The Securities and Future Commissions (SFC) of Hong Kong released a statement on September 5, 2017 clarifying Hong Kong's Law on ICO.

While the SFC estimates digital tokens are virtual commodities, certain ICOs might qualify as securities, being Shares, debentures or interests in a collective investment scheme (CIS)

In those cases, parties are engaging in a regulated activity, and therefore required to be licensed by or registered with the SFC so long as the offering target the Hong Kong public. The activity of offering securities is subject to registration or authorisation requirements, until an exemption applies. Moreover certain requirements relating to automated trading services and recognised exchange companies may be applicable to the business activities of cryptocurrency exchanges.