Hong Kong Securities Association suggests ICO to boost island’s economy

The proposition that Hong Kong could marque an “Initial Coin Offering” (ICO) appeared successful a database of propositions formulated by the Hong Kong Securities and Futures Association to revitalize Hong Kong's economy.

The document, signed by relation president Chen Zhihua, was published connected Nov. 29 and included assorted measures, ranging from regular to bold.

The suggestions see the ineligible designation of Islamic finance, and inviting stakeholders from the Islamic satellite to acceptable up a committee to formulate “Islamic concern guidelines with Hong Kong characteristics.” The tenth constituent of the database contains lone the pursuing enactment without immoderate details:

As determination is nary further explanation, it is unclear whether the relation is suggesting the crafting of a broad model for ICOs oregon creating an authorized platform. 

The era of ICOs is wide seen arsenic having ended successful 2020 owed to regulatory unit and the entranceway of organization investors into the crypto market. The capitalization of ICOs plummeted 95% from its roar twelvemonth successful 2018 to 2019.

Related: The Death of the ICO. Has the US SEC Closed the Global Window connected New Tokens?

Cointelegraph sent a property petition to the Hong Kong Securities and Futures Association for details connected the initiative.

Meanwhile, the Hong Kong medication is engaged mounting successful spot crypto regulation. In November, it laid down the concern requirements for offering tokenized securities and different concern products. Providers are expected to instrumentality afloat work for their tokenized products, guarantee effectual record-keeping, and show operational soundness, among different factors.

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