Page 50 - 期货和衍生品行业监管动态（2022年6月）

期货和衍生品行业监管动态

的或作用是使参与者能够分享或收取从上述财产取得或管理而产生的利

润、收益或其他回报。

3. “受监管活动”在《香港证券及期货条例》附表 5 第 1 部有所指

明。

4. 有意从事涉及虚拟资产的受监管活动的公司，可以从金融科技联

络办事处网页获取相关资料。

17. SFC Reminds Investors of Risks Associated with Non-fungible Tokens

(2022/6/6)

The Securities and Futures Commission (SFC) wishes to remind investors of the

risks associated with investing in non-fungible tokens (NFTs), which have increased

in popularity in recent years.

As with other virtual assets, NFTs are exposed to heightened risks including

illiquid secondary markets, volatility, opaque pricing, hacking and fraud. Investors

should be mindful of these risks, and if they cannot fully understand them and bear

the potential losses, they should not invest in NFTs.

The majority of NFTs which the SFC has observed are intended to represent a

unique copy of an underlying asset such as a digital image, artwork, music or video.

Generally, where an NFT is a genuine digital representation of a collectible, the

activities related to it do not fall within the SFC’s regulatory remit.

However, the SFC has recently noted NFTs which cross the boundary between a

collectible and a financial asset, for instance, fractionalised or fungible NFTs

structured in a form similar to “securities” (Note 1), or in particular, interests in a

“collective investment scheme” (CIS) (Note 2).

Where an NFT constitutes an interest in a CIS, marketing or distributing it may

constitute a “regulated activity” (Note 3). Parties carrying on a regulated activity,
whether in Hong Kong or targeting Hong Kong investors, require a licence from the

SFC unless an exemption applies (Note 4).

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