The move represents the first attempt by any Chinese financial institution to issue a tokenized security in Hong Kong.
Bank of China Investment (BOCI) has issued digital structured notes worth 200 million Chinese yuan ($28 million). Based on the Ethereum blockchain, the move represents the first attempt by any Chinese financial institution to issue a tokenized security on a public blockchain in Hong Kong.
as of June 12 Press releaseBOCI was helped by a Swiss banking giant UBS Issuance and placement of tokenized securities to its clients in the Asia-Pacific region.
Chinese investment bank BOCI goes big on crypto adoption
As is well known, the tokenization of real-world assets (RWA), which include notes and bonds, has the potential to increase global crypto adoption in ways that can only be imagined. top banks prefer City Group And Bank of America also shares this view about tokenization. He predicted its potential to help blockchain drive an enormous amount of value.
In line with this view, the latest move by BOCI could be a bold statement from Hong Kong which has recently been taking steps to become a global crypto hub.
Remember that there has been increased scrutiny of the crypto industry in the United States recently. He is with the US Securities and Exchange Commission (secondsgoing after the crypto giants binance And coinbase in different cases. Interestingly, Hong Kong lawmaker Johnny Ng seized the opportunity to invite digital asset trading platforms including Coinbase to the city.
On June 1, Hong Kong also opened up crypto exchange access to retail users. And on several occasions, Hong Kong’s administration has confirmed its ‘active involvement’ in the blockchain industry. Not to mention that the city is also seeking to establish a strong stablecoin regulation within a year.
About four months ago, Hong Kong issued a HK$800 million green bond on Goldman Sachs’ tokenization protocol GS DApp. The city also launched two exchange-traded funds (ETFs) for crypto futures in December 2022, raising over $70 million ahead of launch.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his writing style. He firmly believes in the potential of digital assets and takes every opportunity to reiterate this. He is also an avid reader, a researcher, an astute speaker and a budding entrepreneur. Although away from crypto, Mayowa’s distractions include discussing soccer or world politics.
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