Page 82 - 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

Investors and parties engaging in VA Arrangements in doubt about the nature
and regulatory status of any VA platforms or VA Arrangements are advised to seek

professional advice.

Notes:

1.The Investor and Financial Education Council (IFEC), a subsidiary of the SFC,

has issued a range of investor education materials on VA warning investors of the

associated risks, including articles on VA deposits and unregulated VA platforms. For

more information, please visit the IFEC’s website:

https://www.ifec.org.hk/web/en/financial-products/fintech/ico-bitcoin/index.page

2.There are many different staking models available in the market, and the rights

and obligations of the users and the platform under each staking service arrangement
may be different. In some cases, users may deposit their VAs onto the platforms

which offer staking services and the platforms may, in return, pay each user the
respective staking rewards after a period of time.

3.Under the SFO, a “CIS” generally has four elements: (i) it must involve an

arrangement in respect of property; (ii) participants do not have day-to-day control

over the management of the property; (iii) the property is managed as a whole by or

on behalf of the person operating the arrangements and/or the contributions of the

participants and the profits or income from which payments are made to them are

pooled; and (iv) the purpose or effect of the arrangement is for participants to

participate in or receive profits, income or other returns from the acquisition or

management of the property.

4.Investors may refer to the Suspected Unauthorised CIS Alert List on the SFC’

s website which sets out a list of suspected unauthorised CIS that have come to the
SFC’s attention to provide an early warning to investors.

5.Section 103 of the SFO. The maximum penalties are a fine of $500,000 and

three years ’ imprisonment plus additional penalties in the case of a continuing

offence.

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