Crypto fraud poses regulatory challenges, SFC says

Business | 30 May 2019 3:43 pm

The Securities and Futures Commission is concerned about fraud in the initial coin offering, trading, and sale of cryptocurrency assets, Thomas Atkinson, an executive director with responsibility for the enforcement division said.

He added that the structure of some exchanges is beyond the scope of the SFC, and it is working with compliance and legal experts to discuss how to supervise cryptocurrency entities.

He believes that the current cryptocurrency market is still the "buyer beware" market.

The SFC said in March that security tokens are “likely to be ‘securities’” under Hong Kong’s Securities and Futures Ordinance, and thus fall under existing securities laws, violation of which is a criminal offense.

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