TechFlow reports that the Securities and Futures Commission (SFC) of Hong Kong has announced it will update its policies and requirements for virtual currency offerings "in light of recent market developments and industry inquiries." In a notice issued on October 20, the SFC stated that under the updated guidelines, certain virtual currency products will be made available only to professional investors. Additionally, intermediaries operating in the cryptocurrency sector "should assess whether clients possess the necessary knowledge to invest in virtual assets" before handling any transactions.
The SFC said: "Despite growing popularity of virtual assets in certain regions around the world, the global regulatory landscape remains uneven." "The risks associated with investing in virtual assets identified by the SFC as early as 2018 continue to persist." The updated requirements classify virtual assets as "complex products" under SFC regulations and subject them to the same guidelines applicable to similar financial products.
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