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Hong Kong’s Securities Regulator Issues Detailed Guidance for Security Token Offerings

Hong Kong’s securities regulator, the Securities and Futures Commission (SFC) has issued official guidance on security token offerings (STOs), in a statement published on March 28. The guidance aims to clarify the legal and regulatory requirements for parties engaging in STO-related activities. The document opens with a proposed working definition of a security token and sale, noting that: “STOs typically refer to specific offerings which are structured to have features of traditional securities offerings, and involve Security Tokens which are digital representations of ownership of assets (eg, gold or real…

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