2026.03.12
JunHe recently provided comprehensive legal services from initiation to a leading company (the Client) in its overseas tokenized bond issuance of real world assets (RWA), based on cash flow from overseas gold mines. This was the first ever RWA case of tokenized bonds to use cash flow from overseas gold mines as the underlying asset, and reflects the Client's innovative and pioneering approach. It highlights the integration and application of traditional capital market business with distributed ledger technology (DLT).
Building on the core legal attributes of traditional bonds, this project used cash flow from overseas gold mines as the underlying asset. It introduces tokenization, and provides a reference for the compliant implementation of RWA for digital financial instruments within the existing legal framework.
Rather than providing services under common bond issuance models, JunHe assisted the Client in incorporating tokenization arrangements into the bond structure design. This involved recording the certificate of bond ownership in token form, achieving effective linkage between on-chain representation and off-chain rights and obligations and also supported digital registration, holding, and transfer functions without compromising creditor protection. The project also retained the key legal attributes of traditional bonds and creditor protection, and provided credit enhancement arrangements through security documents.
JunHe provided comprehensive legal support during the entire lifecycle of the issuance. This included the project structure design, the preparation of legal documents, and communicating with the tokenization technology service providers. Through this project, JunHe further demonstrated its comprehensive strength in providing legal support for digital financial projects that integrate traditional financial products with blockchain-enabled solutions.
The project was led by JunHe partner QIAO, Zheyuan (Jacqueline).
