Hong Kong-based Open ANX Foundation’s
first-of-its-kind cryptographic token sale represents a
successful test case for rules on currency, remittance, stored
value and collective investment schemes in the city-state.
The sale closed on June 22 and
Urszula McCormack, partner at King & Wood Mallesons in
Hong Kong points out that, while the relevant statutory
provisions aren’t new, they have created little
precedent. "Every crypto asset needs bespoke analysis [and]
most statutory definitions haven’t been fully
tested," she said.
A recent history
The token sale originated from Mastercoin, the first ever
blockchain token seller in 2013. The first ethereum tokens were
distributed in August 2014 and subsequently helped to fund the
development of the ethereum platform, which was released in
July 2015. This,...