{"id":10646,"date":"2021-10-12T09:51:54","date_gmt":"2021-10-12T09:51:54","guid":{"rendered":"https:\/\/www.talium-assets.com\/?p=10646"},"modified":"2021-10-12T09:51:56","modified_gmt":"2021-10-12T09:51:56","slug":"tokenisation-et-immobilier","status":"publish","type":"post","link":"https:\/\/www.talium-assets.com\/fr\/tokenisation-et-immobilier\/","title":{"rendered":"Tokenisation et Immobilier"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10646\" class=\"elementor elementor-10646\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e804d89 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e804d89\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1ad7147 ot-flex-column-vertical\" data-id=\"1ad7147\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-15e2fcc elementor-widget elementor-widget-text-editor\" data-id=\"15e2fcc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify\n;\"><span id=\"docs-internal-guid-6d4d0607-7fff-99b6-6262-cb2a5071eaf8\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">L\u2019immobilier est en t\u00eate des v\u00e9hicules d\u2019investissement favoris dans le monde mais reste, paradoxalement, totalement illiquide. Aujourd\u2019hui, la tokenisation fait son entr\u00e9e dans le secteur et compte bien le r\u00e9volutionner. <\/span><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5cb479 elementor-widget elementor-widget-spacer\" data-id=\"b5cb479\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b739a0 elementor-widget elementor-widget-iheading\" data-id=\"9b739a0\" data-element_type=\"widget\" data-widget_type=\"iheading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ot-heading\">\r\n\t        \t            <span>\/\/ partie 1<\/span>\r\n\t        <h2 class=\"main-heading\">L'immobilier aujourd'hui<\/h2>\t    <\/div>\r\n\t    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b8ddc51 elementor-widget elementor-widget-spacer\" data-id=\"b8ddc51\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-99dee30 elementor-widget elementor-widget-text-editor\" data-id=\"99dee30\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Le march\u00e9 de l\u2019immobilier repr\u00e9sente $ 280T d\u2019actifs \u00e0 travers le monde dont seulement 1% est disponible en bourse.<br \/>\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-indent: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Aux USA, sur ce faible pourcentage, 93% sont r\u00e9serv\u00e9s aux investisseurs accr\u00e9dit\u00e9s (13M de personnes en 2020 soit 4% de la population).\u00a0<br \/><br \/><\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Ces chiffres <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">\u00e9litistes <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">s\u2019expliquent par la complexit\u00e9 d\u2019int\u00e9gration des biens et des investisseurs. L&rsquo;inscription d&rsquo;un bien sur une place de march\u00e9 publique peut prendre plus de 2 ans et co\u00fbter jusqu\u2019\u00e0 10% de la valeur du bien introduit. <br \/><br \/>Malheureusement, la facture ne s&rsquo;arr\u00eate pas l\u00e0 : si le bien parvient \u00e0 \u00eatre vendu, la transaction peut prendre de 6 mois \u00e0 2 ans et co\u00fbter jusqu&rsquo;\u00e0 3% de la valeur du bien, 75% de ces co\u00fbts \u00e9tant des frais administratifs.<br \/><br \/><\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-indent: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">En Europe, le march\u00e9 immobilier est estim\u00e9 \u00e0 37,5 milliards de dollars, dont 7,5 milliards pour l&rsquo;immobilier commercial. Pourtant, seuls 400 milliards de dollars sont cot\u00e9s en bourse, soit \u00e0 peine 1%.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-186d366 elementor-widget elementor-widget-spacer\" data-id=\"186d366\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-127e8ce ot-layout_block elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"127e8ce\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4f7bfd8 ot-flex-column-vertical\" data-id=\"4f7bfd8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-208932d elementor-widget elementor-widget-icounter\" data-id=\"208932d\" data-element_type=\"widget\" data-widget_type=\"icounter.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t    \t<div class=\"icounter ot-counter\">\r\n\t\t        \t<div>\r\n\t\t        \t\t<span class=\"num\" data-to=\"280\" data-time= \"1000\"><\/span>\r\n\t\t        \t\t<span>$T<\/span>\r\n\t\t        \t<\/div>\r\n\t\t        \t<h6>market size<\/h6>      \t\t\t\t        \r\n\t\t\t    <\/div>\r\n\t\t    \t    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-375564d ot-flex-column-vertical\" data-id=\"375564d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a299eb7 elementor-widget elementor-widget-icounter\" data-id=\"a299eb7\" data-element_type=\"widget\" data-widget_type=\"icounter.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t    \t<div class=\"icounter ot-counter\">\r\n\t\t        \t<div>\r\n\t\t        \t\t<span class=\"num\" data-to=\"1\" data-time= \"1000\"><\/span>\r\n\t\t        \t\t<span>%<\/span>\r\n\t\t        \t<\/div>\r\n\t\t        \t<h6>available<\/h6>      \t\t\t\t        \r\n\t\t\t    <\/div>\r\n\t\t    \t    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-eae8cdf elementor-widget elementor-widget-spacer\" data-id=\"eae8cdf\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f3404ac elementor-widget elementor-widget-iheading\" data-id=\"f3404ac\" data-element_type=\"widget\" data-widget_type=\"iheading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ot-heading\">\r\n\t        \t            <span>\/\/ partie 2<\/span>\r\n\t        <h2 class=\"main-heading\">Tokeniser pour rendre la pierre liquide<\/h2>\t    <\/div>\r\n\t    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-74e05ee elementor-widget elementor-widget-spacer\" data-id=\"74e05ee\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-449be07 elementor-widget elementor-widget-text-editor\" data-id=\"449be07\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Alors qu&rsquo;internet permet de num\u00e9riser le partage d&rsquo;informations, la blockchain permet de num\u00e9riser le transfert de valeur.<\/span><\/p><p style=\"padding-left: 40px;\"><strong><i>Rappel : <\/i><\/strong><a style=\"background-color: #ffffff;\" href=\"https:\/\/www.talium-assets.com\/fr\/quest-ce-que-la-tokenisation-dactifs-et-quel-est-son-interet\/\"><i>Tokeniser<\/i><\/a><i>\u00a0<\/i><span style=\"background-color: transparent; color: #000000; font-family: Arial; font-size: 11pt; font-style: italic; white-space: pre-wrap;\">des actifs revient \u00e0 num\u00e9riser un droit (politique, financier, immobilier) sur un grand livre partag\u00e9 (blockchain\/DLT). On y cr\u00e9e des \u201ctokens\u201d (= jetons) dot\u00e9s de caract\u00e9ristiques (fongibilit\u00e9, tra\u00e7abilit\u00e9, offre, comportement, gouvernance, etc.) afin de repr\u00e9senter au mieux l&rsquo;actif num\u00e9ris\u00e9. La blockchain permet ensuite d\u2019enregistrer les mouvements des tokens de mani\u00e8re s\u00e9curis\u00e9e et en toute confiance.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc0584a elementor-widget elementor-widget-spacer\" data-id=\"bc0584a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84eea75 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"84eea75\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><span id=\"docs-internal-guid-5c3f5085-7fff-abe5-6c6d-53d8e13317fe\"><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline;\">Pour les projets immobiliers,<\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\"> les tokens r\u00e9pondent \u00e0 2 caract\u00e9ristiques principales :<\/span><\/span><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><span id=\"docs-internal-guid-771e631b-7fff-00c8-bb59-d18f08e72dbf\"><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Le nombre total de tokens \u00e9mis est <\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-weight: 700; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">fini <\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">et d\u00e9fini \u00e0 l\u2019avance par l\u2019\u00e9metteur<\/span><\/span><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b style=\"font-weight:normal;\"><span style=\"font-size:11pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Un token \u00e9mis peut \u00eatre <\/span><span style=\"font-size:11pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">fractionn\u00e9 <\/span><span style=\"font-size:11pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">jusqu\u2019\u00e0 18 d\u00e9cimales et c\u00e9d\u00e9 partiellement (contrairement aux actions classiques)&nbsp; <\/span><\/b><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7caf54d elementor-widget elementor-widget-spacer\" data-id=\"7caf54d\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a40158 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"8a40158\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><font color=\"#000000\" face=\"Arial\"><span style=\"font-size: 14.6667px;\">Ces caract\u00e9ristiques ouvrent le march\u00e9 de l'immobilier \u00e0 de plus petits investisseurs et r\u00e9duisent le co\u00fbt d'entr\u00e9e des projets.<\/span><\/font><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><span id=\"docs-internal-guid-987aef86-7fff-ad7f-2cca-5b1100d26869\"><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Du c\u00f4t\u00e9 <\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-weight: 700; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">vendeur<\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">, tokeniser un bien offre la possibilit\u00e9 de r\u00e9cup\u00e9rer rapidement les fonds engag\u00e9s dans ce dernier pour les r\u00e9investir ailleurs<\/span><\/span><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><span id=\"docs-internal-guid-1f9c11b2-7fff-def1-457b-df81e9a5d4a4\"><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Du c\u00f4t\u00e9 <\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-weight: 700; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">acheteur<\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">, cela permet de b\u00e9n\u00e9ficier de la <\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-weight: 700; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">capacit\u00e9 d\u2019emprunt<\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\"> d\u2019un investisseur <\/span><\/span><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f13e943 elementor-widget elementor-widget-spacer\" data-id=\"f13e943\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-153e538 elementor-widget elementor-widget-text-editor\" data-id=\"153e538\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Plus d\u2019investisseurs et plus de choix nous am\u00e8nent \u00e0 un march\u00e9 plus <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">liquide <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">o\u00f9 les investissements sont plus facilement <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">diversifi\u00e9s<\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"> et o\u00f9 les \u00e9changes ne sont plus frein\u00e9s par les <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">frais <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">(qui pourraient \u00eatre r\u00e9duits aux seuls frais d\u2019utilisation du r\u00e9seau blockchain choisi).\u00a0\u00a0<\/span><\/p><p>\u00a0<\/p><p style=\"text-align: justify; padding-left: 40px;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Ex : une transaction sur la blockchain Polygon (MATIC) revient \u00e0 moins de 1 centime d\u2019euro \u00e0 l\u2019heure o\u00f9 nous \u00e9crivons ces lignes.\u00a0 <\/span><\/p><p style=\"text-align: Justify;\"><span id=\"docs-internal-guid-99b6b359-7fff-f16b-3dec-842614710140\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Le nombre de transactions augmente et les processus deviennent de plus en plus <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">autonomes <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">et\/ou <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">automatis\u00e9s<\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\"> gr\u00e2ce \u00e0 l\u2019utilisation de contrats intelligents (<\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">smart contract).<\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\"> Ce fonctionnement est envisageable avec l\u2019emploi du <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">standard <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">de r\u00e9f\u00e9rence dans la tokenisation de titres financiers : <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">l\u2019ERC-1400<\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\"> &#8212; que l\u2019on peut utiliser avec chacune des dizaines de blockchains compatibles avec la machine virtuelle Ethereum (EVM). Ce standard offre une forte capacit\u00e9 d\u2019<\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">adaptation <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">\u00e0 l\u2019\u00e9volution des r\u00e9glementations mobili\u00e8res en permettant la combinaison d\u2019\u00e9l\u00e9ments de contr\u00f4le de <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">conformit\u00e9<\/span> <span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">on-chain<\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\"> et <\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">off-chain<\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\"> afin de garantir une transaction 100% conforme. Cette conformit\u00e9 \u00e0 toutes exigences multi-juridictionnelles ou contractuelles en vigueur peut \u00eatre maintenue dans le temps et est donc p\u00e9renne.\u00a0 <\/span><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27e0344 elementor-widget elementor-widget-spacer\" data-id=\"27e0344\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e588680 elementor-widget elementor-widget-text-editor\" data-id=\"e588680\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: Justify;\"><span style=\"background-color: transparent; font-size: 11pt; font-family: Arial; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">D\u00e8s lors, les processus sont hautement <\/span><span style=\"background-color: transparent; font-size: 11pt; font-family: Arial; color: #000000; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">automatis\u00e9s<\/span><span style=\"background-color: transparent; font-size: 11pt; font-family: Arial; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\"> et les tokens fra\u00eechement cr\u00e9\u00e9s deviennent facilement \u00e9changeables sur une <\/span><span style=\"background-color: transparent; font-size: 11pt; font-family: Arial; color: #000000; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">marketplace<\/span><span style=\"background-color: transparent; font-size: 11pt; font-family: Arial; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\"> poss\u00e9dant un <\/span><span style=\"background-color: transparent; font-size: 11pt; font-family: Arial; color: #000000; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">march\u00e9 secondaire en gr\u00e9 \u00e0 gr\u00e9<\/span><span style=\"background-color: transparent; font-size: 11pt; font-family: Arial; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\"> (<\/span><span style=\"background-color: transparent; font-size: 11pt; font-family: Arial; color: #000000; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">OTC<\/span><span style=\"background-color: transparent; font-size: 11pt; font-family: Arial; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">), pour au final une liquidit\u00e9 tr\u00e8s am\u00e9lior\u00e9e et accompagn\u00e9e d\u2019une r\u00e9duction significative des interm\u00e9diaires et des co\u00fbts. <\/span>\u00a0<\/p><p style=\"text-align: justify; padding-left: 40px;\"><span id=\"docs-internal-guid-0040d6d5-7fff-de3a-e377-35ae404a422b\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Ex : L\u2019intervention d\u2019un notaire n\u2019est plus n\u00e9cessaire lorsque nous \u00e9changeons des tokens mais nous y reviendrons dans la partie l\u00e9gale.<\/span><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e6dbcae elementor-widget elementor-widget-spacer\" data-id=\"e6dbcae\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c44bbc9 elementor-widget elementor-widget-iheading\" data-id=\"c44bbc9\" data-element_type=\"widget\" data-widget_type=\"iheading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ot-heading\">\r\n\t        \t            <span>\/\/ partie 3<\/span>\r\n\t        <h2 class=\"main-heading\">Que dit la loi ?<\/h2>\t    <\/div>\r\n\t    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0837d92 elementor-widget elementor-widget-text-editor\" data-id=\"0837d92\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Arial; font-size: 14.6667px; font-weight: bold; text-align: justify; white-space: pre-wrap;\">1 &#8211; Le montage financier pour tokeniser un immeuble<br \/><\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Il n&rsquo;existe pas (encore) de loi accordant qu&rsquo;un jeton puisse repr\u00e9senter la propri\u00e9t\u00e9 partielle d&rsquo;un actif immobilier. En revanche, de plus en plus de juridictions officialisent qu&rsquo;un token puisse repr\u00e9senter une propri\u00e9t\u00e9 partielle d&rsquo;une entreprise. La tok\u00e9nisation d&rsquo;un bien immobilier se fait alors non pas par la tok\u00e9nisation des parts de la propri\u00e9t\u00e9, mais par la tok\u00e9nisation des parts d&rsquo;une soci\u00e9t\u00e9 qui poss\u00e8de la propri\u00e9t\u00e9.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">NB : La soci\u00e9t\u00e9 en question est usuellement un v\u00e9hicule d\u2019investissement ou un trust sp\u00e9cialement cr\u00e9\u00e9 et qui poss\u00e8de tout ou partie du bien. La tokenisation des actions de la soci\u00e9t\u00e9 revient alors \u00e0 tokeniser la propri\u00e9t\u00e9 du bien.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Les soci\u00e9t\u00e9s anonymes fran\u00e7aises peuvent enregistrer leurs mouvements d\u2019actions dans un registre d\u00e9centralis\u00e9 pour simplifier la tenue de compte gr\u00e2ce \u00e0 un \u201cdispositif d\u2019enregistrement \u00e9lectronique partag\u00e9\u201d (<\/span><a href=\"https:\/\/www.talium-assets.com\/fr\/utiliser-le-deep-pour-enregistrer-les-mouvements-de-titres\/\" target=\"_blank\" rel=\"noopener\">DEEP<\/a><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">). Ce type de reconnaissance l\u00e9gale des mouvements de titres tokenis\u00e9s existe dans de plus en plus de pays.<\/span><\/p><p>\u00a0<\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Ainsi, transf\u00e9rer des \u00ab\u00a0jetons immobiliers\u00a0\u00bb revient \u00e0 transf\u00e9rer des actions d&rsquo;une soci\u00e9t\u00e9, et cela peut se faire de mani\u00e8re 100% l\u00e9gale sans l&rsquo;intervention de tiers (notaire, avocats). Cela simplifie le processus de transfert : s&rsquo;il avait \u00e9t\u00e9 possible de tokeniser l&rsquo;actif physique immobilier lui-m\u00eame, chaque transaction aurait n\u00e9cessit\u00e9 la charge suppl\u00e9mentaire d&rsquo;un acte notarial.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0fd533c elementor-widget elementor-widget-spacer\" data-id=\"0fd533c\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0254ebd elementor-widget elementor-widget-text-editor\" data-id=\"0254ebd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"text-align: justify;\"><strong><span style=\"background-color: transparent; color: #000000; font-family: Arial; font-size: 11pt; white-space: pre-wrap;\">2<\/span><\/strong><span style=\"background-color: transparent; color: #000000; font-family: Arial; font-size: 11pt; font-weight: bold; white-space: pre-wrap;\"> &#8211; En France et Europe<br \/><\/span><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Le financement immobilier via l\u2019\u00e9mission de tokens ne r\u00e9pond pas \u00e0 la loi du financement participatif. Il faut y appliquer des r\u00e9glementations sp\u00e9cifiques qui varient selon la\u00a0 nature de l\u2019offre et de la qualification des tokens.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b49ec1b elementor-widget elementor-widget-spacer\" data-id=\"b49ec1b\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a795af elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"1a795af\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Offre publique et jeton qualifiable de titre financier :<\/b> la r\u00e9glementation des march\u00e9s financier s'applique<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Pour un montant inf\u00e9rieur \u00e0 8M\u20ac sur 12 mois, il faut d\u00e9poser un document d\u2019information synth\u00e9tique (DIS) aupr\u00e8s de l\u2019AMF (r\u00e9glementation FR).<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Pour un montant sup\u00e9rieur \u00e0 8M\u20ac sur 12 mois, cela requiert le prospectus et le visa n\u00e9cessaire du r\u00e9gulateur financier comp\u00e9tent (AMF en France).<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fcee2fc elementor-widget elementor-widget-spacer\" data-id=\"fcee2fc\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f46e99 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"4f46e99\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Offre publique et jeton non qualifiable de titre financier<\/b><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">A ce jour, en France, c\u2019est la Loi PACTE qui s\u2019applique. N\u00e9anmoins, un plan de r\u00e9glementation europ\u00e9en se dessine avec le projet MiCA (Market In Crypto Assets). <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f47e3a6 elementor-widget elementor-widget-spacer\" data-id=\"f47e3a6\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0bb336 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"e0bb336\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Autres<\/b><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Dans le cas o\u00f9 l'offre serait priv\u00e9e ou r\u00e9serv\u00e9e \u00e0 un certain profil d\u2019investisseur, la r\u00e9glementation applicable change encore et peut finir au cas par cas.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cab1b8c ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cab1b8c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2785b41 ot-flex-column-vertical\" data-id=\"2785b41\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5175e4f elementor-widget elementor-widget-spacer\" data-id=\"5175e4f\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-399667a elementor-widget elementor-widget-iheading\" data-id=\"399667a\" data-element_type=\"widget\" data-widget_type=\"iheading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ot-heading\">\r\n\t        \t            <span>\/\/ Partie 4<\/span>\r\n\t        <h2 class=\"main-heading\">Les cas d'usage<\/h2>\t    <\/div>\r\n\t    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f50cba6 elementor-widget elementor-widget-spacer\" data-id=\"f50cba6\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c1bc3f9 elementor-widget elementor-widget-text-editor\" data-id=\"c1bc3f9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">1 &#8211; La propri\u00e9t\u00e9 partielle<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Un investisseur qui choisit un bien tokenis\u00e9, choisit un march\u00e9 flexible o\u00f9 il peut poss\u00e9der x% d\u2019un bien \u00e0 hauteur de sa capacit\u00e9 d&rsquo;investissement (\u00e0 travers une soci\u00e9t\u00e9 ou un fonds).\u00a0<br \/><\/span><b style=\"font-weight: normal;\">\u00a0<\/b><\/p><p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Il devient alors \u00e9ligible \u00e0 x% des revenus ou b\u00e9n\u00e9fices g\u00e9n\u00e9r\u00e9s par l&rsquo;actif. Typiquement, des profits annuels de 5 \u00e0 15% sont g\u00e9n\u00e9r\u00e9s tandis que les risques d&rsquo;investissement sont att\u00e9nu\u00e9s par la disponibilit\u00e9 d&rsquo;un march\u00e9 secondaire qui favorise la liquidit\u00e9. <\/span><\/p><p>\u00a0<\/p><p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; padding-left: 40px;\"><span style=\"color: #000000; font-family: Arial;\"><span style=\"font-size: 14.6667px; white-space: pre-wrap;\"><i>Exemple : Vous pouvez mettre en location un immeuble tokenis\u00e9 et mettre en place une r\u00e8gle o\u00f9 les propri\u00e9taires re\u00e7oivent chaque mois un % du loyer apr\u00e8s d\u00e9duction des charges. <\/i><\/span><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3478c00 elementor-widget elementor-widget-spacer\" data-id=\"3478c00\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34e8b38 elementor-widget elementor-widget-text-editor\" data-id=\"34e8b38\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">2 &#8211; Revenue Sharing<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;\"><span style=\"background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\"><span style=\"color: #000000; font-family: Arial;\"><span style=\"font-size: 14.6667px; white-space: pre-wrap;\">Dans le cas pr\u00e9c\u00e9dent, les investisseurs achetaient des jetons qui repr\u00e9sentaient une propri\u00e9t\u00e9 partielle d&rsquo;un bien et donnaient des droits sur les revenus futurs. Ici, les investisseurs acqui\u00e8rent uniquement des parts des revenus futurs g\u00e9n\u00e9r\u00e9s par le bien, sans droit de propri\u00e9t\u00e9. Les jetons peuvent \u00eatre qualifi\u00e9s de <\/span><\/span><\/span><span style=\"background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-size: 11pt; font-family: Arial; color: #000000; font-weight: bold; vertical-align: baseline; white-space: pre-wrap;\">royalty token<\/span><span style=\"background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-size: 11pt; font-family: Arial; color: #000000; vertical-align: baseline; white-space: pre-wrap;\">.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;\">\u00a0<\/p><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Cette nuance permet de proposer des prix d\u2019entr\u00e9e plus attractifs et un revenu r\u00e9gulier. De plus, l\u2019investisseur reste libre de revendre ses tokens quand il le souhaite sur le march\u00e9 secondaire.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b0557d6 elementor-widget elementor-widget-spacer\" data-id=\"b0557d6\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17bd7f2 elementor-widget elementor-widget-text-editor\" data-id=\"17bd7f2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">3 &#8211; Financement Participatif<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">A la mani\u00e8re du crowdfunding, il est possible de lever des fonds avec la tokenisation. A la diff\u00e9rence que les tokens sont transf\u00e9rables et fractionnables. Cet avantage permet d\u2019assurer un march\u00e9 liquide. Un investisseur peut r\u00e9cup\u00e9rer ses fonds \u00e0 tout moment en vendant ses tokens sur un march\u00e9 secondaire. Cette pratique lui permet de r\u00e9duire consid\u00e9rablement les risques li\u00e9s \u00e0 l\u2019investissement.\u00a0\u00a0<br \/><br \/><\/span><b id=\"docs-internal-guid-7b85bdd8-7fff-3e8f-31d8-1cf229b91a59\" style=\"font-weight: normal;\"><\/b><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">La tokenisation permet \u00e9galement d\u2019assurer la transparence du projet avec des transactions rendues publiques sur le r\u00e9seau blockchain et de soutenir l\u2019automatisation des processus avec la mise en place de r\u00e8gles (smart contract).\u00a0<br \/><\/span><b style=\"font-weight: normal;\">\u00a0<\/b><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">D\u2019un point de vue r\u00e9glementaire, les sommes lev\u00e9es via tokenisation d\u00e9passe le plafond classique du crowdfunding.\u00a0\u00a0<br \/><br \/><\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; padding-left: 40px;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">NB : Ces lev\u00e9es de fonds exigent un cadre juridique irr\u00e9prochable pour assurer que les capitaux seront totalement d\u00e9di\u00e9s au projet (et \u00e9viter les exit scam). <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf016ed elementor-widget elementor-widget-spacer\" data-id=\"cf016ed\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d5597a1 elementor-widget elementor-widget-text-editor\" data-id=\"d5597a1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">4 &#8211; Location avec option d\u2019achat<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Un appartement tokenis\u00e9 est mis en location. Un locataire paye chaque mois un loyer qui est redistribu\u00e9 aux investisseurs (propri\u00e9t\u00e9 partielle et revenue sharing).\u00a0<br \/><\/span><b id=\"docs-internal-guid-815288d9-7fff-21ff-4608-4bc9f9f13aec\" style=\"font-weight: normal;\">\u00a0<\/b><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Dans le cas d\u2019une location avec option d\u2019achat, le locataire choisit de devenir investisseur. Chaque mois, token apr\u00e8s token, il devient propri\u00e9taire de son bien et r\u00e9duit son loyer (une partie lui \u00e9tant revers\u00e9e).\u00a0\u00a0<\/span><\/p><p>\u00a0<\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Un fonctionnement qui peut rappeler les cr\u00e9dits classiques, mais ici pas il n\u2019y \u00e0 pas de demande de pr\u00eat, pas de frais administratifs, pas de p\u00e9nalit\u00e9s en cas de remboursement anticip\u00e9, pas d\u2019int\u00e9r\u00eat \u00e0 rembourser\u2026 Ici il n\u2019y a qu\u2019un locataire, son bail et sa capacit\u00e9 d\u2019acheter ou vendre ses tokens comme il le souhaite.\u00a0<\/span><\/p><p>\u00a0<\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; padding-left: 40px;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">NB : le locataire peut d\u00e9cider de quitter le logement tout en conservant ses tokens pour profiter du revenu passif des futurs loyers.<\/span><span style=\"font-size: 11pt; font-family: Arial; color: #ff9900; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4921baa elementor-widget elementor-widget-spacer\" data-id=\"4921baa\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-636a39f elementor-widget elementor-widget-text-editor\" data-id=\"636a39f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">5 &#8211; Transformer son bien en collat\u00e9ral<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Le monde de la blockchain voit \u00e9merger depuis 2020 la DeFi (finance d\u00e9centralis\u00e9e) qui se passe totalement ou partiellement de tiers de confiance. Pour faire simple, cette m\u00e9thode peut permettre d\u2019utiliser un capital comme garantie \/ collat\u00e9ral (en le bloquant) afin de r\u00e9aliser un emprunt en crypto monnaie.<br \/><\/span><b id=\"docs-internal-guid-a9d2949c-7fff-81c0-abb8-1d9f52ca76ef\" style=\"font-weight: normal;\">\u00a0<\/b><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Un propri\u00e9taire de biens tokenis\u00e9s peut esp\u00e9rer reproduire un sch\u00e9ma identique en engageant les tokens issus de son bien. Le fonctionnement est alors similaire \u00e0 un pr\u00eat hypoth\u00e9caire mais permet de r\u00e9duire les frais et les int\u00e9r\u00eats li\u00e9s \u00e0 l\u2019op\u00e9ration. <\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; padding-left: 40px;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"><span style=\"font-style: italic; text-align: start;\">NB : ce cas d\u2019usage rel\u00e8ve de la capacit\u00e9 des places d\u2019\u00e9change \u00e0 accepter ou non les tokens \u00e9mis dans le cadre de tokenisation de biens mobiliers.<\/span><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33e9dc3 elementor-widget elementor-widget-spacer\" data-id=\"33e9dc3\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c920a1b elementor-align-center elementor-mobile-align-center elementor-widget elementor-widget-ibutton\" data-id=\"c920a1b\" data-element_type=\"widget\" data-widget_type=\"ibutton.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ot-button\">\r\n\t\t\t<a href=\"https:\/\/www.talium-assets.com\/fr\/demo\/\" class=\"octf-btn octf-btn-primary elementor-animation-grow\">Demandez une d\u00e9mo maintenant<\/a>\r\n\t    <\/div>\r\n\t    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ac0bfe6 elementor-widget elementor-widget-spacer\" data-id=\"ac0bfe6\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b37c352 elementor-widget elementor-widget-text-editor\" data-id=\"b37c352\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong style=\"color: #7a7a7a;\">R\u00e9f\u00e9rences<\/strong><span style=\"color: #7a7a7a;\">\u00a0:<\/span><br \/><a href=\"https:\/\/talium.fr\/talium-vous-presente-sa-plateforme-de-tokenisation-talium-assets\/\">Talium<\/a><br \/><a href=\"https:\/\/www.immomatin.com\/logiciels\/logiciels-gestion\/trois-usages-de-la-blockchain-dans-l-immobilier.html\">Immomatin<\/a><br \/><a href=\"https:\/\/www.affiches-parisiennes.com\/financement-de-l-immobilier-via-la-blockchain-bonne-idee-ou-risque-inconsidere-11679.html\">Affiches parisiennes<\/a><br \/>\u00ab\u00a0Financement de l&rsquo;immobilier via blockchain\u00a0\u00bb &#8211; Compta Online<br \/><a href=\"https:\/\/pdf.euro.savills.co.uk\/global-research\/around-the-world-in-dollars-and-cents-2016.pdf\">Savilis World Research<\/a><br \/><a href=\"https:\/\/assets.kpmg\/content\/dam\/kpmg\/cn\/pdf\/en\/2020\/04\/real-estate-tokenization.pdf\">Assets KPMG<\/a><br \/><a href=\"https:\/\/blockchainrealestatesummit.com\/about\/\">Blockchain Real Estate Summit<\/a><br \/><a href=\"https:\/\/mitcre.mit.edu\/wp-content\/uploads\/2019\/11\/Tokenized-Security-Commercial-Real-Estate2.pdf\">MIT<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>L\u2019immobilier est en t\u00eate des v\u00e9hicules d\u2019investissement favoris dans le monde mais reste, paradoxalement, totalement illiquide. Aujourd\u2019hui, la tokenisation fait son entr\u00e9e dans le secteur et compte bien le r\u00e9volutionner. \/\/ partie 1 L&rsquo;immobilier aujourd&rsquo;hui Le march\u00e9 de l\u2019immobilier repr\u00e9sente $ 280T d\u2019actifs \u00e0 travers le monde dont seulement 1% est disponible en bourse.&nbsp; Aux [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":10815,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ub_ctt_via":"","_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[381],"tags":[390,405,486,375,400,415],"class_list":["post-10646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-fr","tag-blockchain-fr","tag-france","tag-immobilier","tag-plateforme-de-tokenisation","tag-talium-assets-fr","tag-tokenisation-dactifs"],"featured_image_src":"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/09\/Article-RE.png","author_info":{"display_name":"Fran\u00e7ois de Chezelles","author_link":"https:\/\/www.talium-assets.com\/fr\/author\/fdc\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tokenisation et Immobilier<\/title>\n<meta name=\"description\" content=\"L\u2019immobilier est en t\u00eate des v\u00e9hicules d\u2019investissement favoris dans le monde mais reste, paradoxalement, totalement illiquide. 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