The suggestion that Hong Kong could conduct an “initial coin offering” (ICO) appears in a series of proposals developed by the Hong Kong Securities and Futures Industry Association to revive the Hong Kong economy.
The document was signed by Chen Zhihua, President of the Association publish Nov. 29, including a variety of measures, from the routine to the bold.
Recommendations include legal recognition of Islamic finance and inviting stakeholders from the Islamic world to form a committee to develop “Islamic finance guidelines with Hong Kong characteristics.” The tenth point of the listing contains only the following lines without any details:
“Consider launching an initial coin offering (ICO) mechanism.”
Without further explanation, it is unclear whether the association proposes to develop a comprehensive framework for ICOs or create an authorized platform.
It is widely believed that the ICO era is over in 2020 due to regulatory pressure and institutional investors entering the cryptocurrency market. Capitalization of ICO plummet That’s a 95% increase from the boom years of 2018 to 2019.
related: The death of ICOs. Has the SEC closed the global window for new coins?
Cointelegraph sent a press request to the Hong Kong Securities and Futures Industry Association for details of the move.
Meanwhile, the Hong Kong government is busy formulating cryptocurrency regulations. In November, it set out business requirements for offering tokenized securities and other investment products. Among other factors, providers should take full responsibility for their tokenized products, ensure effective record keeping and demonstrate the soundness of operations.
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