The Hong Kong Securities Association is exploring the possibility of creating an ICO portal that would serve as a platform for regulatory-compliant token offerings. This proposal aims to mitigate the risks associated with fraudulent ICOs while providing legitimate projects with funding opportunities. The industry believes that revisiting ICOs within a regulated framework could unlock new opportunities for investors and projects. Hong Kong has experienced setbacks in the ICO landscape due to scams and securities violations, but the industry has evolved since then. Additionally, the Hong Kong government is expediting the approval process for cryptocurrency products in response to the JPEX scandal, promoting compliance in the industry. The integration of tokenized platforms with banks is also being considered to leverage public trust and facilitate the growth of the virtual asset industry. Hong Kong has implemented new regulations that allow retail investors to trade virtual assets, and the SFC has started granting licenses to crypto exchanges. The first licensed exchanges in the city are OSL and Hashkey Group, which also have crypto-to-fiat conversion services from ZA Bank. Another crypto exchange, Hong Kong VAEXC, has applied for a virtual asset trading platform license with the SFC.
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