SFC warns on coin offers

Business | Joyce Chen 26 Oct 2017

The Securities and Futures Commission has no tolerance for any fraud through Initial Coin Offerings, says its executive director, Julia Leung Fung-yee.

"We will go after you," she said.

The role of the SFC is to protect retail investors who have no or little knowledge about ICO investment, Leung said at a financial technology conference yesterday.

The commission is discussing and pursuing research with the industry in relation to investor protection; for example, how to make sure customers assets are correctly separated from company assets, Leung said. In September, the financial regulator made an announcement that all the crypto-currency activities must be regulated by the nature of securities and fund-raising investments involved.

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