Founder of HKBA: HongKong is Holding A Receptive Attitude Towards ICOs
As cryptocurrency trading and ICO become more and more popular these days, a lot of investors pop into this market which cased the investor protection issues in this area. The financial regulators and industrial associations in various countries and regions are trying to find the balance between the fin-tech innovation and the risk control.
Jay Liang, the Co-Chairman & Co-founder of Hong Kong Blockchain Association (HKBA), stated that Hong Kong government develops receptive attitude towards ICOs at this stage at the ‘Chaining Around the World-2018 Blockchain Global Summit’ on July 14.
Liang believes blockchain technology provides a new opportunity in the new economic model. He emphasized that although Hong Kong government may regulate ICO activities, but at present, they are still holding a receptive attitude towards ICOs.
Liang emphasized that ICO will not be intervened as long as it operates under laws and regulations. However, If an ICO project is involved in fraud, or cyber crime such as terrorism financing or money laundering activities; or exceeding the ordinary investment range, and target the retail investors then leads to a significantly loss, the government will definitely reject this fast found-raising model.
Li Honghan, professor at China’s top university, Renmin University of China (RUC) also attend the summit and demonstrated his point of view on blockchian and ICOs in China. He said that,
“the maximum risk of blockchain comes from consensus for that the entire system of blockchain is established on consensus of community economy, token economy and the community.”
Both Li and Liang agrees that the “one country, two systems” policy brings huge advantages to Hong Kong: this region is backed by the mainland of China, and has gotten a lot of preferential policies from Chinese central government, but also has completely freedom in its own economy system and regime.
Hong Kong government considers the blockchain technology is a very high priority and ICO is also a efficient model in fund raising. The government has put a lot of efforts to avoid potential risks to make sure the technology and innovations remain a key enabler for financial sector growth.