| Summary/Abstract |
This article analyzes acts of the People's Bank of China (PBoC) and the Macao Monetary Authority. It shows that the recognition of initial coin offerings (ICO) as illegal financing and the ban on the use by financial organizations of tokens and cryptocurrency in transactions are measures aimed at preventing corruption and criminal money laundering. Hong Kong, unlike mainland China and Macao, partially regulates digital financial assets. Although tokens and cryptocurrency resemble securities or futures, their circulation belongs to the legislative scope of the securities market; otherwise, transactions with them are unregulated and investors have no protection.
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