(Yicai Global) Sept. 9 -- Bitkan’s 2017 Shape the Future Blockchain Global Summit was originally set to take place tomorrow at the Sofitel Wanda Beijing in China’s capital city. In the days before the event, organizers rescheduled and relocated it.
The gathering will take place on Sept. 20 and 21 at the Grand Hyatt Hong Kong. Tightened security in Beijing ahead of the 19th National Congress of the Communist Party of China next month and a recent announcement about initial coin offerings from regulators in mainland China likely prompted the move.
An ICO is a form of unauthorized public financing that may involve illegal fundraising, financial scams, pyramid schemes or the illicit offering of coins, token money or securities, the People’s Bank of China said in a statement jointly issued with six other national ministries and commissions on Monday. All coin offerings must be stopped immediately after the promulgation of the statement, the authorities said. All ICO platforms and projects must return ICO proceeds, they said.
Hong Kong took a less hard stance.
Depending on the facts and circumstances of an ICO, digital tokens sold or put on the market in Hong Kong may be ‘securities’ as defined in the Securities and Futures Ordinance and subject to the city’s relevant laws, the Securities and Futures Commission (SFC) said online Tuesday.
Market participants are concerned that the powers at be may dish out more. The ban on ICOs is just the start, and the country will roll out more cryptocurrency regulations, a source close to policymakers told Yicai Global.