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The author's various financial institutions are increasingly interested in the tokenization of traditional financial instruments. According to a report by Bloomberg on May, Harvest International is cooperating with Harvest International to tokenize a fund product and has completed the notice to the Hong Kong securities regulatory authorities. This is the first tokenized fund launched by Chinese financial institutions in Asia and another important practice of the industry after the Hong Kong Securities Regulatory Commission issued a circular on tokenization. This paper will dismantle Harvest International from three aspects: the target group, the investment target and the technical characteristics. The token fund launched will be combined with the latest circular issued by the Hong Kong Securities Regulatory Commission to analyze the regulatory trend of token securities in Hong Kong. The token fund is not limited to professional investors. Harvest International and its cooperation have launched a token fund for professional investors only, and the probability and efficiency of the token fund investing in mature financial products such as US debt will be much higher. An insider who participated in the token practice said that due to regulatory compliance, it is limited worldwide. At present, few token funds are directly sold to retail investors, or are sold within a specific range based on private chain or licensed alliance chain. Even token funds on public chain are mostly open to specific people or professional investors through whitelist addresses. Harvest International launched token funds based on public chain but only for professional investors. However, the circular issued by the Hong Kong Securities Regulatory Commission earlier this month on intermediary agencies engaged in activities related to token securities released a positive signal. The sale of monetized securities is not limited to professional investors, which means that under the premise of meeting the regulatory requirements, products such as token funds are allowed to be publicly sold to retail investors in Hong Kong at this stage. However, according to informed sources, considering investor protection and risk control, token funds for retail investors will not appear in Hong Kong in the short term. Although token can improve liquidity, it depends on sufficient market demand, effective price discovery mechanism and frequent transactions. The awareness of tokenization is not high, and the liquidity and market manipulation of tokens are also facing challenges. Therefore, it is difficult for many token funds to be allowed to trade on the virtual asset trading platform without the secondary market. In the long run, we believe that Hong Kong will launch token funds for retail investors at an appropriate time. The important criterion of this opportunity is that intermediaries can effectively deal with the risks of ownership technology, network security and anti-money laundering brought about by tokenization on the basis of meeting the traditional securities supervision. Liang Fengyi, the chief executive of the Hong Kong Securities Regulatory Commission, said earlier that there must be new risks in using new technologies, so it is necessary to minimize the risks as much as possible. Only by having new tools that can cope with new risks can we enjoy the benefits brought by new technologies to financial services. The Hong Kong Securities Regulatory Commission has repeatedly emphasized the importance of blockchain analysis tools in the field of virtual assets. In the process of compliance supervision of token securities, compliance technology products such as blockchain analysis tools can also play a role, and relevant institutions can quickly track addresses and transactions on the chain. Activities and through the analysis of transaction patterns, address correlation and capital flow, we can find abnormal transactions and identify potential risks in time, so as to provide clues and decision support for regulators and token service providers. What are the investment targets of token funds? In the token fund market, US debt is one of the most common investment targets. The token fund launched by Harvest International is mainly invested in investment-grade US debt, which is one of the fastest-growing areas in the world at present, and the market volume is over 100 million US dollars, and it is still left every month. The right growth rate expands the scale, but under the compliance conditions, neither the traditional fund company nor the agreement can directly tokenize the US debt. Most of them will introduce the US debt income into the chain by tokenizing the fund share or the special purpose company debt holding the US debt, and so on. According to the public information, it is not clear whether Harvest International will tokenize the US debt through the fund share or directly hold the US debt. I don't know exactly which links and related technologies are used, because according to the circular, as long as the fund uses blockchain and other technologies at any stage such as issuance, subscription, redemption, transfer and settlement, it belongs to the token fund and falls into the supervision category of token securities, but compared with the traditional fund token fund, its advantages are nothing more than simplifying the issuance and distribution process, changing the fund transaction and settlement mode, realizing all-weather trading and atomic settlement, and providing lower operating costs. The transparency of the increase in the cost of gold, fund transaction records and other key information are recorded in the blockchain, which is difficult to tamper with and can be obtained by relevant entities in time. It reduces the investment threshold and introduces more assets to the fund market and the world, such as American debt. Tokenization does not change the true nature of the fund. It is the key to promote the innovation of token securities by examining token products through perspective. The circular of the Hong Kong Securities Regulatory Commission pointed out that the essence of token securities is traditional securities packaged by token. Certain Hong Kong Securities Regulatory Commission will exercise supervision according to the positioning of the underlying assets of token securities. The existing laws and regulations applicable to traditional securities and related activities are also applicable to token securities, which means that issuing token funds in Hong Kong must first meet the regulatory requirements for traditional funds, and then meet more requirements for risk control, information disclosure and investor protection related to token schemes according to circular letters. One of the difficulties in the supervision of virtual assets is that its attributes are difficult to define but it is token. The underlying asset attributes of products are relatively clear, and the corresponding regulatory rules can be found in the current legal system. Therefore, the core of the supervision of tokenized securities lies in breaking the shell of tokenized securities and discovering the essential characteristics of underlying assets. A lawyer with many years of compliance experience said when communicating with Ou Ke Yunlian Research Institute that Ou Ke Yunlian Research Institute also put forward similar views. For financial and regulatory departments, the key to tokenization lies not in technology, but in underlying assets, because technology is not replaced at this stage. The threshold of monetization, the richness of the underlying assets is the key factor limiting its long-term development. On the other hand, how to operate and how to be supervised by the token assets ultimately depends on the types of the underlying assets. With the deepening of the token degree of traditional financial instruments, the market demand for compliance technology solutions such as blockchain analysis tools will become stronger, just as Ou Ke Cloud Chain Research Institute has repeatedly emphasized that in the era, not only data should be wound up, but also assets should be wound up in compliance. Only in compliance can data and assets be wound up safely and securely. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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