Page 80 - 期货和衍生品行业监管动态（2022年12月）

期货和衍生品行业监管动态

The Securities and Futures Commission (SFC) wishes to remind investors of the
,
,
risks associated with virtual asset (VA) platforms offering VA“deposits”“savings”
“earnings” or “staking” services (VA Arrangements) to investors in Hong Kong

in light of their continued prevalence despite previous investor warnings (Note 1) and

recent events in the virtual asset industry. The SFC also takes this opportunity to

remind the industry of the potential legal requirements when they offer VA

Arrangements to investors in Hong Kong.

The SFC has observed that some of these platforms may offer a high “interest

rate” on VA “deposits” or a daily generation of additional VA at a guaranteed or

fixed rate to investors. The VA deposited by investors with the platform may then be

on-lent by the platform to borrowers on other platforms or decentralised lending

protocols or used in investment or other activities. Some platforms may also offer

staking services to investors where investors’ VA may be delegated to a staking pool
to earn staking rewards for investors (Note 2).

The SFC wishes to remind investors of the significant risks associated with

investing in these types of VA Arrangements. Investors may suffer significant or even

total loss, especially in the event of fraud or collapse of a VA platform as evident in

the recent fallout of a number of VA platforms.

 Whilst some VA Arrangements are commonly labelled or marketed as

“deposits” or “savings” products, they are not regulated and are not the

same as bank deposits. Investors are not afforded with any form of

protection.

 A vast majority of VA platforms offering VA Arrangements are unregulated.

There may be a lack of transparency in their operations. Their fitness and

properness, including their financial soundness and competence, are not
subject to any regulation, such as prudential regulation. Particularly, if a

VA platform or the counterparty to which the VA deposited by investors are

on-lent ceases operation, collapses, or is hacked or exposed to fraud,

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