In our previous blog, we discussed the Hong Kong Securities and Futures Commission (SFC)’s position on the taxonomy of tokenized securities and digital securities, and whether tokenized securities will be regarded as “complex products”. In this blog, we explore the guidance set forth in the SFC’s circular on intermediaries engaging in tokenized securities-related activities (the Circular).Read More
On 2 November 2023, Hong Kong’s Securities and Futures Commission (SFC) issued a circular addressing the participation of intermediaries in tokenized securities-related activities (the Circular). The move was timely, as we are seeing a growing interest among financial institutions in tokenizing traditional financial instruments in global financial markets.
The Circular supersedes the SFC’s 2019 Statement on Security Token Offerings (2019 Statement) and clarifies the meaning of tokenized and digital securities.Read More
On July 13, 2023, in a long awaited decision in Securities and Exchange Commission v. Ripple Labs, Inc., Bradley Garlinghouse and Christian A. Larsen, Judge Analisa Torres of the United States District Court for the Southern District of New York ruled on the cross-summary judgement motions finding that Defendant Ripple Labs’ XRP Token is not a security, handing the SEC a stunning defeat on many arguments that have been advanced by the SEC in multiple enforcement actions affecting issuers and exchanges of digital assets.Read More