The government of Hong Kong: a ICO projects are outright fraud

In the middle of last week the online store Taobao has banned the sale of products related to cryptocurrency. This includes services which are related to ICO marketing, technological development and creation of business proposals for the initial placement of tokens. The line was supported by the Hong Kong government. According to officials, a ICO just fooling investors.

ICO-projects — fraud

The situation was commented Julia Leung, head of the Commission on securities and futures of Hong Kong. According to the head of the Agency, the authorities are well to the blockchain, but ICO is not concerned. Moreover, the placing of tokens violate local legislation, but investors use them for quick money. Words Leung leads to RBC.

Although we recognize that innovative technologies such as the blockchain, have the potential to improve the efficiency and outreach of financial services, it does not give anyone the right to conduct fundraising that violates the securities laws.

But some organizers of the ICO are the increased attention to the industry and deliberately deceiving investors, portraying the development of technological innovation.

The situation is complicated by the fact that many of these projects are questionable or outright fraud. Issuers avoid the attention of the police or securities regulators due to the international nature of its activities and the nature of cryptocurrencies.

Also Leung walked through the investors who supposedly know the futility of tokens. According to her version, they go for a deal just for the sake of quick enrichment.

It looks like a green light for the crypts in this area will not. If you want to find more suitable options for the move, read an article about the best countries for cryptobytes.

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