On June 12, Financial institution of China’s funding financial institution subsidiary BOCI introduced the issuance of 200 million Chinese language Yuan ($28 million) value of digital structured notes minted on the Ethereum blockchain. The transfer makes the 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 consumer 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 fastened price be aware in December 2022 beneath English and Swiss legislation, digitized on a permissioned blockchain.
Cointelegraph beforehand reported that Hong Kong opened crypto alternate entry for retail customers beginning June 1. Roughly two weeks later, Joseph Chan Ho-lim, Underneath Secretary for Monetary Providers and the Treasury of the Authorities of Hong, said that the particular administrative area is “actively collaborating” within the blockchain business and goals to determine a framework for stablecoin regulation inside one yr.
On Feb. 16, Hong Kong issued an 800 million HKD 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.