Hong Kong’s securities regulator issues new statement on ICOs
Hong Kong has a law enforcement structure that is very similar to the United States Securities and Exchange Commission (SEC) – Securities and Futures Commission (SFC).
Turns out that the approach taken by the SFC is similar to that of the SEC as well. The SFC has issued a statement regarding its initial coin offerings policy. In this statement, it tells that if the company sells tokens that can be defined as securities, it’s better to consult with the SFC to ensure the further legitimacy of operations and safe performance of the whole process. “Those involved in an ICO need to be aware that some ICO structures may be subject to Hong Kong securities laws,” said Ms. Julia Leung, the SFC’s Executive Director of Intermediaries.
Unlike China, the governmental organizations of Hong Kong don’t seem to plan to ban each and every ICO business activity. Some publicists speculate that Chinese government with its big influence on the Hong Kong government uses Hong Kong as a testing ground.