Responding to growing interest in initial coin offerings the Fintech Association of Hong Kong has published a paper outlining best practices for running token sales in Hong Kong.
Token sales have raised over $3 billion this past year and have generated significant interest globally. In Hong Kong, the Securities and Futures Commission issued a statement on initial coin offerings (ICOs) on 5 September explaining when digital tokens may be subject to the securities laws of Hong Kong.
Other regulators have provided guidance to clarify the treatment of bitcoin and other so called «virtual commodities», as well as considerations for banks around anti-money laundering and countering terrorist financing.
The Fintech Association of Hong Kong paper, «Best Practices for Token Sales,» has been written to provide general and practical guidance on the latest best practices for those thinking about conducting a token sale as well as for those wanting to learn more about this area.
It also aims to act as a voluntary best practices guide that could help entrepreneurs looking at doing a token sale. The paper, which the association claims is the most comprehensive of its kind globally to date, is the first to be published by the association since its launch earlier this year.
