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.