Distributed Ledger Technology and Digital Assets by Asian Development Bank;

Author:Asian Development Bank;
Language: eng
Format: epub
Publisher: Asian Development Bank Institute
Published: 2019-08-15T00:00:00+00:00

Application of Existing Securities and Investment Product Laws

An increasing number of jurisdictions in Asia and around the world are taking the approach of clarifying that relevant financial regulatory frameworks apply to ICOs which are, in effect, investment products. For instance, the Hong Kong Securities and Futures Commission, in addition to a cautionary statement concerning ICOs, clarified the application of securities laws in the jurisdiction to different token types, which can be classified as shares, debentures, or interests in collective investment schemes, depending on the specific criteria established by the law (Securities and Futures Commission 2017; Polk 2018).

As several of the authors have argued elsewhere (Zetzsche, Buckley, Arner, and Föehr 2018, 7–8), the crowdfunding typology provides an appropriate approach, differentiated on the basis of the purpose of the ICO, as discussed in Section 6.

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