The Hong Kong branch of the Bank of China (BOCI) has issued the first Ethereum-based tokenized security
BOCI and UBS collaborated to create history in Hong Kong by issuing the first tokenized securities from a Chinese financial institution.
This follows UBS’s December release of a $50 million tokenized fixed-rate note on a permissioned blockchain governed by English and Swiss law.
“The statement was released by BOCI’s Deputy CEO Ying Wang, who said that the company was driving a reduction of digital asset markets and products for customers in Asia Pacific via the creation of blockchain-based digital structured products tailored to the needs of customers in the region. We welcome the growth of Hong Kong’s digital economy and will work tirelessly to advance the city’s banking sector via digitalization and innovation.”
There has been a flurry of activity in Hong Kong’s cryptocurrency market since new regulations were issued on June 1. Earlier this month, First Digital announced that it would be releasing a new stablecoin that would be tied to the value of the US dollar but governed by Asian authorities.
Since China published a white paper on web3 innovation and development last month, rumours have circulated regarding the country’s crypto plans. In an interview with CNBC, Binance CEO Changpeng Zhao “CZ” remarked that the Chinese-speaking community was “buzzing” when China Central Television aired a cryptocurrency interview that prominently showed the Bitcoin logo.