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Future FinTech Group Inc. (FTFT) announced its board of directors authorized the establishment of a Real-World Asset Tokenization Division. The company said the new division will explore technical paths and compliance feasibility for issuing stablecoins and tokenizing core assets.
The division will initiate applications to regulatory authorities for compliance licenses related to stablecoin issuance and circulation, and apply for necessary compliance licenses based on the nature of real-world asset tokens. Future FinTech described this as its entry into integrated development of real-world assets and stablecoins businesses under Web3.0 architecture.
Kai Xu, president of the blockchain division, was appointed president of the new division to oversee strategic planning and daily management. The division will advance communications with U.S. regulatory authorities to apply for relevant regulatory licenses for real-world assets and stablecoins, according to the company.
Jia Chen, vice president of FTFT Securities, was named vice president of the division. She will communicate with Hong Kong regulatory authorities and coordinate legal compliance, applying for additional virtual asset-related licenses beyond the existing Hong Kong Type 1 and Type 4 licenses.
CEO Hu Li said the company plans to build technical architecture for stablecoin issuance and management, and evaluate potential underlying assets including gold, Bitcoin and U.S. Treasury bonds as reserves backing stablecoin and real-world asset issuance.
The company said Professor Yu Xiong, chief blockchain advisor, will assist in engagement with regulatory agencies and strategic partners to support the stablecoins and real-world assets businesses.
Future FinTech provides financial and digital technology services through subsidiaries conducting brokerage and investment banking services in Hong Kong and supply chain trading and finance businesses in China.