20
Hong Kong and Swiss law govern the tokens that are backed by securities.
BOCI, the investment bank unit of Bank of China, issued 200 million Chinese yuan ($28 million) in Ethereum blockchain-minted digital structured notes on June 12. BOCI becomes Hong Kong’s first Chinese financial institution to tokenize securities. UBS originated the product for its Asia-Pacific client. BOCI vice CEO Ying Wang said:
“Working together with UBS, 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.”
UBS is tokenizing structured products, fixed income, and repo financing simultaneously. A permissioned blockchain released a $50 million tokenized fixed-rate note in December 2022 under English and Swiss law.
Hong Kong opened crypto exchanges to retail users on June 1, Cointelegraph reported. Two weeks later, Hong Kong’s undersecretary for financial services and the treasury, Joseph Chan Ho-lim, said the special administrative region is “actively participating” in the blockchain industry and aims to establish a stablecoin regulation framework within a year.
On February 16, Hong Kong released a HK$800 million green bond tokenized on Goldman Sachs’ GS DAP protocol with a 4.05% annual yield. Before launching two bitcoin futures exchange-traded funds in December 2022, Hong Kong raised almost $70 million.
Sberbank Conducted $12 Billion Dollars Transaction Using Smart Contracts
Blockchain technology is helping banks from different countries to improve their efficiency and offer better products and services. Sberbank, the largest bank in Russia, was able to conduct a $12 billion Dollars transaction using smart contracts. Sberbank Uses Smart Contracts For Transactions Blockchain technology is being adopted by many financial…
In "Crypto News"
Spike In Crypto Ignites Rise In Global Blockchain Financial Products
The recent spike in cryptocurrency prices has resulted in a global rise in blockchain financial products. This has been spearheaded by virtual currency enthusiasts who are trying out assorted investment avenues. Bitcoin started the month of April on a high note recording a 15 percent growth on the second day of…
In "Crypto News"
Baidu, the Chinese Google, Launched a Blockchain Service Platform
Baidu, the search engine that works in a similar way as Google, has launched a Blockchain-as-a-service (BaaS) platform. Baidu is one of the most important Chinese websites by traffic due to the fact that google and many other websites are forbidden in the Asian country. The information was announced by…
In "Home"
