- Product developed by UBS Technologies
- The positions are settled at CNH
- Bonds are available to investors in Hong Kong
Financial counterparty BOCI, which is part of the Bank of China group, has issued tokenized assets. These are $28 million in CNH (offshore yuan) digital bonds minted on Ethereum.</nbsp;
Factually, it is the first financial counterparty in the PRC to issue tokenized derivatives for its customers. The product was developed by UBS, which has reported a successful completion.
“We are pleased to work with BOCI on this initiative to bring structured products to the public blockchain network, supporting the growing interest of our APAC (Asia Pacific Area) customers.” – Aurelian Troendl, Global Head of MTN Trading at UBS AG.
This is not the first exchange product developed by UBS. Prior to that, the company issued a $50 million structured fixed-rate tokenized bond.</nbsp;
The product was issued on an exclusive blockchain basis (permissioned blockchain) in accordance with UK and Swiss law.</nbsp;
According to the press release, the bonds are available to Bank of China customers in Hong Kong. Recall that since June 1, the licensing regime of VASP (Virtual Asset Service Providers) came into force here.. Before that, however, it was said here that the requirements for companies would be quite stringent.