Markets News Report
November 30, 2023

Hong Kong Securities and Futures Association Outlines ICO Framework in 2024 Budget Proposal

Hong Kong Association Proposes ICO Framework in Budget Recommendations

The Hong Kong Securities and Futures Association (SFA) has put forward a set of suggestions for the 2024-25 Budget, with a focus on revitalizing the city’s financial sector post-pandemic. The SFA’s recommendations encompass a broad range of financial aspects, from tax adjustments and investment strategies to the implementation of Islamic finance.

A key highlight of the recommendations is a proposal to introduce an Initial Coin Offering (ICO) mechanism. The move is aimed at embracing the digital asset revolution and integrating it within Hong Kong’s financial framework.

Additionally, the association has emphasized the importance of acknowledging and incorporating Islamic finance, suggesting the creation of a committee to formulate guidelines tailored to Hong Kong’s unique financial landscape.

Hong Kong’s Revised Exchange Regulations

The Association urges a thorough review of various Securities and Futures Commission measures and Stock Exchange listing rules.

This includes revising policies affecting securities margin financing, corporate acquisitions, and addressing biases against small and medium-sized enterprises.

Apart from financial market reforms, the association also recommends strategies for economic recovery. These include slowing down large-scale infrastructure projects, modifying transportation subsidies, and reintroducing the Tenants Purchase Scheme. These measures aim to alleviate financial pressure on the government while fostering efficient governance.

The Hong Kong Securities and Futures Association’s recommendations for the 2024-25 Budget reflect a comprehensive approach to modernizing Hong Kong’s financial sector and aligning it with global developments.

The proposed introduction of an ICO mechanism and the integration of Islamic finance are particularly noteworthy, signaling Hong Kong’s readiness to adapt to the evolving global financial landscape.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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