TechFlow News, May 8: According to Caixin, Yunfeng Financial’s gold token product has no secondary market; the physical gold is stored in a Hong Kong vault. The product will be available exclusively to users who have completed Hong Kong’s Professional Investor (PI) accreditation. A relevant official stated that the physical gold token product “is fundamentally not financial leverage but rather digitalization of assets.” In February this year, eight Chinese government departments—including the People’s Bank of China—jointly issued the “Notice on Further Preventing and Addressing Risks Related to Virtual Currencies and Other Matters,” which for the first time incorporated Real-World Assets (RWA) into the regulatory framework at the supervisory level, adopting an overall approach of “strict prohibition domestically and stringent oversight overseas.”
Earlier reports indicated that Yunfeng Youyu—a subsidiary of Yunfeng Financial, indirectly held by Jack Ma—launched a physical gold token product backed one-to-one by physical gold, with each unit representing one gram of LBMA-certified gold with 99.99% purity.
