the A spokesman for the Chinese financial market Supervisory authority has issued a warning about a Security Token Offerings. In a speech in Beijing, Huo Xuewen investors advised to not work with the new method of financing.
By Phillip Horch
4. December 2018 share Facebook Twitter LinkedIn xing mail
As China towards the end of last year, the ICO prohibition uttered, struck the high waves in the Bitcoin Space. Immediately the price of Bitcoin responded with a definite kink. In the course of which also migrated many Chinese Blockchain-companies – targets such as Japan or the special administrative district of Hong Kong. The financial Supervisory authority also commented on the Security Token Offerings – a greater response from our country.
Security Token Offerings are currently in – so it is at least on the part of many investors. The idea behind it sounds promising, investors purchase the Security Token shares in the company. This should provide more collateral, as it is the case with ICOs the case. The Initial Coin Offerings in the Bitcoin Community, the best reputation, they served but often only to generate fast capital, without providing actual services.
nevertheless, Huo Xuewen of the Chinese financial market Supervisory authority said a warning to investors. Accordingly, interested parties should invest only as soon as STOs are legal – it is currently the was not the case:
“I those of us Arne hereby, the STOs in Beijing and apply. My advice is to only invest in such projects, if the government has declared legal.“
control should remain with the financial Supervisory
Finally, it is in the interest of the financial Supervisory authority to retain control over the asset management of the people:
“We need to manage the wealth of High-End customers, high-net – worth individuals and the wealth of the people-that is the responsibility of all asset managers in Beijing. From this perspective we need a diversified asset management organization, the Management of high-net-worth requires the customer funds of more than US $ 30 million and the assets of ordinary people“,
a Chinese news portal quoted him as saying. Security Token Offerings do not fit, therefore in this concept.
