以下转载 Ronald Leung 于原刊日期发表的评论。观点、邀请及产品资料反映发表当时的情况，并不构成投资建议、要约、回报保证，亦不代表产品目前可供使用。
Ronald 的分享
Whether a gold token is a security has nothing to do with the token. Two definitions in Cap. 571 — written long before anyone tokenised anything — already settle it. Pool the public's money into a gold scheme and share out the returns, and Schedule 1, section 1(d) makes it a security regulated by the SFC. Price a paper certificate off the gold fix and cash-settle it, and section 1A(1)(a)(i) does the same. Both turn on what the holder receives — not whether it sits on a blockchain.
Disclosure: Esperanza operates a tokenised gold business. — Let's open the statute. A new breakdown every week.