On 24 July, the Shanghai Financial Court publicly pronounced the judicial opinion in this test case. It conducted a legal risk stress test across the full process of Shanghai FTZ offshore bonds—from issuance and custody through to redemption—examining, among other issues, the legal validity of blockchain-based issuance of FTZ offshore bonds, the legal nature of on-chain tokens representing the bonds, and the compatibility of the FTZ offshore bond custody structure with international issuance practice. From a legal perspective, it further clarified the functional positioning of financial market infrastructures in the issuance, custody, and default disposal of FTZ offshore bonds, thereby providing judicial guidance on rules for the standardized and international development of the FTZ offshore bond market, and strongly supporting Shanghai’s high-level opening-up as an international financial center and the development of its offshore financial system. More than 40 persons, including representatives of the case-testing applicants (CCDC’s Shanghai Branch and Bank of Communications), financial regulatory authorities such as the Shanghai Municipal Financial Office, and news media reporters, attended the pronouncement session.
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