The suggestion that Hong Kong could make an initial coin offering (ICO) appeared in a list of propositions formulated by the Hong Kong Securities and Futures Professional Association to revitalize Hong Kong\u2019s economy. <\/p>\n
The document, signed by association president Chen Zhihua, was published on Nov. 29 and included various measures, from routine to bold. <\/p>\n
The suggestions include the legal recognition of Islamic finance\u00a0and inviting stakeholders from the Islamic world to set up a committee to formulate \u201cIslamic finance guidelines with Hong Kong characteristics.\u201d The 10th point of the list contains only the following line without any details:<\/p>\n
\u201cConsider launching an initial coin offering (ICO) mechanism.\u201d<\/p><\/blockquote>\n
As there is no further explanation, it is unclear whether the association suggests crafting a comprehensive framework for ICOs or creating an authorized platform.\u00a0<\/p>\n
The\u00a0era of ICOs is widely seen as ending in 2020 due to regulatory pressure and the entrance of institutional investors into the crypto market. The capitalization of ICOs plummeted\u00a095% from its boom year in 2018 to 2019. <\/p>\n