The Hong Kong Securities and Futures Commission (SFC) has announced intentions to revise policies on digital currency sales and requirements.
The Hong Kong Securities and Futures Commission (SFC) has announced intentions to revise policies on digital currency sales and requirements in response to recent market developments and industry concerns. Certain virtual currency products will only be available to experienced investors, according to the new criteria, while cryptocurrency intermediaries must check their clients' expertise of investing in virtual assets before completing transactions.
The SFC considers virtual assets to be complex products, subject to the same restrictions as comparable financial instruments. While the exact impact of the recent JPEX exchange scam on the amended policy is unknown, the SFC hopes to raise investor awareness of risks by forming a joint working group with the Hong Kong Police Force to examine suspected criminal actions involving digital assets.
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