The same week China banned ICOs outright, Hong Kong regulators have released a “cautionary statement” to prospective investors.
Hong Kong Stays Softer On ICOsThe Chinese autonomous territory, despite the increasing influence from Beijing on its internal affairs, has so far opted to follow the example set by more lenient jurisdictions regarding cryptocurrency regulation.
The statement, which was publicly published Tuesday on the Hong Kong Securities and Futures Commission (SFC) website, reiterates the message that ICO tokens could constitute securities under local law.
The regulator explains:
"This statement serves to explain that, depending on the facts and circumstances of an ICO, digital tokens that are offered or sold may be ‘securities’ as defined in the Securities and Futures Ordinance (SFO), and subject to the securities laws of Hong Kong."
Read more: http://bitcoinist.com/dont-dream-icover-hong-kong-maintains-leeway-china-bans/
