Hong Kong Financiers Pen Letter To Lawmakers For ICO Portal In Bid To Boost Economy

The Hong Kong Securities and Futures Professionals Association wants to create an initial coin offering (ICO) portal as part of a broader set of recommendations aimed at enhancing economic recovery post-epidemic.

What Happened: In a letter to Financial Secretary Paul Chan Mo-po and Deputy Financial Secretary Wong Wai-lun, the association outlined key measures for the upcoming budget:

• A major proposal to establish an ICO mechanism
• A reevaluation of market safety measures, stock stamp duty, and laws against money laundering and terrorist financing.
• Emphasis on the need for fair listing processes for small and medium-sized enterprises
• Recommending the incorporation of Islamic finance and ESG (Environmental, Social, and Governance) factors into investment immigration policies.
• Revising public transport subsidies and slowing down large-scale infrastructure projects to ease financial pressure.

Why It Matters: The Association's recommendations, especially the ICO portal, signal a shift towards embracing digital asset innovations, which could attract new investments and foster sector growth.

These proposals are part of a dialogue with the government to align Hong Kong's economic strategies with national development goals.

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