Benzinga - BOCI, the investment banking subsidiary of the Bank of China, has broken new ground by launching tokenized structured notes worth 200 million offshore renminbi (equivalent to $28 million) on the Ethereum (CRYPTO: ETH) blockchain.
The move marks BOCI as the pioneer among Chinese financial entities to issue a tokenized security in Hong Kong using blockchain technology.
UBS, which collaborated with BOCI for this venture, said, "This transaction marks the first product of its kind in Asia Pacific constituted under Hong Kong and Swiss law and tokenized on the main Ethereum blockchain, successfully introducing regulated securities onto a public blockchain."
This comes on the heels of UBS' issuance of a $50 million tokenized fixed rate note in December, which was based on a permissioned blockchain and governed by English and Swiss law.
Ying Wang, Deputy CEO at BOCI, emphasized the institution's commitment to reshaping the digital asset market through the integration of blockchain technology.
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She said, "We are driving the simplification of digital asset markets and products, for customers in Asia Pacific through the development of blockchain-based digital structured products, designed specifically for customers in Asia Pacific."
She further acknowledged Hong Kong's evolving digital economy and assured BOCI's dedication to fostering the financial industry's digital transformation in Hong Kong.
This innovative step by BOCI coincides with a wave of burgeoning activities in Hong Kong’s crypto sector, catalyzed by the release of new regulatory guidelines on June 1.
Adding to the momentum, Binance (CRYPTO: BNB) CEO Changpeng Zhao highlighted that Chinese-language communities were abuzz when the Bitcoin logo was featured in a cryptocurrency segment aired by China Central Television.
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