Weigh a pound! Inspect of Hong Kong card can release fictitious asset to deal new rule!

On November 6, inspect of Hong Kong card can release formally " the warning that concerns contract of fictitious asset futures " and " footing book: Superintend fictitious asset to trade platform " , establish a book to express among them, carry in Hong Kong battalion and at least one is planted negotiable securities token is offerred trade the platform of the service, uptodate can meet to card inspect application deals.

Inspect of Hong Kong card can trade to fictitious asset platform adopts new policy

On November 6, 2019

Negotiable securities and control commission of futures general affairs (card inspect is met) publish footing book today, clarify trade about fictitious asset the new superintendency framework of platform (note 1) . Carry in Hong Kong battalion and at least one is planted negotiable securities token (note 2) offer trade the platform of the service, uptodate can meet to card inspect application deals (note 3) .

Footing book emphasizes, inspect can meet card deal to the person that can accord with the platform battalion that superintends mark strictly to carry only. These mark and apply to dealer of broker of the negotiable securities that hold a card and automation to trade mark photograph of the place if, but brought into additional provision at the same time, in order to handle as specific as what fictitious asset concerns risk.

E.g. , card inspect is met will bring to bear on dealing condition, the person that stipulate platform battalion carries can offer his to serve to professional investor only, ensure its client knows fictitious asset adequately, and must make bring into strictly to be able to be in in order to choose the fictitious asset of its platform buying and selling. In addition, the platform that hold a card will be brought into card inspect can superintend sandbox, in one paragraph during inside accept reach rigorous superintendency closely (note 4) .

Card inspect meets CEO Mr Oudali (Mr Ashley Alder) express: "The beneficial result that superintendency orgnaization wants to be brought to innovation science and technology supports open attitude, dan Yiying makes good have, solve the risk that certain finance science and technology brings for investor. We decide to carry out this new superintendency framework, because this is apparent,be suit public interest, let investor can choose to trade in the fictitious asset that is in charge of by appropriate compasses business has on platform. Let investor can choose to trade in the fictitious asset that is in charge of by appropriate compasses business has on platform..

The proposal that the new superintendency framework that card inspect meets accords with international mark to make an orgnaization (note 5) , what to identify conduce investor to trade to platform agrees to accept compasses canal or be supervised. However, card inspect can hope to clarify, on the platform that hold a card the fictitious asset of buying and selling will not be applied to the identical inspect control that with the tradition means sells negotiable securities or collective investment plans to spend a compasses to be in charge of. In addition, be like platform only the fictitious capital fund that buying and selling does not attribute the negotiable securities below exemple of Hong Kong law to define or token, card inspect can have no right to approve license plate to this platform or undertake superintendency to its.

This meeting also issued statement today, admonish investor attention and buy contract of fictitious asset futures (note 6) concerned risk, the reason is these agreement do not suffer for the most part superintend, high bar is changed and appear easily extreme price is fluctuant.

Remarks:

1, card inspect can state at issueing one share on November 1, 2018, elaborate concerned likelihood to superintend fictitious asset to trade the notional sex frame of platform. Fictitious assets expresses value with digital form, example includes " add close money " , " increase close capital " reach " digital token " .

2, negotiable securities token is accord with " negotiable securities and futures orders " below " negotiable securities " the fictitious asset of the definition.

3, the person that battalion carries if at least one is planted negotiable securities token is offerred trade service, the compasses that can be met by card inspect is in charge of, need the 1st kind (negotiable securities trades) pass an imperial examination 7 kinds (offer automation to trade service) suffer compasses canal activity to get license plate.

4, card inspect can roll out superintendency sandbox on September 29, 2017, offer one for joint-stock division business the superintendency environment that accepts restriction, so that they use financial science and technology,will undertake getting compasses canal activity.

5, organization of control commission of general affairs of international negotiable securities reports at publishing one portion to inquire and consult in May 2019, to be opposite fictitious asset trades on platform trade the administration of justice that the activity has law to superintend attributive runs area under administration, listed element of many main considerations reachs proposal one series relevant measure.

6, contract of fictitious asset futures is general it is concessional investor the tool that has congenial activity business in the price of date of a certain future with respect to fictitious asset.

Outside one piece:

Card inspect can issue the warning that concerns contract of fictitious asset futures

On November 6, 2019

Negotiable securities and control commission of futures general affairs (card inspect is met) the hope admonishs investor attention buys fictitious property in Hong Kong (for example bit money) futures contract the relevant risk of 1.

Although contract of fictitious asset futures provides different provision and characteristic each, these agreement are general it is concessional investor the tool that has congenial activity in the price of date of a certain future with respect to relevant and fictitious asset. Because these futures contract do not suffer for the most part,superintend reach high bar to change, reason is thought to have extremely high risk.

The relevant risk of contract of fictitious asset futures

The extreme of fictitious asset value below contract of fictitious asset futures is fluctuant. As a result of relevant and fictitious asset hard appraise value, because this is in for investor,undertake to contract of fictitious asset futures credible estimate is worth a respect to bring major challenge.

The high bar of contract of fictitious asset futures changes the risk that investor of property Yi Ling faces times add. In addition, the complexity of these products and inherent risk may make the investor like one understands hard.

Often the report points out, the platform of contract of fictitious asset futures involves sale or transaction operate the market and violate compasses activity. Fictitious asset trades of platform trade regular possibility is not distinct reach fairness. Partial platform once was criticized by investor, show its trade in the change inside the lifecycle of futures contract regular, for example break down buying and selling or cancel to trade, bring about investor incur significant loss.

Battalion carries fictitious asset trades platform may be belonged to break the law

For the inherent risk that processing and contract of fictitious asset futures concern, other and main judicatory superintends orgnaization one of the area to undertake to relevant activity the consideration takes intervening action be examininged actively reaching continuously partly administer, prohibit completely for example to come loose an investor sale is fictitious asset futures contract.

Be in Hong Kong, any trading if platform or personage allot carry out to contract of fictitious asset futures reachs ／ or be offerred with respect to contract of fictitious asset futures in the condition that did not obtain proper license plate or recognizes trade service, all may disobey " negotiable securities and futures orders " (the 571st chapter) or " gamble byelaw " (the 148th chapter) .

Inspect the form of contract of fictitious asset futures, they may be regarded as " negotiable securities and futures orders " " of indicating " futures contract. Unless some exempt is applicable, otherwise any personages if the platform of carry out of battalion transportation and sale or " of contract of futures of " of buying and selling, need a basis " negotiable securities and futures orders " obtain deal or approbate.

Up to now, without anybody the inspect that obtain evidence can deal or approbate in Hong Kong sale or buying and selling contract of fictitious asset futures. Consider these agreement are uptodate involved risk, to guarantee broad investor, inspect can meet card with respect to what manage concerned contract business approves a license plate or be approbated unlikely.

Contract of fictitious asset futures also may is by explanation " gamble byelaw " indicating price difference agreement. "Word of one of " of price difference agreement is limitted to be agreement of " one share in this byelaw, its purpose or action are the wave motion of the value according to any phyletic belongings or price, or basis one the wave motion of index or the other factor that assign with respect to this purpose inside the agreement, in order to get profit or avoid loss " . Unless " gamble byelaw " proclaimed in writing is approbated, all gamble activity is in Hong Kong break the law.

Disobey " negotiable securities and futures orders " or " gamble byelaw " the personage of concerned article may be accused by check, one classics convictions, will get criminal punish.

To investor admonish

Investor should notice, the platform of contract of fictitious asset futures is in sale or buying and selling Hong Kong may be illegal battalion carry. In addition, card inspect already can warn investor for many times, invest fictitious asset to may make its face all sorts of significant risks, especially wave motion of height of negotiability inadequacy, price and potential market operate activity. Place of above paragraphs of no less than is summarized, when investing contract of fictitious asset futures, these risks may be increased into one pace.

If have inquiry, ask contact card inspect group of meeting finance science and technology (Fintech@sfc.hk) .

Negotiable securities reachs control commission of futures general affairs

Intermediary orgnaization ministry

Be over

1 do not include to be in be traded by American commodity futures committee (US Commodity Futures Trading Commission) compasses canal, the contract of bit currency futures of the buying and selling on the American exchange that provides automation to trade to serve and obtain card inspect to be able to be approbated at Hong Kong. The detail consults date is please December 11, 2017 " send group of the law that hold a card and the ─ of the ─ that open case that register an orgnaization to be reached about contract of bit currency futures with increase the investment related close money product " .