BOCI Becomes China’s First Bank to Issue Tokenized Securities
- BOCI has issued the country’s first tokenized security on the Ethereum blockchain.
- BOCI and UBS have taken new steps in terms of applicable regulations.
BOCI, a Chinese bank, has issued CNH 200 million in digitally structured notes. BOCI has issued the country’s first tokenized security on the Ethereum blockchain. Moreover, it has become the first bank in China to issue tokenized securities.
According to the report, the new security was implemented through the collaboration between the investment banking company UBS and BOCI. The product was originated by UBS and placed with its clients in the Asia Pacific region. And also, UBS has marked a long-term collaboration with the Chinese bank in the space of digital structure notes.
BOCI’s Advancement in the World of Digital Assets
BOCI and UBS have taken new steps in terms of applicable regulations and blockchain types by issuing the first digital securities. Recently, the digital asset market has experienced lots of ups and downs. The U.S. SEC has continuously filed lawsuits against the top crypto exchanges. On the other side, China has taken a new step forward in the world of digital assets.
BOCI and UBS have successfully introduced regulated securities onto the public blockchain. Moreover, this transaction marks the first product in the Asia Pacific constituted under Hong Kong and tokenized on the main Ethereum blockchain.
Ying Wang, the Deputy CEO at BOCI, stated that BOCI very pleased to be at the forefront of innovation in technology finance and digital finance.
The Deputy CEO added that the Chinese bank encouraged by the evolution of Hong Kong’s digital economy. Moreover, working with UBS has driven the simplification of digital asset markets and products for customers in the Asia Pacific.
Under English and Swiss law, UBS issued the USD 50 million tokenized fixed rate note in December 2022. It has digitized on the permissions blockchain. Moreover, UBS continues to extend its tokenization service through UBS Tokenize.
Read more: https://thenewscrypto.com/boci-becomes-chinas-first-bank-to-issue-tokenized-securities/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
