An initial coin offering (ICO) portal should be considered by the city’s authorities, according to a suggestion made by the industry trade group Hong Kong Securities & Futures Professionals Association.
ICOs are a kind of fundraising that gained popularity soon after Ethereum launched in 2015 and are comparable to initial public offerings (IPOs). Many of the most well-known Web3 protocols began as initial coin offerings (ICOs). Although there was an ICO bust in 2017–2018 due to the fact that many of them were scams, many long-term holders found them to be profitable investments.
Unfortunately, the majority of initial coin offerings (ICOs) were blatantly violating securities laws, as current legal interpretations indicate.
In their heyday, Hong Kong was a hub for initial coin offerings (ICOs); however, authorities exerted significant pressure on exchanges to remove numerous tokens from listing.
Security token offerings (STOs), also referred to as “legal” initial coin offerings (ICOs), commenced in 2019 or 2020 and were reported at the time to have been poorly received by Asian investors. Low trading volume was present on many STO portals.
However, things have changed, and since a bull market is expected, now might be the right moment to give authorised initial coin offerings (ICOs) another chance
.