On June 12, Financial institution of China’s funding financial institution subsidiary BOCI introduced the issuance of 200 million Chinese language yuan ($28 million) price of digital structured notes minted on the Ethereum blockchain. The transfer makes BOCI the primary Chinese language monetary establishment to problem a tokenized safety in Hong Kong. Funding banking firm UBS helped originate the product for placement to its shopper within the Asia-Pacific area. Ying Wang, the deputy CEO of BOCI, commented:
“Working along with UBS, we’re driving the simplification of digital asset markets and merchandise, for patrons in Asia Pacific by way of the event of blockchain-based digital structured merchandise, designed particularly for patrons in Asia Pacific.”
Simultaneous to the event, UBS has been increasing its tokenization throughout structured merchandise, fastened revenue and repo financing. The agency issued a $50 million tokenized fixed-rate word in December 2022 underneath English and Swiss legislation, digitized on a permissioned blockchain.
Cointelegraph beforehand reported that Hong Kong opened crypto change entry for retail customers on June 1. Roughly two weeks later, Joseph Chan Ho-lim, underneath secretary for monetary companies and the treasury for the federal government of Hong Kong, said that the particular administrative area is “actively collaborating” within the blockchain business and goals to ascertain a framework for stablecoin regulation inside one 12 months.
On Feb. 16, Hong Kong issued an HK$800 million inexperienced bond tokenized on Goldman Sachs’ tokenization protocol GS DAP with an annual yield of 4.05%. In December 2022, Hong Kong launched two exchange-traded funds for cryptocurrency futures, elevating over $70 million earlier than their launch.
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