Caixin: Yunfeng Financial's gold token product has no secondary market, and the gold is stored in Hong Kong vaults

Odaily reported that, according to Caixin, Yunfeng Financial's gold token product has no secondary market, and the gold is stored in Hong Kong vaults. The product will be opened to users who have completed Hong Kong Professional Investor (PI) certification. A relevant person in charge stated that the physical gold token product "is essentially not financial leverage, but the digitization of assets." In February this year, eight departments including the People's Bank of China jointly issued the "Notice on Further Preventing and Addressing Risks Related to Virtual Currencies," which for the first time included RWA within the regulatory framework at the regulatory level. The general approach is "strictly prohibited domestically, strictly regulated overseas."

Previously, it was reported that Yunfeng Youyu, under Yunfeng Financial, which is indirectly held by Jack Ma, launched a physical gold token product. The product is backed by physical gold and each unit corresponds to 1 gram of LBMA-certified gold with a purity of 99.99%.