BOCI, a Chinese bank, has recently taken a big step in blockchain technology by issuing the nation's first security token on the Ethereum blockchain. UBS, the company responsible for the tokenized notes, made a statement that the tokens were distributed to customers in Hong Kong.

BOCI is the pioneer of tokenized securities in China. It has released 200 million CNH of fully digital structured notes to its customers. The launch of this security was the result of a partnership between BOCI and UBS.

BOCI Introduces China’s First Tokenized Security

Recently, the digital asset sector has experienced some noteworthy changes. Specifically, US regulatory organizations have been actively punishing some of the biggest crypto exchanges in the nation. On the other hand, China has taken a remarkable leap forward.

BOCI, a Chinese bank, has just created the nation's first digital security, with the help of UBS, who initiated the concept. The security is based on the Ethereum blockchain.

The UBS project has arrived in the Asian Pacific region, with the two sides creating a product that is tailored to Chinese customers. To demonstrate this, UBS released a tokenized fixed-rate note worth USD 50 million in 2022, which came prior to the deal with BOCI and its Chinese patrons.

UBS announced in a press release that they and BOCI had taken new strides in terms of the law and blockchain technology in issuing digital securities. This transaction is the first of its kind in the Asia Pacific region to be established under the laws of Hong Kong and Switzerland.

Ms Ying Wang, Deputy CEO of BOCI, expressed her enthusiasm concerning the progress being made. "In collaboration with UBS, we are pushing ahead with making the digital asset markets and offerings easier to use," she said.

Wang expressed his enthusiasm for the growth of Hong Kong's digital economy and declared his dedication to supporting the digital transition and the progressive development of the financial sector in the area.

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