Editor's Note: This article comes fromInterchain Pulse (ID: HiveEcon), Author: Yuan Shang, reproduced by Odaily with authorization.
Editor's Note: This article comes from
Interchain Pulse (ID: HiveEcon)
, Author: Yuan Shang, reproduced by Odaily with authorization.
On June 1, a digital asset transaction pipeline connecting China and the European Union was completed. The national central bank of Lithuania sets standards for pipeline construction, IBM provides technical support, Deloitte performs quality supervision, and PROBE probes serve as the construction party. On May 26, PROBE completed the construction of this pipeline - the Probe Exchange, and conducted a "graduation roadshow", and Interchain Pulse was also invited to listen to this roadshow.
Unlike many "cryptocurrency" exchanges, Probe Exchange does not trade "Bitcoin" or "Ethereum", but only trades securities-type tokens. On October 17 last year, the Central Bank of Lithuania issued the "Securities Type The Token Issuance Guide has a detailed definition of the security type of the token, making it clear that it is an encrypted "digital asset".
In May, officials from Chengdu and Hainan successively proposed to build digital asset exchanges. In China, the door to digital asset transactions is slowly opening.
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The LBChain sandbox program of the Central Bank of Lithuania was officially announced by the bank in January 2018. It aims to provide a regulatory sandbox for blockchain start-ups and facilitate blockchain-related research for local and overseas companies in Lithuania. In March of the same year, the Central Bank of Lithuania stated that it launched LBChain after seeking advice from software developers. Then in June, the Lithuanian Ministry of Finance issued crowdfunding guidelines to encourage financial technology and blockchain companies to innovate in Lithuania, and the underlying technology is mainly supported by IBM.
At the graduation roadshow on May 26, the Central Bank of Lithuania evaluated the significance of Probe Exchange’s financial technology practice to STO, especially in terms of opening up the Asian and European markets.
Different from the common cryptocurrency exchanges in the market, Probe Exchange is a compliant cross-border cross-border digital securities issuance and trading platform, holds an EU compliant financial license, and is technically regulated by regulatory agencies.
At the graduation roadshow on May 26, the Central Bank of Lithuania evaluated the significance of Probe Exchange’s financial technology practice to STO, especially in terms of opening up the Asian and European markets.
The transactions of the exchange run on the Fabric network of IBM Hyperledger, and all interested stakeholders can join as a node. This means that the entire token issuance process can be regulated and is open and transparent. Users or investors can receive EURT, a stable currency in euros, by simply depositing legal currency into the system, and then they can use EURT to buy and sell tokens on the probe. Various security tokens.
Most importantly, due to the use of hyperledger architecture, which is a blockchain-based platform, the exchange invites regulators or government representatives to transparently monitor the compliance of the entire process.
Different from the common cryptocurrency exchanges in the market, Probe Exchange is a compliant cross-border cross-border digital securities issuance and trading platform, holds an EU compliant financial license, and is technically regulated by regulatory agencies.
According to Probe Exchange, the entire technical and regulatory process of STO is very complicated. What Probe Exchange has to do is to streamline and automate the entire process, so that every company can operate step by step on the Probe platform, and finally Realize the management and issuance of security tokens on the probe platform.
Most importantly, due to the use of hyperledger architecture, which is a blockchain-based platform, the exchange invites regulators or government representatives to transparently monitor the compliance of the entire process.
How to open up markets in China, Asia and Europe. It is understood that the first step of the Probe Exchange is to support the attraction of global companies to Lithuania for STO listing, and promote Lithuania to become a global STO listing center; gradually cooperate with regulators in more countries and provide regulatory interfaces, so that enterprises can freely choose in Probe In which country is it listed.
It can be imagined here that it takes a long time to obtain regulatory compliance in China, and there are uncertainties. Therefore, the expedient measure is to register the company in Lithuania and convert the company's assets into security tokens through the PROBE-2020 contract.
At present, the Probe Exchange has proposed three levels for the amount of funds raised, the fund-raising is less than 1 million euros, including 1 million euros; the fund-raising is between 1 million and 8 million euros; and the fund-raising is more than 8 million euros, excluding 8 million euros. The materials and procedures required for each level are different, but all can be completed in one stop on its official website and products.
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China Digital Asset Trading
In addition to this China-Europe channel, the domestic digital asset trading door is opening.
On April 9, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on Building a More Complete System and Mechanism for Factor Market Allocation", which put the establishment of a data factor market system in a very important position.
On May 9, Xiao Gang, member of the National Committee of the Chinese People's Political Consultative Conference and former chairman of the China Securities Regulatory Commission, said at a symposium: "To develop the digital economy in our country, we must vigorously cultivate and promote the commercialization and marketization of data elements, and seize the strategic commanding heights." Xiao Gang said First of all, we must accelerate the digitization of assets, and secondly, we must accelerate the promotion of digital marketization.
"Data is the 'oil' of the digital economy, digital assets are the cornerstone of the digital economy, and an important form of interaction between people and things, and things and things. All assets can be digitized and can become digital assets." Xiao Gang analyzed that from From a financial point of view, after digitization of assets, they can be divided, standardized, and liquid, and assets can flow more easily. More importantly, it has opened up a new field for investment financing and capital value circulation and exchange. From the micro level, it is necessary to solve the problem of enterprises "not daring to transfer or not to transfer", increase the intensity of data governance and integrated applications, adjust business processes, and change the organizational structure; from the macro level, government departments (committees) must speed up The construction of digital infrastructure, the development of the data element market, and the creation of a good ecological environment.
Immediately afterwards, on May 14, Luo Qiang, the mayor of Chengdu, stated at the third meeting of the 17th Chengdu People's Congress: "Chengdu will speed up the construction of the western financial center and implement the "Jiaozi Star" economic securitization in depth. Multiply the action plan.
Then on May 15th, Interchain Pulse exclusively reported that the Hainan Provincial Department of Industry and Information Technology issued the "Notice on Several Measures to Accelerate the Development of the Blockchain Industry in Hainan Province" on the 14th, and the notice clearly supports leading companies in exploring digital asset transactions.
However, both Chengdu and Hainan have isolated digital assets from "encrypted currency" and "virtual currency" in different ways.
It can be seen that the digital assets traded on domestic digital asset exchanges are mostly "spot" digital assets, which digitize existing assets, such as physical real estate and commodities. In fact, in the era without blockchain, such assets have already been generated and traded, such as buying a song on a music app. Judging from the current documents in various places, there is no intention to issue financing for such assets, but only to provide a trading place to speed up the circulation of digital assets and achieve a more optimal allocation of resources.
(Tabulation: Interlink Pulse)
The STO transactions are securities-type digital assets. Because financing is involved, some assets will be issued to investors. The value of the assets is not the current value, but the discounted value of future asset rights, and the underlying technology must use blockchain technology to transfer assets.
