BOCI, Bank of China’s investment banking arm, issued tokenized securities on Ethereum in Hong Kong. This move has led many to believe that China is slowly easing up its strict crypto regulations, providing a spark of hope in the midst of an unfriendly regulatory environment in the U.S. with no clear crypto regulations and an ongoing crackdown. China’s issuance of tokenized securities in Hong Kong could indicate a positive shift in the country’s stance on cryptocurrencies.

Ethereum: Revolutionizing Tokenized Securities Offerings

BOCI, a Chinese financial institution, has issued tokenized securities worth CNH 200 million, making history in Hong Kong. This follows UBS, a multinational diversified financial services company, issuing a $50 million tokenized fixed-rate note last December. The issuance of these digital securities is a major step in terms of applicable law and blockchain technology, as it is the first product of its kind in the Asia Pacific constituted under Hong Kong and Swiss law and tokenized securities on the main Ethereum blockchain. Hong Kong’s release of new cryptocurrency industry guidelines this month signifies its progress in the blockchain space.

Crypto Licensing Commences in Hong Kong, Marking a Shift in China’s Stance

China’s white paper on Web 3 innovation and development in May has drawn attention from the crypto community. CCTV, a state-sponsored media, highlighted Hong Kong’s first-ever crypto licensing after previously banning digital assets. China’s relaxed crypto regulations benefit the country but pose a risk to the US if businesses relocate.

BOCI and UBS: Pioneering Digital Finance Solutions in Asia Pacific

Bank of China and UBS collaborate to simplify digital asset markets and products in Asia Pacific. BOCI aims to drive Hong Kong’s financial industry’s digital transformation and is encouraged by the evolving digital economy. BOCI and UBS are aiding customers in Asia Pacific by offering blockchain-based digital structured products for accessing digital finance solutions.

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Filed under: Bitcoin - @ June 23, 2023 4:07 am