China: ICO Exchanges Begin Customer Refunds
Image credit to thehackernews.com
According to CoinDesk, some ICO's in China have begun issuing refunds to customers having participated in token sales.
But wait! Not everything today is made to make you feel FUD.
Chen Weixing, an ICO investor & the former founder of transportation startup Kuaidi Dache said this about the situation:
"Many times the government announced we were illegal" Weixing said refers to his one-time ride-sharing startup which later merged with a competitor in 2015.
Hong Kong Regulator: ICO Tokens May Be Securities
Hong Kong financial regulators, the Securities and Futures Commission (SFC), has announced that tokens issued via ICOs(initial coin offerings, may be classified as securities.
"The Securities and Futures Commission (SFC) has noticed an increase in the use of initial coin offerings (ICOs) to raise funds in Hong Kong and elsewhere. This statement serves to explain that, depending on the facts and circumstances of an ICO, digital tokens that are offered or sold may be “securities” as defined in the Securities and Futures Ordinance (SFO), and subject to the securities laws of Hong Kong."