AIIFL Seminar Series | TLRP

Digital Assets in Hong Kong: What are They and How are They Taxed

Dr Oriol Caudevilla (AIIFL Honorary Fellow) provides an introduction to blockchain technology and one of its main applications, crypto currencies, before concluding with an analysis of how digital assets are taxed in Hong Kong.   READ MORE

AIIFL Seminar Series | TLRP

Tax Residency, Investment Opportunities Retirement Considerations for the Expat (Post COVID-19)

In the present environment, individuals and expats in Hong Kong have increased their focus on the taxation implications of their strategic planning opportunities and the nature of investments locally also abroad. Expats that may have sought to relocate to another country post-retirement may wish first to be equipped with an understanding of tax policy and legislative changes introduced as a result of COVID-19.   READ MORE

AIIFL Seminar Series

Security Token Offerings

Security token offerings (STOs) are not initial coin offerings (ICOs) or a subset of it. This paper shows that distinguishing STOs from ICOs is crucial for the study of entrepreneurial finance. We first provide a working definition of a security token and uncover key facts about the primary STO market using a unique STO sample. The STO activity developed after the end of the ICO market bubble. The STO market is, however, still a nascent market. STOs are geographically dispersed but concentrated in jurisdictions with accommodating securities laws. Next, we explore STO success factors. We show that various issuer and offering characteristics, traditionally used in the ICO literature, also matter for STO success. We also find that success is associated with good governance practices, consistent with the corporate finance literature. We conclude by discussing the implications of native digital securities, the next generation of blockchain-based securities, for entrepreneurial finance.   READ MORE