Ronald Leung’s original, dated commentary is reproduced below. Views, invitations and product references reflect the time of publication; they are not investment advice, an offer, a guarantee of return or confirmation of current availability.
Ronald’s commentary
People keep debating who regulates a gold-backed token. The legislature answered it in one line. Cap. 615, section 53ZU(1)(c) puts "issuing, redeeming or trading precious-asset-backed instruments" inside the Customs dealer regime — and section 53ZTZ says a gold-backed instrument is exactly that. The debate is really an unread statute.
Disclosure: Esperanza operates a tokenised gold business. — Let's open the statute. A new breakdown every week.