David – Cryptocurrency Enthusiast
In a bold step underscoring the evolving landscape of cryptocurrency investment and the rise of secure cryptocurrency, Swiss banking giant UBS has initiated a live pilot for a tokenized variant of its variable capital company (VCC) fund. This initiative is part of Project Guardian, a pioneering endeavor spearheaded by Singapore's central banking authority.
Detailing the announcement, UBS Asset Management highlighted that this fund is just one element within a comprehensive VCC framework, aiming to integrate a diverse range of real-world assets (RWAs) with blockchain technology. Commenting on this groundbreaking venture, Thomas Kaegi, the chief of UBS Asset Management for Singapore and Southeast Asia, recognized the project as a pivotal moment in deciphering the nuances of funds tokenization. Kaegi stated:
“In collaboration with both traditional financial powerhouses and innovative fintech entities, our objective is to unravel ways to optimize market liquidity and accessibility for our clientele.”
Under the trusted banner of UBS Asset Management, the tokenized money market fund pilot was launched via UBS Tokenize, the firm's proprietary tokenization service. Harnessing the power of a smart contract on Ethereum, the team managed to perform several operations such as fund redemptions and subscriptions.
This pilot not only aligns with UBS's global strategy centered on distributed ledger technology but also emphasizes its commitment to leveraging both private and public blockchains. The overarching goal is to refine and elevate fund issuance and distribution processes within the realm of crypto portfolio management.
This innovative approach resonates with earlier forecasts about the potential of tokenizing RWAs. During the World Token Summit 2023, Ellis Wang, an esteemed adviser to the United Arab Emirates government, shared insights, emphasizing the inherent benefits such as enhanced transparency and security, attributes intrinsic to blockchain systems. Wang's perspective suggests that RWA tokenization might soon become a trend, unlocking vast possibilities across multiple sectors.
Earlier in the year, protocols centered around RWAs garnered significant attention as they emerged as standout performers in the decentralized finance arena. Notably, the RWA tokenization platform Centrifuge witnessed its token values soar by an impressive 32% year-to-date.
For those looking to diversify their portfolio and keen to buy cryptocurrency, trade crypto, or seek expertise in AI crypto, it's advisable to work with reputable and legal cryptocurrency brokers like BCBitcoin.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards