{"id":178109,"date":"2023-10-20T22:23:42","date_gmt":"2023-10-20T16:53:42","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=178109"},"modified":"2023-10-20T22:23:42","modified_gmt":"2023-10-20T16:53:42","slug":"hong-kong-securities-regulator-updates-crypto-policies-citing-market-developments-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/hong-kong-securities-regulator-updates-crypto-policies-citing-market-developments-crypto-news\/","title":{"rendered":"Hong Kong securities regulator updates crypto policies, citing market developments – Crypto News"},"content":{"rendered":"
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The Securities and Futures Commission (SFC) of Hong Kong announced it will update its policies on virtual currency sales and requirements \u201cin light of the latest market developments and enquiries from the industry\u201d.<\/p>\n

In an Oct. 20 notice, the SFC said<\/a> under the updated guidelines, certain virtual currency products will only be available to professional investors. In addition, intermediaries in the crypto space \u201cshould assess whether clients have knowledge of investing in virtual assets\u201d prior to handling any transactions.<\/p>\n

\u201cAlthough virtual assets are becoming more popular in some parts of the world, the global regulatory landscape remains uneven,\u201d said the SFC. \u201cThe risks associated with investing in virtual assets identified by the SFC back in 2018 continue to apply.\u201d<\/p>\n

The updated requirements considered virtual assets \u201ccomplex products\u201d under the SFC and subject to the same guidelines as similar financial products. The commission specifically mentioned crypto exchange-traded funds and products issued outside Hong Kong as examples of complex products.<\/p>\n

Related: <\/em><\/strong>Less than 50% of Hong Kong retail crypto investors aware of relevant regulations: Survey<\/em><\/strong><\/a><\/p>\n

Many crypto users in Hong Kong are still reeling from the scandal surrounding the JPEX crypto exchange. In September, the SFC announced that it had received more than 1,000 complaints related to JPEX, with users claiming losses<\/a> totaling millions of dollars. Local police later arrested six JPEX employees for operating an unlicensed crypto exchange.<\/p>\n

It\u2019s unclear if SFC\u2019s updated policies are the direct result of the events surrounding JPEX, but the regulator said in September it would increase its efforts<\/a> to keep crypto investors informed of risks. In October, the Hong Kong Police Force and SFC formed a working group<\/a> aimed at monitoring and investigating potential illegal activities involving digital assets.<\/p>\n

Magazine: <\/em><\/strong>Bitmain\u2019s revenge, Hong Kong\u2019s crypto rollercoaster: Asia Express<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Futures Commission (SFC) of Hong Kong announced it will update its policies on virtual currency sales and requirements \u201cin light of the latest market developments and enquiries from the industry\u201d. In an Oct. 20 notice, the SFC said under the updated guidelines, certain virtual currency products will only be available to professional […]<\/p>\n","protected":false},"author":2,"featured_media":178110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-178109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=178109"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178109\/revisions"}],"predecessor-version":[{"id":178112,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178109\/revisions\/178112"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/178110"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=178109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=178109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=178109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}