JPMorgan will create a system of virtual depositary receipts

The largest bank JPMorgan Chase & Co filed a request for registration of a new payment system using a distributed registry for issuing virtual depositary receipts provided by asset or bonds.

The future system is a distributed network, such as blockchain, for the toxium of assets and trade. To create a token, the owner will be obliged to transfer an asset for managing a qualified custodian, which then authorizes the virtual receipt.

In essence, it will be Security Token, controlled by SEC and other local regulators, which will limit ways and regions of further operations with it. Depending on the nature of the asset, the token holder will also be able to buy a receipt to the base asset, having transferred it to the custodian, which then eliminates the token.

Jpmorgan believes that one of the ways to use the proposed system will be conducted by the IPO in the sphere of blockchain. According to the company, such a model will increase the responsibility of the organizers of the primary proposals.

Recall that the bank