In response to the Commission's regulatory concerns, BlackCell also committed except in accordance with the relevant provisions under the "SFO", otherwise the design will not enter into or promote any constitute "collective investment schemes" program。
  The SFC found that, BlackCell open to the public in Hong Kong through its website to sell an ICO in order to sell digital tokens to investors; and in the marketing process, pointed out to investors will use the proceeds of the ICO to develop a mobile application program, and token holders will be entitled to redeem the shares BlackCell。   The SFC believes in the circumstances, these arrangements may constitute collective investment schemes。
  Hong Kong SFC pointed out that if the ICO made to the Hong Kong public offer involves buying equity collective investment schemes or participation in collective investment schemes, unless otherwise exempted, or must obtain prior approval or compliance with licensing requirements in accordance with the "Securities and Futures Ordinance"。
Interests in collective investment schemes are considered "SFO" definition of "securities"。   Persons or organizations engaged in activities such as ICO have questions about applicable legal and regulatory requirements, should seek legal or other professional advice。 Commission again reminded investors should exercise caution before deciding to invest in ICO。
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