Caixin: Yunfeng Financial's gold token product has no secondary market, with gold stored in a Hong Kong vault.

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Deep Tide TechFlow News, May 8th, according to Caixin, Yunfeng Financial’s gold token product has no secondary market, with gold stored in a Hong Kong vault. The product will be open to users who have completed Hong Kong professional investor (PI) certification. The relevant person in charge stated that the physical gold token product “is not essentially financial leverage, but digital assets.” In February this year, the People’s Bank of China and seven other departments jointly issued the “Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies and Other,” which for the first time included RWA into the regulatory framework at the regulatory level. The overall approach is “strict prohibition domestically, strict regulation abroad.”

Previously, it was reported that Yunfeng Financial, indirectly held by Jack Ma, launched a physical gold token product through Yunfeng Youyu, backed by physical gold as the underlying collateral. Each unit of the product corresponds to 1 gram of physical gold with LBMA certification and a purity of 99.99%.

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