Investment Chinese bank BOC International tokenized securities in Hong Kong, based on the Ethereum blockchain. This is the first product of its kind in the Asia-Pacific region, created in accordance with the laws of Hong Kong and Switzerland.
The capabilities of the Ethereum blockchain made it possible to introduce regulated securities into the public block chain. It is noteworthy that at the end of last year, UBS bank issued tokenized bonds in the amount of $ 50 million under the laws of Switzerland and the United Kingdom.
Since June 1 of this year, retail investors have had the opportunity to trade digital currencies on licensed crypto platforms in Hong Kong. At the end of May, the local Securities and Futures Commission published a list of requirements for exchanges that will be able to promote their services in the region.
To create an appropriate regulatory framework, the Hong Kong regulator collected over 150 reviews from professional participants of the cryptocurrency market. According to the document, regulatory standards for stablecoins will be implemented only next year. Accordingly, this asset class is not yet available for retail. The formed provisions provide for a ban on advertising of cryptocurrency platforms providing staking and lending services.
According to most experts, the adoption of legislation loyal to the digital asset industry in Hong Kong will be positively received by the community. In recent months, an unfavorable environment for cryptocurrencies has formed in the United States. Consequently, many specialized companies are considering the possibility of an operational transition to other jurisdictions. And against the background of these events, Hong Kong can become a very promising option.
