HSBC, which once stood against digital assets, announced that it has issued a digital gold token. Hong Kong’s largest and oldest bank, has thus taken an important step into the field of real-world assets, also known as tokenisation and RWA.

“We acknowledge the rising demand for gold investment”

The ownership rights of the tokenised gold will be protected on the blockchain. Maggie Ng, the head of wealth and personal banking at HSBC Hong Kong, made the following statements in her statement on the subject:

“We acknowledge the rising demand for digital assets and the existing familiarity of our customers with gold investment.” she said. “We are proud that HSBC Gold Token, powered by HSBC Orion, is the first retail product in Hong Kong that is based on distributed ledger technology, as authorised by the Securities and Futures Commission,”

The market value of tokenised gold, a new product on a global scale, has just surpassed $1 billion in 2023. However, the fact that a bank like HSBC, which has a history dating back to 1865, has taken such a step clearly reveals the importance of developments in tokenisation.

HSBC Gold Token will be regulated by the SFC, Hong Kong’s CMB.

Hong Kong has followed a policy that has opened the way for many positive developments in the last 2 years, especially in cryptocurrencies. Although it is economically free, it is also seen as “China’s opening door to cryptocurrencies” for Hong Kong, which is connected to China.