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

Odaily Planet Daily News reports that, according to Caixin, Yunfeng Financial’s gold token product has no secondary market, with the gold stored in a Hong Kong vault. The product will be made available to users who have completed Hong Kong professional investor (PI) certification. A person in charge said that the physical gold token product is “not essentially financial leverage, but the digitization of assets.” This February, the People’s Bank of China and eight other departments jointly issued the “Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies and Other,” which for the first time, at the regulatory level, brought RWA into the regulatory framework. The overall approach is “strictly prohibited within China, and strictly supervised outside China.”

Previously, it was reported that Yunfeng Youyu, under Yunfeng Financial indirectly held by Jack Ma, launched a physical gold token product. The product uses physical gold as the underlying anchored asset; each unit of the product corresponds to 1 gram of physical gold with LBMA-certified purity of 99.99%.