I don't think that the region chests respawn. I believe they're like the original "gold chests" in vanilla D1. Once you loot them, that's it. The only way to loot them again is to make a new character.
Someone please correct me if I'm wrong.
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From what I've seen, I'm not sure you can loot them on multiple characters. It would really suck if what you say is right... farming Public Events gets a little repetitive and doesn't get you that many tokens...