[2018-02-09] Hong Kong Orders Exchanges to Delist Tokens

[Rick Nolan]

The Securities and Futures Commission (SFC), Hong Kong’s securities regulator, published a statement on Friday, warning investors to the potential risks of dealing with cryptocurrency exchanges and investing in ICOs.

According to the announcement, the SFC has sent letters to seven cryptocurrency exchanges in Hong Kong or with connections to Hong Kong warning them that they should not trade cryptocurrencies which are “securities” as defined in the Securities and Futures Ordinance (SFO) without a license.

Read more: https://hype.codes/hong-kong-orders-exchanges-delist-tokens

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[CryptoBry]

Hong Kong is now following the steps taken by USA as far as tokens deemed to be securities. In other words, token issuers or those who are in the ICO sphere should make sure that what they got is not categorized as securities but are just tokens. The thing here is that there is no official body that can certify an ICO as a token before accepting money from the public. There is I think a need to establish an office dealing with this question and this body should have representation from the cryptocurrency industry and not just made up with people from the government.