According to Foresight News, Future Fintech Group (FTFT) has announced the formation of a new RWA department, approved by its board of directors. The department aims to explore the technological and regulatory feasibility of issuing stablecoins and tokenizing core assets. It will also seek compliance licenses and regulatory filings related to stablecoin issuance and circulation, applying for all necessary licenses based on the nature of RWA assets.
Kai Xu, the president of the blockchain department, has been appointed as the president of the RWA department. He will oversee the strategic planning and daily management of the department. The department plans to engage with U.S. regulatory bodies to apply for relevant RWA and stablecoin regulatory licenses. It will also explore the feasibility of tokenizing the company's core or prospective acquisition assets and coordinate the company's reserve crypto assets and digital asset trading operations.
Jia Chen, the vice president of FTFT Securities, has been named vice president of the RWA department. Her responsibilities will include liaising with Hong Kong regulatory authorities and coordinating legal compliance. She will apply for additional virtual asset-related licenses based on existing Hong Kong Type 1 and Type 4 licenses, as well as a Virtual Asset Trading Platform (VATP) license and a Type 9 asset management license to manage both traditional and virtual assets.
