The suggestion that Hong Kong might make an “Preliminary Coin Providing” (ICO) appeared in a listing of propositions formulated by the Hong Kong Securities and Futures Affiliation to revitalize Hong Kong’s financial system.
The doc, signed by affiliation president Chen Zhihua, was revealed on Nov. 29 and included numerous measures, starting from routine to daring.
The solutions embrace the authorized recognition of Islamic finance, and alluring stakeholders from the Islamic world to arrange a committee to formulate “Islamic finance pointers with Hong Kong traits.” The tenth level of the checklist comprises solely the next line with none particulars:
“Contemplate launching an preliminary coin providing (ICO) mechanism.”
As there is no such thing as a additional clarification, it’s unclear whether or not the affiliation is suggesting the crafting of a complete framework for ICOs or creating a licensed platform.
The period of ICOs is extensively seen as having resulted in 2020 as a consequence of regulatory strain and the doorway of institutional buyers into the crypto market. The capitalization of ICOs plummeted 95% from its growth yr in 2018 to 2019.
Associated: The Loss of life of the ICO. Has the US SEC Closed the World Window on New Tokens?
Cointelegraph despatched a press request to the Hong Kong Securities and Futures Affiliation for particulars on the initiative.
In the meantime, the Hong Kong administration is busy setting in place crypto regulation. In November, it laid down the enterprise necessities for providing tokenized securities and different funding merchandise. Suppliers are anticipated to take full duty for his or her tokenized merchandise, guarantee efficient record-keeping, and display operational soundness, amongst different elements.
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