Zinger Key Points
- Hong Kong Securities & Futures Association proposes ICO portal in 2024-2025 budget recommendations.
- The proposal also includes enhancing ESG, Islamic finance, and public listings of government bonds.
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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.
Read Next: Wormhole's Astronomical Funding Round - A Giant Leap For Blockchain Interoperability
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