria Eugênia Reis
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Pontifícia Universidade Católica de São Paulo
• Programa de Pós-Graduação: Programa de Pós-Graduação em Direito
• Departamento: Faculdade de Direito
• País: Brasil
• Palavras-chave em Português: Direito comercial; Direito e tecnologia; Tokenização imobiliária; Blockchain; Criptografia; Custódia de ações; Teste de Howey; Valores mobiliários; Sociedades anônimas; Sociedades por ações; Companhias; Debt based tokenization; Equity based tokenization; Direito real de propriedade; Liquidez imobiliária; Democratização de investimentos
• Palavras-chave em Inglês: Commercial law; Law and technology; Real estate tokenization; Blockchain; Cryptography; Custody of shares; Howey Test; Securities; Corporations; Companies; Debt based tokenization; Equity based tokenization; Real estate rights; Real estate liquidity; Democratization of investments
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::DIREITO
• Link de acesso: https://repositorio.pucsp.br/jspui/handle/handle/44131

There are several barriers, especially financial ones, that prevent small investors from entering the real estate market. Real estate funds can be a solution, such as sui generis condominiums, but they fail to provide investors with autonomy. Condominiums have the peculiarity of being difficult to govern. To resolve such problems, a possible solution is to invest in real estate using Blockchain technology. In order to understand how this solution works, the necessary computer science concepts are explained, with an approach to cybersecurity concepts, cryptography and digital signatures and how these concepts were used in the creation of Blockchain technology. Introduction of the concept of tokens within the scope of Blockchains, with the exposition of the different types, their peculiarities and legal consequences. Analysis of the Howey Test, with its history and specific application to characterize real estate tokens as securities. Direct Tokenization, or Debt Based Tokenization, and its problems. Indirect Tokenization, or Equity Based Tokenization, and the characteristic of enabling a real property right. Problematization of how to put it into practice. DAOs and their characteristics, advantages, and dangers. Study of legal personality to understand the risk related to the non-organization of DAOs into a legally protected entity. Study of a case in which the legal personality of a DAO was disregarded (Ooki DAO). Need to organize the DAO around a Corporation due to the need for free negotiability of tokens. Rules for the incorporation of Real Estate into the Share Capital of a Corporation. CVM rules relevant to the subject. Equity Crowdfunding as the first instrument for the distribution of tokens. Regulatory sandbox as a legal instrument to fill possible legal gaps that hinder real estate tokenization. Linking ownership of shares to ownership of tokens when the Corporate Records software is based on Blockchain technology. Positive aspects of investing through real estate tokenization: Speed of operations; reduction of transaction costs and consequent liquidity; Smart contracts. Possible applications