The suggestion that Hong Kong may make an “Preliminary Coin Providing” (ICO) appeared in an inventory of propositions formulated by the Hong Kong Securities and Futures Association to revitalize Hong Kong’s economy.
The doc, signed by affiliation president Chen Zhihua, was published on Nov. 29 and included varied measures, starting from routine to daring.
The ideas embody 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 accommodates solely the next line with none particulars:
“Take into account 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 era of ICOs is widely seen as having ended in 2020 due to regulatory stress and the doorway of institutional buyers into the crypto market. The capitalization of ICOs plummeted 95% from its increase 12 months in 2018 to 2019.
Associated: The Death of the ICO. Has the US SEC Closed the Global Window on New Tokens?
Cointelegraph despatched a press request to the Hong Kong Securities and Futures Association 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 offering tokenized securities and different funding merchandise. Suppliers are anticipated to take full accountability for his or her tokenized merchandise, guarantee efficient record-keeping, and display operational soundness, amongst different elements.
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