Risk Warning: Beware of illegal fundraising in the name of 'virtual currency' and 'blockchain'. — Five departments including the Banking and Insurance Regulatory Commission
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The Hong Kong Securities and Futures Commission will issue two tokenization-related notices today, one of which focuses on the requirements for the issuance of authorized funds.
2023-11-02 04:17
Odaily News Hong Kong Securities and Futures Commission Chief Executive Officer Leung Fengyi said at the 8th Hong Kong Fintech Week Main Forum in Hong Kong today that the regulatory agency plans to issue two notices on tokenization later today. She said one of the notices would address identifying the risks of this new technology and regulators expectations of intermediaries when conducting due diligence, transfers or initial offerings. Liang Fengyi added that another pending notice will focus on the Securities Regulatory Commissions requirements for the issuance of authorized funds, and all our expectations for it will have additional safeguards. She added: This is all to ensure that the assets are Securely host, transfer and record ownership because this is a new technology after all. While we support the industry to experiment and create more use cases, we also see new risks associated with innovative technologies, especially in these generations. Coin transfer, ownership and record-keeping aspects. (The Block)