’s Securities and Futures Commission (SFC) says in their released today, June 27, that they will “keep a close watch” on crypto and (ICO).
The SFC notes that since new technologies “come with risks,” they will be looking closely at crypto and ICOs and “intervening when appropriate.” The report states that the SFC took regulatory action against crypto exchanges and ICO issuers in Hong Kong this year, and released two public warning to investors about the risk of investing in crypto.
The SFC report also includes the agency’s supportive actions in the crypto sphere, highlighting the launch of the SFC regulatory sandbox that allows “qualified firms to conduct regulated activities utilising financial technologies.” The SFC also reports it is working with the Investor Education Center to release educational materials on crypto, as well as public campaigns about the “risks associated with ICOs and cryptocurrencies.”
The SFC’s first statement and circular on ICOs was released in , with a second circular published in December 2017 on the regulatory requirements for cryptocurrency operators. The SFC issued another statement in after taking action against crypto-related firms.
In March, the SFC on the grounds that it constituted an unregistered security, with the company responsible for refunding investors in its token.
At the beginning of May, a Hong Kong government report that virtual currencies like (BTC) are not particularly involved in either money laundering or terrorism financing.
Published at Wed, 27 Jun 2018 15:30:00 +0000
bitcoin Regulation
