Swiss Companies Issue First Tokenized Asset for Trading Under New National Blockchain Rules
New legal provisions on distributed ledger technology (DLT) went into effect on Feb. 1 in Switzerland. After the implementation, two local companies announced that they had issued the first tokenized asset under the brand-new law.
‘Fine Wine’ Token Is Available for Sygnum Bank’s Clients
Per the announcement, Swiss digital asset bank Sygnum and Fine Wine Capital AG launched collectible premium wine-backed tokens, becoming the first ones under the new blockchain rules.
Assets tokenized through Sygnum’s platform, Desygnate, will be recognized under a new category of ledger-based securities in the law. According to the digital asset bank, the “Fine Wine” token is available in the “Art & Collectibles” category for Sygnum’s clients.
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Sygnum Bank and Fine Wine Capital issue first tokenized asset under new Swiss DLT law 01 February 2021
Source: Sygnum Bank Sygnum Bank and Fine Wine Capital AG have successfully tokenized a range of premium investible wines, creating the first asset tokens issued under the new Swiss DLT law, whose first provisions come into effect today. Assets tokenized on Sygnum’s Desygnate platform are issued under the incoming legal framework, and will be fully recognised under a new category of ledger-based securities.
Fine wines become first tokenized security issued under new Swiss blockchain law
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Syngum Bank AG and Fine Wine Capital AG today announced that a range of premium investable wines have been tokenized onto a distributed ledger blockchain, creating the first asset tokens issued under a new Swiss law.
Assets tokenized on Sygnum’s Desygnate platform, the company’s end-to-end digital ledger solution, will be recognized under the incoming legal framework, which became effective today and will be fully realized under a new category of ledger-based securities.
Syngum has developed a framework to implement its tokenization solution under these new provisions and Fine Wine marks its first asset token offering in the Art and Collectibles market. The vision of this offering is to pave the way for the next generation of securities on the blockchain.