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ARTICLE · 14 FEBRUARY 2018

Hong Kong Securities Commission Launches Inquiry Into Seven Crypto Exchanges

Reed Smith (Worldwide)
Explore more from Reed Smith (Worldwide)

On February 9, 2018, the Hong Kong Securities and Futures Commission ("SFC") released a statement which, among other things, informs the marketplace that the SFC sent letters ...

Hong KongTechnology
Herbert F. Kozlov
Herbert F. Kozlov
Kari Larsen
Kari Larsen
Michael Selig
Michael Selig
Kelley L. Chittenden
Kelley L. Chittenden
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On February 9, 2018, the Hong Kong Securities and Futures Commission ("SFC") released a statement which, among other things, informs the marketplace that the SFC sent letters to seven Hong Kong cryptocurrency exchanges warning against listing instruments that qualify as "securities" under the Securities and Futures Ordinance ("SFO") without a required license.1 Additionally, the SFC sent letters to seven crypto token issuers inquiring about compliance with the securities laws.

In response to the letters, most cryptocurrency exchanges and initial coin offering ("ICO") crypto token issuers either confirmed compliance or immediately took remedial measures, according to the SFC statement.

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