Security Token Offerings ‘Illegal,’ Says Beijing Financial Watchdog

Huo Xuewen, chief of Beijing’s Municipal Bureau of Finance, has warned projects against holding security token offerings (STOs).

At a recent wealth management forum hosted by the bureau on Saturday, Xuewen said that STO fund-raising activities are “illegal,” at least in Beijing.

“I will issue a risk warning to those who promote and issue STO tokens in Beijing. My advice is to only engage in such offerings when the government has legalized them,” he said.

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