Hong Kong regulator worried about ICO growth Just yesterday, ICOs were banned in China, and today Hong Kong, a special administrative region of China, expresses its own concerns about the popular method of financing. Writes about this TechCrunch.

Hong Kong regulator concerned about ICO growth

Only yesterday, ICOs were banned in China, and today Hong Kong, a special administrative region of China, expresses its own concerns about the popular method of financing. Writes about this TechCrunch.

“We are concerned about the growing number of ICOs being used to raise funds in Hong Kong and elsewhere in the world. Individuals participating in ICOs should be aware that some of the structures of such ICOs may be subject to the requirements of the Hong Kong Securities Law, ”says Julia Leung of the Hong Kong Securities and Futures Commission..

While Leung and her colleagues are concerned about ICO proliferation, they are not yet going to adopt the methods of the People's Bank of China. Instead, they warn ICO participants that such campaigns could break the law if their tokens are recognized as securities..

The Commission explains that the requirements of the law apply not only to home ICOs, but also to any ICOs that attract Hong Kong residents to invest..

The restrictions imposed on ICOs in some jurisdictions already lead to the fact that residents of the United States and Singapore cannot invest in most of these projects. Most likely, in the near future, Hong Kong will also be included in this list..

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