Beijing Says Security Token Offerings are Illegal

Beijing’s Municipal Bureau of Finance chief, Huo Xuewen, has advised projects considering a security token offering as a means of fundraising, stating that security token offering as as a way of fundraising is currently illegal in Beijing.

At a wealth management forum on Saturday, he commented on the replacement of ICOs with the new concept of STOs, saying they were still out of bounds.

Huo Xuewen said:

“I will make a risk warning to those who are…in Beijing and want to issue STO. Don’t do it in Beijing.”

Full text here.

Original quote in Chinese here.